Mortgage Rate Rises

Damn it, so apparently i cant make an overpayment of my mortgage with my debit card of over £2500 without getting an early repayment fee

the option for single overpayment is only available if i have a barclays current account which i dont, so other options are direct debit, urg,


Why cant i just make a payment without all the faff
 
DJMK4 said:
Why cant i just make a payment without all the faff
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Because that makes them less money. Why does it cost £1000 for sorting out a mortgage when I can guarantee that they pay a teeny fraction of that in costs?
 
DJMK4 said:
Damn it, so apparently i cant make an overpayment of my mortgage with my debit card of over £2500 without getting an early repayment fee

the option for single overpayment is only available if i have a barclays current account which i dont, so other options are direct debit, urg,


Why cant i just make a payment without all the faff
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Make several under £2500? What is the issue exactly? Something I am overlooking?
 
Just make sure you don't go over the overpayment allowance (usually around 10% of loan outstanding at start of each terms year) or else you end up paying a fee.
 
Diagro said:
Mines 0% with 0 owed...

Sorry :P
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Ditto (with Right to Buy, 6 months before Labour dropped the maximum discount from £102k, to £38k)
 
5.16% is mine. Can get a new rate locked in from 1st December to apply 1st February. Can't wait. Been over paying every month, and will stick with what we currently pay, regardless of total renewal amount, so will mean we just end up repaying more.
 
Joe Jones said:
Just make sure you don't go over the overpayment allowance (usually around 10% of loan outstanding at start of each terms year) or else you end up paying a fee.
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Im not near that, i dont think i plan to make an annual £13k ,

probably be more like £6-9k maybe


the limit is £13k at the moment per year


I will see how i get on
 
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Penfold101 said:
Don’t hate the player etc
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Absolutely - buying a flat-roofed council box makes next to zero financial sense at the best of times, except when paying cash, holding it for 5 years, then pretty much tripling my money and jumping quite a few rungs of the property ladder, thanks to Maggie Thatcher's idiocy...
 
I renewed 3 years ago at 3.46% fixed just before everything went up creek and bet on it coming down again by the time 3 years passed. My renewal just come in and cheapest is 4.25% for 2 years no fee. Not really any different from a year ago when I looked.
 
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im the same boat as a lot on here, due a renewal next May, praying the rate has another drop or two by then but not looking good. owe about 200k currently on 1.9%
 
VincentHanna said:
I took out a fixed rate 5 year mortgage in 2021, so it's up next year around October. It was over 25 years.

I didn't really think much about overpaying it, so haven't done

Is there any benefit in me doing so before the term ends?

My interest rate is 1.6%.
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Just to throw a different answer out there... purely financially, then no it doesn't make financial sense. But how much do you value the peace of mind with paying your mortgage off early and seeing the balance reduce? Even though my interest rate is 1.3%, I have still over paid rather than saved, because I want the mortgage over and done with ASAP. If you have made the over payment, there is no temptation to spend it on something else! Managed to clear 50% in 4 years and should be able to clear another 15% in the last year of the fix. Yes I could earn more by saving and investing, but there is always the chance I would end up spend the money on other items, instead of the mortgage. It costs me now, but future me will in a much better position without a mortgage and the ability to put that mortgage payment to work, instead of going to the bank each month. I also did a calculation of what my mortgage payment would have been with no over payment and rates at 8%, and with my over payments and a rate of 8%. I would much rather have the over payment monthly figure thanks :)
 
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