Lockdown mortgage and re-mortgage options with fundUgive2 – Switch  Save  Donate

Lump sum overpayments
If you are a homeowner who has built up a bigger savings pot over lockdown, paying down your mortgage via lump sum payments could be a wise move, enabling you to pay off your mortgage faster and save on overall interest.
 
The majority of mortgage deals allow you to make overpayments amounting to at least 10% of the total outstanding amount each year without incurring early repayment charges.
 
Some are more flexible still, but others may be more restrictive so you should always check before making overpayments.
 
Offset mortgages
An alternative option is to switch to an offset mortgage, allowing you to use a savings or current account to offset against your mortgage and only pay interest on the balance. There is less interest to pay and if monthly payments are kept the same, the mortgage is cleared faster. 

As savings can still be withdrawn if needed, t
his has the advantage of enabling you to get the benefit of offsetting your savings against the mortgage interest whilst still being able to use your savings if needed.

Mortgage holiday / payment break
Alternatively, if you are still considering taking a mortgage holiday you have until 31 March to apply for a full or partial payment break. But it is advisable to only consider doing so if you really need the support. Although they do not impact on your credit file and overall credit score, lenders are allowed to use them to ask extra questions and perform extra checks if you are considering further borrowing.
 
Therefore, if you are due to re-mortgage it would be best to try and refrain from deferring payments now. 

We can help
You can talk to us now about your re-mortgage to find out your exact situation and the full range of options available to you.

We are an experienced mortgage broker offering a free mortgage advice service that can help you with all this and more.⠀

We will also donate 25% of our fees from the mortgage lenders to a charity of your choice ⠀

We can let you know if you are better off staying with your current lender and moving to a new deal with them or switching to a different provider. We can help you decide what is affordable and doesn’t impact on your current lifestyle. We make the process as simple as possible and you don’t need to leave home.⠀

Please contact Michaela on 020 3954 2103 or email mchard@fundugive2.com or visit our website www.fundugive2.com

Please check out our re-mortgage guide fundugive2 re-mortgage guide