A mortgage repayment bigger than the one needed to meet the loan's minimum requirements. Mortgages that allow these without charges are often useful for people whose type of employment means that from time to time they receive significant bonuses or other influxes of money.
The situation whereby more than the required amount (i.e. the monthly repayment) is paid to the lender in order to decrease the term of the mortgage, this can be in the form of a lump sum or regular monthly overpayments. ( )
If you pay more than you are required to against your mortgage, you will pay less interest over the mortgage period and your loan will be paid off earlier.
This is when monthly repayments to a mortgage are increased, meaning that the mortgage is repaid before the end of the mortgage term. Back to the Top
A short break from regular mortgage repayments, sometimes offered with flexible mortgages. This can sometimes be a useful feature for self-employed people or others with irregular income.
When monthly payments to a mortgage are increased so that the mortgage is repaid before the end of the mortgage term. Flexible mortgages allow overpayments to be made without penalty allowing significant interest savings over the mortgage term. P Q
Situation where the borrower increases their monthly mortgage payments to a level higher than the expected payment. This has the effect of paying the mortgage off earlier than the original term. Some mortgages, particularly flexible mortgages, allow for overpayments (some unlimited, some with a ceiling), but others can impose eary redemption penalties for overpayments.
This is when an unscheduled capital repayment is made or when monthly payments are increased, in order that the mortgage is repaid before the end of the mortgage term, saving considerable sums in interest. Many traditional (i.e. non-Flexible) mortgages include early repayment charges if overpayments are made within a set period. In contrast, Flexible mortgages allow unlimited overpayments without penalty and, increasingly, mortgages are semi-Flexible, allowing borrowers to overpay a certain percentage of their loan each year without incurring early repayment charges.
this term is used to refer to the process of repaying a mortgage earlier than the agreed term. Often lenders will impose a penalty in the case of overpayment.
higher or extra mortgage payments that you make (usually to pay off your loan or mortgage early).