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  • FIRST POST
    • spoony77
    • By spoony77 16th Apr 18, 1:20 PM
    • 30Posts
    • 8Thanks
    spoony77
    General overpayments question.
    • #1
    • 16th Apr 18, 1:20 PM
    General overpayments question. 16th Apr 18 at 1:20 PM
    Hi people
    I'm coming to the end of a 5 year fixed deal with the Halifax at the end of the month. During this time I've been allowed to overpay a maximum of 10% a calender year and I have already done that for this calender year.
    Next month when it automatically changes to what I believe will be the standard variable rate am I free to overpay as much as I like or have I already reached my maximum for this calender year? :confused:
    Also when the time comes to finish paying it off totally can you just transfer the remaining balance via online banking or do you have to go in branch and make it somehow 'official' to receive your deeds etc??
    Any advice appreciated.
Page 1
    • spoony77
    • By spoony77 27th Apr 18, 4:11 PM
    • 30 Posts
    • 8 Thanks
    spoony77
    • #2
    • 27th Apr 18, 4:11 PM
    • #2
    • 27th Apr 18, 4:11 PM
    Can anyone advise? My fixed rate ends on Monday so I automatically switch to the Halifax SVR....am I free to pay as much off as I like?
    • Lokolo
    • By Lokolo 27th Apr 18, 4:52 PM
    • 19,980 Posts
    • 15,109 Thanks
    Lokolo
    • #3
    • 27th Apr 18, 4:52 PM
    • #3
    • 27th Apr 18, 4:52 PM
    Usually on a default SVR there are usually unlimited overpayments. If you are looking at finishing off your mortgage there will be a fee for this

    https://www.halifax.co.uk/mortgages/charges/

    You should have had a letter a couple of months ago about your options and information on their different mortgage products.
    • dcfc67
    • By dcfc67 27th Apr 18, 5:31 PM
    • 29 Posts
    • 21 Thanks
    dcfc67
    • #4
    • 27th Apr 18, 5:31 PM
    • #4
    • 27th Apr 18, 5:31 PM
    Why have they not written to you offering a new rate or told you that you are moving onto the SVR.
    What rate can you get as a loyal customer.
    I would be asking why haven't you written to me, i can get and tell them the rate you want to move onto.

    Do your homework it may be better to remortgage to another provider.
    • Thrugelmir
    • By Thrugelmir 27th Apr 18, 5:33 PM
    • 58,452 Posts
    • 51,825 Thanks
    Thrugelmir
    • #5
    • 27th Apr 18, 5:33 PM
    • #5
    • 27th Apr 18, 5:33 PM
    Overpayments are unlimited when on the SVR.

    You won't receive any deeds. Everything is now electronic at the Land Registry. You'll simply receive a letter to the effect that the loan has been repaid and the mortgage discharged.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Peelerfart
    • By Peelerfart 27th Apr 18, 10:17 PM
    • 1,912 Posts
    • 1,671 Thanks
    Peelerfart
    • #6
    • 27th Apr 18, 10:17 PM
    • #6
    • 27th Apr 18, 10:17 PM
    As others have said, on SVR overpayments are unlimited.

    The debate on whether you're better off doing this or not is however, a completely different saucepan of sticklebacks.
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