Paying more on Mortgage Question

anotheruser

An example:
I have a mortgage of £150,000. Been paying it off for the last few years so now it's down to £135,000.

If I won £100,000, could I use this to put towards the mortgage without messing about with overpayment mortgages? Or is that the only way? 

Thanks

[Deleted User]

You could pay your winnings off the mortgage, subject to any overpayment caps and ERCs.

greatcrested

Depends on your mortgage product. As we do not know which lender or which product, we cannot comment.

* it may allow one-off over-payments (eg £100,000)

* it may allow one-off over-payments (eg £100,000) subect to a fee

* it may only allow over-payments if paying off the mortgage in full (eg £135,000), with or without an early redemption fee

I suggest you get out your mortgage documents and have a read. Or ring your lender.

Mutton_Geoff

If you've had your mortgage for the "last few years", is it still a competitive product? Are overpayments allowed? As above, we don't know enough. Why dispose of the £100k immediately, you may wish to enjoy some of your winnings. With such low interest rates, mortgages are not the millstone some imagine and strive to be mortgage free whilst having nothing in savings for a rainy day despite mortgages often charging less interest than you can get on an easy access saving account. Then there are offset mortgages. More detail needed.