Does an over payment benefit me?

Agreements with my current lender to borrow more have broken down and I may need to look at other lenders
I have the cash to make a 10% over payment now, does it make sense to do that, will I then pay 10% less early repayment charge if I was to move lenders in 2 months time?


  • edited 7 October 2020 at 3:18PM
    Sky_Sky_ Forumite
    605 Posts
    Part of the Furniture 500 Posts Name Dropper
    edited 7 October 2020 at 3:18PM
    It depends on the terms and conditions of your mortgage.  When I remortgaged before the end of my last deal, to secure a lower fixed rate due to having a much-reduced LTV, I only paid early repayment charge on 90% of the outstanding mortgage--the other 10% was the overpayment allowance.  

    Have you looked at secured loans for the additional amount, rather than moving the whole mortgage?
    2022. 2% MF challenge. £730/3000
Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android


Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools