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How much can I overpay?
BusyGirl
Posts: 843 Forumite
I know that we are allowed to overpay our fixed rate mortgage by 10% per year. But does that mean 10% of the current payments or 10% of the overall mortgage/outstanding balance. Sorry to sound dim but this is all new to me, thanks.
0
Comments
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usually its 10% OF THE BALANCE at the start of the year ie balance on
31-12-2007.
just check with your lender for confirmation
good luck0 -
the other way they might calculate it (as for example halifax does) is that it's 10% of your balance but on a 'rolling year' basis
ie payments over the last 12 months must not exceed 10% of your current balance.
best to check with your lender to see which method they use0
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