We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Which bank gives an overpayment allowance over the *initial* balance?

pieroabcd
pieroabcd Posts: 738 Forumite
Fifth Anniversary 500 Posts Name Dropper
in Mortgages & endowments
Hi,
which bank gives an overpayment allowance of 10% (that is ERC free) over the initial balance as opposed to over the outstanding balance?
I know for certain that Nationwide does the former. Is there some other bank that is so kind?

Thanks

Comments

  • kingstreet
    kingstreet Posts: 39,456 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    One or two do 20%.

    Metro Bank is one, off the top of my head.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • pieroabcd
    pieroabcd Posts: 738 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Wow, indeed I've just found the same info in a pdf (hoping that it's not outdated). The ERC fees at a 5 years fixed range from 5 to 1%, but they compare with most other banks.Thanks.
  • K_S
    K_S Posts: 6,910 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    kingstreet said:
    One or two do 20%.

    Metro Bank is one, off the top of my head.
    Atom/Digital as well if I'm not wrong.

    I am a Mortgage Adviser - You 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. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.5K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.5K Spending & Discounts
  • 247.4K Work, Benefits & Business
  • 604.2K Mortgages, Homes & Bills
  • 178.5K Life & Family
  • 261.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture