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  • FIRST POST
    • huester1
    • By huester1 10th Jan 18, 9:45 PM
    • 3Posts
    • 2Thanks
    huester1
    Lump sum on renewal
    • #1
    • 10th Jan 18, 9:45 PM
    Lump sum on renewal 10th Jan 18 at 9:45 PM
    Hi,

    I am currently on a fixed rate till renewal in November then I would go to SVR. However I will be getting a new deal for another fixed rate.

    My question is when I renew can I pay off a bigger lump sum that the 10% woolwhich/barclays say I can?

    Cheers

    H
Page 1
    • A Frayed Knot
    • By A Frayed Knot 10th Jan 18, 11:39 PM
    • 2,394 Posts
    • 10,727 Thanks
    A Frayed Knot
    • #2
    • 10th Jan 18, 11:39 PM
    • #2
    • 10th Jan 18, 11:39 PM
    You would need to ask them.

    Normally the mortgage lender allows 10% o/p of your mortgage balance as at 1st Jan.

    Personally I was allowed 10% of my mortgage balance as at the 1st Jan which I paid, then when my deal was finished I o/payed as much as I could, then re started a new deal - which I was then allowed to o/p 10% of the new deal balance up to 31st Dec, then again 1st Jan - 10% of balance as at 1st Jan.

    So works out better (if you have the cash to o/p) in the year you need a new deal.

    Hope you can follow that.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 18 months 6/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

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