i am due to start a 35 year mortgage next week with northern rock. does anyone know if you can login to northernrock online and give them more money to knock the years and interest off?
and if so could you give me any details please
2007-11-03 10:05:10 · 1 answers · asked by exceem2006 2 in Business & Finance ➔ Personal Finance
It depends on the type of Mortgage ..
MOST Mortgages allow you to 'overpay', HOWEVER some will charge you a FEE (and often there is a minimum amount they will accept = typically £500) .. and if it's a 'special deal' there may be other fees (like early redemption charges) if you overpay during the first X years ...
MOST will also allow you to 'build up credit' (equal to the amount you have overpaid) and, at some later date, allow you to 'underpay' until the 'credit' is used up .. again, 'it all depends'
Why not read some of the paperwork that came with the Mortgage offer ... or ask them ????
NB. perhaps you should have read the details / asked before 'signing up' ???
2007-11-04 19:01:33 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋