What exactly do you 'secure'?

B0bbyEwing

I don't know & I don't want to assume one way so as daft as I'm sure the question will be I have to ask. 

Actually only found out in my other thread that I can secure a deal before my existing ends.

So I go on to the calculator & their 10yr deal puts me at £505pm.

I then run the calculator having overpaid the maximum of £10.2k.

Monthly payments drop to £440, initial interest rate stays the exact same (5.84%) and APRC rate increases from 7.7% to 7.8%.

As its a very real possibility (overpaying said amount) it's not just a random wondering. 

And the reason I'm asking this is because I don't want to finish work tonight, secure the deal but when I come to overpay in a few months time it doesn't change the agreed deal as it took place after the agreement (so the agreed monthly repayment wouldn't change). 

Or will overpaying after the agreement be fine as the rate % stays the same and as I will have paid off 10k, my monthly payment will therefore reduce from the original agreement?

I know I won't have phrased all that too good but hopefully what I'm trying to ask is still clear? 

MFWannabe

I thought the 10 year deal was 4.79%?

https://forums.moneysavingexpert.com/discussion/6458588/to-go-fa-or-not-for-mortgage-renewal-time/p2

did you not ask the advisor during this mornings call the above question? 

There is an ask a broker a question thread on this board, might be a good idea to ask the question on there

B0bbyEwing

MFWannabe said:

I thought the 10 year deal was 4.79%?

https://forums.moneysavingexpert.com/discussion/6458588/to-go-fa-or-not-for-mortgage-renewal-time/p2

did you not ask the advisor during this mornings call the above question? 

There is an ask a broker a question thread on this board, might be a good idea to ask the question on there

Yeah you make a good point. I was on my dinner at work when posting that & I even faffed about between tabs trying to make sure I got the numbers right because I thought if I don't then someone will just ask for them anyway or say my numbers are wrong even though the basis of the question would remain the same anyway.

I've just checked the calculator again & it has given me the same numbers as you link to that I'd originally given - 4.79%. 

So not sure what was going on at dinner time.


No I didn't ask the advisor as this question came to me after I finished the call. What I did ask them was 1) how do I secure the mortgage as it wasn't clear on their site & 2) is it portable.
They told me I could've got this information via their live chat. 

Which was funny because their live chat said I needed to call them. 

And you wonder why I'm confused eh?


I'd like to secure it before it goes up 10 times in the next 10 days kind of thing. I can get the maximum £10,200 before the deal ends to overpay but getting it now is a different matter - hence why I'm asking.

Not a fan of those needle-in-haystack type of threads. You tend to get lost amongst the masses, though it may be an only option.

MFWannabe

The broker thread is a really good one 
Failing that are you able to ask the question on the lenders live chat? Or it may be another call perhaps? 

TheAble

1. You know the amount you'll have outstanding when your current deal ends;
2. You know the amount you plan to overpay

Hence deduct 2. from 1. and that's the amount you need to borrow yes?

B0bbyEwing

TheAble said:

1. You know the amount you'll have outstanding when your current deal ends;
2. You know the amount you plan to overpay

Hence deduct 2. from 1. and that's the amount you need to borrow yes?

I really made a bigger hash of phrasing my question than I thought it seems.

I'll try and see if I can get the overpayment amount earlier than what I would've done so that this question becomes irrelevant. 


Here's a question I'll be able to phrase better though - are there any implications of someone giving you an amount of money (say 10k) to overpay your mortgage?

Way I see it is its their money to do as they see fit with & if they want to help someone out then nothing wrong there. 

Though have a sneaky feeling that isn't the case. I just don't know the ins & outs.