Overpaying Penalty Free Mortgage

sabinabath

Does anyone know if there's a mortgage that exists whereby there aren't any over-payment penalties for paying off more than 10% per annum? I have looked into offset mortgages but I don't believe this is really what I need as my savings are held separately with another bank/broker (Hargreaves) and I want to make payments whenever I get lump sums together (bonus, sharesaves, etc.). I've been over-paying my mortgage each year by the maximum 10% and have managed to reduce the term down substantially by doing so but I'd like to clear it off quicker if possible (so far my 30 year term has been reduced down to 15 years over the past 4 years).


My fixed mortgage term is ending this October so I'm looking to re-mortgage at the lowest rate possible before the interest rate creeps up but I'd really like the option to pay off more of my mortgage if I can. The best buy tables don't seem to list the percentage rate of which you can make further payments before incurring a penalty.


If anyone could guide me, it would be greatly appreciated!


Thanks

FloppyDisk

Tackers generally have no ERC, but you pay the price with the potential rate rise. Can't have it all.

sabinabath

Ahhhh ok that makes sense I suppose.


Thank you