do any mortgage providers offer greater than 10‰ over payments?

tallbobbypeeler

Hello,

do any mortgage providers offer greater than 10‰ over payments?

I'm self employed and about to get my first mortgage. I'll be playing it safe with the monthly payment but if I have a good couple of years then it woukd make sense to overpay as much as poss. Ive seem some HSBC allow 20‰ but i can't find a table or list anywhere so was wondering if anyone had any info or had already looked into it...

Cheers
:j

foxy-stoat

I would just go with the best rate mortgage you can, as basing your mortgage decision purely on if the lender allows more than 10% over payments without charge probably wouldn't be the best advice.

[Deleted User]

foxy-stoat wrote: »

I would just go with the best rate mortgage you can, as basing your mortgage decision purely on if the lender allows more than 10% over payments without charge probably wouldn't be the best advice.

This is good advice. Metro offer 20% overpayments on their fixed rates but the rates are higher than the top lenders so you would lose out against using a 10% overpayment and sticking any surplus in a savings account for the remortgage point

There are a few that base the 10% on the starting balance rather than the current balance. I wouldnt suggest using it as a main sourcing criteria though

Retired_Mortgage_Adviser

HSBC, Nationwide, Santander, etc all offer tracker mortgages for an initial term between 2-5 years. In most cases, these products allow unlimited overpayments with no ERC.

The above is just generic information and these products/lenders might not be available/suitable for your specific circumstances. As others have said, as an ex-broker I would not recommend using that single feature as a deciding factor.

tallbobbypeeler wrote: »

Hello,

do any mortgage providers offer greater than 10‰ over payments?

I'm self employed and about to get my first mortgage. I'll be playing it safe with the monthly payment but if I have a good couple of years then it woukd make sense to overpay as much as poss. Ive seem some HSBC allow 20‰ but i can't find a table or list anywhere so was wondering if anyone had any info or had already looked into it...

Cheers
:j

ACG

There are some with 10% overpayments and others who allow unlimited.

You may also want to have a look at offset mortgages?

penners324

Accord Mortgages certainly do. They normally have a 10%, 50% and all overpayment at each product group.
Will have different APR rates though

D.L

Products with no early repayment charges allow unlimited overpayments. We got one of those, and the cheapest in our situation was Coventry Building Society.

Worth noting that it's 10% of the outstanding balance, not 10% of your standard payment. You might already know that but it's a common misunderstanding - I certainly didn't know at the time!