overpayment advice needed asap

myfanwy21

I need advice - I have a repayment mortgage with 135,888 left to pay over a 16 years. I have £50,000. I can pay approx £13152 per year (10%) without having penalties or 3% penalty on top of any more repaid over the £13152.
Or do i just pay £1096 extra each month and put rest in savings and drip feed this in?
Hope someone can help x

princess_loki

Can you remortgage to one without penalties? I did and just paid off lump sum of £40000


Mine is with Nationwide and is a tracker with a really good rate.

sal_III

Overpay lump sum up to the 10% threshold immediately to lower the payments now, instead of drip feed.

Depending on your terms - wait for your fixed term to expire, go on SVR for a month. which usually eliminates the ERC, overpay as much as you want, get a new fixed terms for the outstanding balance.

foxy-stoat

Overpay 10% now and put the rest in Premium Bonds and overpay 10% again next year or until your fixed rate is up.

TrickyDicky101

What's your current mortgage rate? When does your fixed rate end?