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  • FIRST POST
    • Digjharper
    • By Digjharper 13th Apr 18, 9:13 AM
    • 1Posts
    • 0Thanks
    Digjharper
    Fixed rate coming to an end - paying off a large sum
    • #1
    • 13th Apr 18, 9:13 AM
    Fixed rate coming to an end - paying off a large sum 13th Apr 18 at 9:13 AM
    My Halifax 2 year fixed rate mortgage is coming to and end beginning of April. At that point it will sitting at 131,000 owed made up for 47,000 in an interest only part and the remainder will be on repayment (at start of the two year term it was sitting at 183,000). I plan to make a payment of 30,000 after it finishes to take the amount owed at approx 101,000. I have already paid maximum 10% overpayment this year and same since mortgage started. Note there is 11 years left on the mortgage term.

    I have a few questions that I am looking for answers to and perhaps some of the contributors on here can help.

    1. Wil lthere be any issue with paying such a large amount at once with authorities (money laundering etc). I got this cash mainly through PPI compensation and hard saving.
    2. I get paid in US dollars and went through a lot of hassle (time and stress) to originallly get the mortgage fixed up with proof or earnings etc. Will I have to go through the same with getting another fixed rate mortgage with the Halifax or should it be a straight forward process?
    3. If I go for the current 5 year fixed rate with Halifax (currently at 2.54% I think), will I still be able to make a 10% overpayment each year including this current calendar year?
    4. Would the Halifax still allow me to keep the mortgage in two parts, one being Interst only and the other repayment or will they insist on it all going on a repayment only method?
Page 1
    • originalmiscellany
    • By originalmiscellany 13th Apr 18, 9:23 AM
    • 1,609 Posts
    • 3,886 Thanks
    originalmiscellany
    • #2
    • 13th Apr 18, 9:23 AM
    • #2
    • 13th Apr 18, 9:23 AM
    DigJ I think a load of these queries are best solved with contacting Halifax directly - we can offer advice but they may well have specific answers to say qn 2 and 3 which will be "from the horses mouth". Many mortgage brokers on here are excellent so you could wait for them, or contact Halifax and see what they say.

    It would be useful to update your post with the answers when you find them out (if you contact Halifax directly)...
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
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