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advice please
jasperblue
Posts: 2 Newbie
Hello all, this is my first post and im just looking for some advice really so please be kind.
I have had my mortgage for just over 2 years and my deal i was on has ended, I am looking at paying a lump sum of £7000 off before I sign up to a new deal, the maximum I can pay off without any charges is £10,000.
My concern is even though iv read all my documents over and over again there might still be a charge I don't know about? I spoke to the bank about paying a small lump off and to be honest I got confused when the lady said something about an interest charge, I should have asked there and then what this charge was but stupidly I never. Any advice would be much appreciated, thanks.
I have had my mortgage for just over 2 years and my deal i was on has ended, I am looking at paying a lump sum of £7000 off before I sign up to a new deal, the maximum I can pay off without any charges is £10,000.
My concern is even though iv read all my documents over and over again there might still be a charge I don't know about? I spoke to the bank about paying a small lump off and to be honest I got confused when the lady said something about an interest charge, I should have asked there and then what this charge was but stupidly I never. Any advice would be much appreciated, thanks.
0
Comments
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Usually once your deal has ended and you go onto the SVR you can overpay as much as you like, penalty free.
You then pick a new product for the smaller balance.
Occasionally this isn’t the case and the limits as you described are still in place but these are few and far between.
I’d pull out your paperwork or call up again.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
which lender this is will help0
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its a Lloyds mortgage, thanks for responding. I'll be getting the paperwork out again0
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