Payments / Overpayments
If you have an endowment policy, shares, Individual Savings Account (ISA) or other investment plan that you were saving for a rainy day, you might want to use this to reduce or pay off your mortgage.
Important things to consider:
- The value of savings and investments can go down as well as up so it’s important to check on the progress of your plan regularly to make sure that it’s on track.
- If you’re unsure whether using an investment policy to repay all or part of your mortgage is right for you, you may wish to seek independent financial advice to help you with your decision.
- If your savings or investment aren’t enough to pay back the full amount you owe by the end of the term, you may need to think about how you’ll pay back any remaining balance.
- As part of our due diligence checks we may ask you to provide details of where the money is coming from and some documents to confirm this.
Redeeming / paying off your mortgage
Early Repayment Charges vary between mortgage products, so please refer to your mortgage offer for details or call our Customer Services team on 01252 812 271 (Option 6). Phone lines are open between 9am and 5pm Monday to Friday, excluding bank holidays.
If you have an endowment policy, shares, Individual Savings Account (ISA) or other investment plan that you were saving for a rainy day, you might want to use this to reduce or pay off your mortgage.
Important things to consider:
- The value of savings and investments can go down as well as up so it’s important to check on the progress of your plan regularly to make sure that it’s on track.
- If you’re unsure whether using an investment policy to repay all or part of your mortgage is right for you, you may wish to seek independent financial advice to help you with your decision.
- If your savings or investment aren’t enough to pay back the full amount you owe by the end of the term, you may need to think about how you’ll pay back any remaining balance.
- As part of our due diligence checks we may ask you to provide details of where the money is coming from and some documents to confirm this.
If you plan to sell your home to pay off your interest only mortgage you will need to think about where you’re going to live.
You may wish to:
- Use the equity from your home to buy a cheaper property with no mortgage.
- Use the equity from your home to buy a cheaper property and have a smaller repayment mortgage.
- Move into a rented property or with family
With each of these options (particularly the first two) you’ll need to make sure that you have enough equity in your property to make your plan work.
You will need to think about:
- How much is your property worth and how much money will be left over after you’ve repaid your mortgage?
- How much would a cheaper property cost? Can you afford the difference?
- If you would need to maintain a smaller mortgage, how much could you afford to pay each month and for how long?
- When will be the right time for you to move? Is it better to move sooner whilst you’re younger and in good health, rather than wait until later in the term?
If you’re planning to sell your property, our team can help you answer these questions. Call them on 01252 812 271 (Option 6). Phone lines are open between 9am and 5pm Monday to Friday, excluding bank holidays.
If your plan is to sell your Buy-to-Let property to repay your interest only mortgage, you’ll need to check that the property’s value will clear the mortgage balance in full. You should also consider how long the property may take to sell and put it on the market in advance of your mortgage end date.
Our team can help answer any questions you have and provide you with an approximate outstanding balance. You can call them on 01252 812 271 (Option 6). Phone lines are open between 9am and 5pm Monday to Friday, excluding bank holidays.
Ways we can help (interest only mortgages)
If you have an endowment policy, shares, Individual Savings Account (ISA) or other investment plan that you were saving for a rainy day, you might want to use this to reduce or pay off your mortgage.
Important things to consider:
- The value of savings and investments can go down as well as up so it’s important to check on the progress of your plan regularly to make sure that it’s on track.
- If you’re unsure whether using an investment policy to repay all or part of your mortgage is right for you, you may wish to seek independent financial advice to help you with your decision.
- If your savings or investment aren’t enough to pay back the full amount you owe by the end of the term, you may need to think about how you’ll pay back any remaining balance.
- As part of our due diligence checks we may ask you to provide details of where the money is coming from and some documents to confirm this.
If you plan to sell your home to pay off your interest only mortgage you will need to think about where you’re going to live.
You may wish to:
- Use the equity from your home to buy a cheaper property with no mortgage.
- Use the equity from your home to buy a cheaper property and have a smaller repayment mortgage.
- Move into a rented property or with family
With each of these options (particularly the first two) you’ll need to make sure that you have enough equity in your property to make your plan work.
You will need to think about:
- How much is your property worth and how much money will be left over after you’ve repaid your mortgage?
- How much would a cheaper property cost? Can you afford the difference?
- If you would need to maintain a smaller mortgage, how much could you afford to pay each month and for how long?
- When will be the right time for you to move? Is it better to move sooner whilst you’re younger and in good health, rather than wait until later in the term?
If you’re planning to sell your property, our team can help you answer these questions. Call them on 01252 812 271 (Option 6). Phone lines are open between 9am and 5pm Monday to Friday, excluding bank holidays.
If your plan is to sell your Buy-to-Let property to repay your interest only mortgage, you’ll need to check that the property’s value will clear the mortgage balance in full. You should also consider how long the property may take to sell and put it on the market in advance of your mortgage end date.
Our team can help answer any questions you have and provide you with an approximate outstanding balance. You can call them on 01252 812 271 (Option 6). Phone lines are open between 9am and 5pm Monday to Friday, excluding bank holidays.