Engage Credit.

Kimmycats

hello. I’m new to this and would like to ask if anyone has a mortgage with Engage Credit. We have a mortgage that only has 6 years to run. Initially we were told we were not allowed to over pay to reduce the length of the mortgage. It seemed unfair but as it is a Prime mortgage I thought this is normal. However I have spoken to the customer services recently and was told you could overpay. The agent didn’t fill me with confidence and since that last call I have been unable get through to them. My question is really this… has anyone ever overpaid their mortgage with Engage Credit.

Woodstok2000

Engage credit don't offer their own products, they just buy mortgage accounts and continue to offer the same terms. This means anyone elses experience with them may not be relevant to you of their mortgage was originally purchased with a different provider.

If you have your original documentation that should explain your overpayment options.

ACG

What does your mortgage offer state?

Typically if you are on the SVR, you can overpay by as much as you like. But engage buy up mortgage books so its difficult to say for sure as your mortgage might have some quirky rules.

Brie

Initially we were told we were not allowed to over pay to reduce the length of the mortgage.

But maybe they are saying you can overpay to reduce the monthly payments? So overpay as much as the T&Cs allow and keep paying the same amount each month to further reduce the interest you might pay. If you can only make one payment a month put the excess into a savings account ready to whack on the mortgage at the end of each year.

i.e. If you are paying £500 a month and overpay an amount that brings your required monthly payments to £450 then keep paying them an extra £50 a month. Or if they won't accept it monthly pay that £50 into a savings account and give them the extra £600 at the end of the year. If that reduces your monthly amount to £440 then put the extra £60 into savings etc etc