Facility

Facility to make overpayments, including changing your direct debit to a regular higher amount. Making overpayments will ensure that your mortgage will be paid off earlier than expected.

Lump Sum overpayment facility can be very effective if you receive regular work bonus, get paid irregular amounts or receive a windfall.

Some may say you can make regular underpayments but it is unlikely that it can continue indefinitely. Most mortgage lenders will want you to overpay before you underpay and not exceed the accrued overpayments.

Pre-arranged payment holidays can be made but you will be often restricted by the amount of previous overpayments.

Lump sum withdrawals can be made against any previous overpayments or upto the agreed maximum borrowing.

You can normally choose when you make your payment and how often. The mortgage may allow you to make weekly, fortnightly or monthly payments.