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Does an over payment benefit me?
djdaface
Posts: 77 Forumite
Hello,
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?
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?
0
Comments
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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. £730/30000
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