Your client can make additional payments to their mortgage account whenever they like and benefit in a number of ways:
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Save interest straight away - any money overpaid is deducted from the balance the next working day
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Pay the mortgage off earlier (if a repayment mortgage). For example, if your client always overpays by £75 a month on a £80,000 repayment mortgage (with an original term of 25 years, on our Lifetime Tracker), they could save over £24,000 and pay their mortgage off six years earlier. (Figures correct on 1 May 2008)
- Build up an overpayment reserve and reduce monthly payments (underpay) in the future
With our fixed rate and tracker mortgages your client can overpay by up to £500 per month without charge. If your client overpays by more than this there will be an early repayment charge.
Terms and conditions apply.
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