Over/Under payment

naf123

Hi, 

I would like to overpay mortgage but need to have spare cash. 
If I overpaid regularly and one month I decided ooh, I need the extra cash, can I underpay that specific month using the overpayments that I have previously made?
My mortgage is with Barclays
Thanks!

Thrugelmir

Do not short pay. Suggest you build an emergency cash savings pot prior to commencing making overpayments. A mortgage account is not an ATM. 

K_S

naf123 said:

Hi, 
I would like to overpay mortgage but need to have spare cash. 
If I overpaid regularly and one month I decided ooh, I need the extra cash, can I underpay that specific month using the overpayments that I have previously made?
My mortgage is with Barclays
Thanks!

@naf123 Not unless your specific product offers that feature. If it's a standard Barclays mortgage fix taken out in the recent past, it's very unlikely to offer that feature. If you're in doubt, have a look at the mortgage offer from the time you mortgaged/remortgaged to Barclays.

naf123

K_S said:

naf123 said:

Hi, 
I would like to overpay mortgage but need to have spare cash. 
If I overpaid regularly and one month I decided ooh, I need the extra cash, can I underpay that specific month using the overpayments that I have previously made?
My mortgage is with Barclays
Thanks!

@naf123 Not unless your specific product offers that feature. If it's a standard Barclays mortgage fix taken out in the recent past, it's very unlikely to offer that feature. If you're in doubt, have a look at the mortgage offer from the time you mortgaged/remortgaged to Barclays.

Does such a feature have a name so I can bear in mind for the future. Or does specific banks are known to allow this?

K_S

naf123 said:

K_S said:

naf123 said:

Hi, 
I would like to overpay mortgage but need to have spare cash. 
If I overpaid regularly and one month I decided ooh, I need the extra cash, can I underpay that specific month using the overpayments that I have previously made?
My mortgage is with Barclays
Thanks!

@naf123 Not unless your specific product offers that feature. If it's a standard Barclays mortgage fix taken out in the recent past, it's very unlikely to offer that feature. If you're in doubt, have a look at the mortgage offer from the time you mortgaged/remortgaged to Barclays.

Does such a feature have a name so I can bear in mind for the future. Or does specific banks are known to allow this?

@naf123 Overpayment reserve, borrow-back feature, etc. These, or variations of these used to be more commonly available prior to the 2008 financial crisis, pretty much dried up after then.

Offset mortgages are still available from multiple high-street lenders which *may* in effect afford you a similar kind of flexibility, but at the cost of a higher interest rate. Have a read here for a bit more info https://www.moneysavingexpert.com/mortgages/fixed-discount-mortgage-guide/#flex