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Halifax 10% overpayment
chanz4
Posts: 11,057 Forumite
Anyone know the 10% penanlty free allowance on a halifax mortgage, is it 10% of total or 10% of each sub account before they wack you?
Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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Comments
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10% of the balance as at 1st January each year.
See full details here
https://www.halifax-intermediaries.co.uk/pdf/10-overpayment-concession.pdfI 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 -
LRmortgage wrote: »10% of the balance as at 1st January each year.
See full details here
https://www.halifax-intermediaries.co.uk/pdf/10-overpayment-concession.pdf
Thanks for that we have x3 sub accounts, I was going to pay the fees off the x2 accounts but wasn't sure and cant really tell if that would go against me..Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0 -
I’ve just had this discussion with their mortgage adviser. Like you I have sub accounts and was under the impression I could pay 10% per year of the total...however my mortgage ( unsure if it’s across the board) I can pay 10% of each sub account which equates to the same overall figure
But I want to pay extra only on one account and was told the penalty was 3% of the extra over my allowance.
Hope I’ve made sense!LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
I’ve just had this discussion with their mortgage adviser. Like you I have sub accounts and was under the impression I could pay 10% per year of the total...however my mortgage ( unsure if it’s across the board) I can pay 10% of each sub account which equates to the same overall figure
But I want to pay extra only on one account and was told the penalty was 3% of the extra over my allowance.
Hope I’ve made sense!
Thank you that's the way I had read things, but they don't really make things clear. Its like the fee account its none interest adding but be good to see it go as is £250Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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