deanmcreynolds26
Member
Registered: 15th Sep 03
Location: E46 //M3
User status: Offline
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i take it you can overpay on any mortgage?
need to dig my paperwork out and see what it says...
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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no
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by stuartmitchell
Thanks for the reply, thats what I thought too but wanted to double check. I recall that when getting my mortage sorted the advisor said there may be tax implications of overpaying.
Not if you've paid tax on your earnings as said you can do as you like with it, its not a savings account or anything like an ISA, its just a loan at the end of the day.
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Colin
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Registered: 4th Apr 02
User status: Offline
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quote:
Originally posted by deanmcreynolds26
i take it you can overpay on any mortgage?
need to dig my paperwork out and see what it says...
There will be limitations, I can only overpay once a year a max of 10% of the balance without getting penalty fee's applied.
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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I've been overpaying mine since I took it out.
On a tracker the way I see it is I've 3 interest rate rises in hand before I'd have to change my monthly expenditure.
Works for me. Small enough amount per year I don't miss the savings, yet the difference in interest paid per year is pretty noticable.
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_Allan_
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Registered: 24th Mar 04
User status: Offline
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quote:
Originally posted by Colin
quote:
Originally posted by deanmcreynolds26
i take it you can overpay on any mortgage?
need to dig my paperwork out and see what it says...
There will be limitations, I can only overpay once a year a max of 10% of the balance without getting penalty fee's applied.
We have a similar limitation of 10% per year off the capital without incurring fees, however if we increased our payments per month it was classed as a new contract and we can in theory take it well over the 10% by paying more each month. The 10% lump sum per year is unaffected.
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Hammer
Member
Registered: 11th Feb 04
User status: Offline
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Was this a eureka moment? 
Yes, paying more to your mortgage will mean paying back less and in less time.
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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One account here... Best thing ever
I Am currently in the positive on my mortgage, meaning i get paid interest lol. Wont last for long when i move money about tho, but its never locked away. Mental knowing you have 100k you could spend right now
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