Elderflower
Registered User
- Messages
- 22
Are you referring to a fixed rate mortgage? The original poster never mentioned fixed rates. There is no monetary or time limit on overpaying or redeeming early a variable rate mortgage.There is a max amount on loan repayments as a percentage of net monthly income, however there is nothing to stop you taking whatever term that allows you and overpaying every month, assuming the mortgage type facilitates it. That will have the same effect of reducing the term of the mortgage.
Unlikely these days that a lender would take room rental in a PPR into account but maybe I'm wrong! Thought that practice died with the Tiger but a lot of the not so good practices seem to be inching back in!
Are you referring to a fixed rate mortgage? The original poster never mentioned fixed rates. There is no monetary or time limit on overpaying or redeeming early a variable rate mortgage.
Yeah, me neither.Actually reading the post again I'm not sure what is being asked,
Hi Yes, thanks, referring to a fixed rate. Outside of overpayment options, what would the max you could repay, guessing its based on a percentage of salary, but was wondering what percentage or does this vary from bank to bank?Are you referring to a fixed rate mortgage? The original poster never mentioned fixed rates. There is no monetary or time limit on overpaying or redeeming early a variable rate mortgage.
Elderflower
You are confusing people.
Which of the following are you asking :
1) What is the maximum I could borrow based on my salary and would the Rent a Room scheme allow me to borrow more?
or
2) I have a mortgage, what is the maximum I can overpay?
You don't "choose" a repayment amount.When taking out a new mortgage and choosing what monthly repayment to sign up to make on a fixed rate mortgage,
So each bank would have slightly different ways at looking at it. But they would all look at your repayment capacity.Hi
Sorry for the confusion. It's neither of those. I will try explain further.
When taking out a new mortgage and choosing what monthly repayment to sign up to make on a fixed rate mortgage, is there a limit. For example, If I earned 4000 a month, guessing the bank wouldn't allow me to commit from the start to pay that amount per month off my fixed rate mortgage. As I clearly wouldn't be able as I would have no other money left.
What is the limit on what they let you to sign up to repay monthly. Excluding additional overpayment options. Is it a percentage of your salary, if so what is this percentage? .
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