mortgage change over help

foxydan

Hi People,

I would like some help or advice. I would like to make over payments to my mortgage and currently have a variable rate mortgage with abbey. I was thinking of switching it over to a flexible mortgage. can anyone tell me what costs would be involved in doing this?

cheers

Trying_to_be_good

Foxydan

The first thing to check is whether you can make overpayments on your current mortgage deal - what is the deal you're currently on? Most deals will allow some overpayments, be it 10% of the balance at the start of the year or some other amount.

If you can't make overpayments, or are on the Standard Variable Rate at the moment, it would probably make sense to move to a new deal. Costs vary wildly, from arrangement/reservation fees, legal and valuation fees and the mortgage exit fee on your current mortgage. There may also be early repayment charges on your current mortgage.

Have a look at your paperwork and tell us more about the deal you're on.