Hi folks,
I have a fixed rate mortgage which allows 10% overpayments each to be made each year without penalty. But 10% of what? When I phoned last month, I was told it was 10% of the balance as at 21st September 2012 (the date I took the fixed rate out) which was roughly £14, 500.
When I phoned today, I was told I could pay £13, 473. I'm really confused, does anyone know how the 10% is calculated? I'm with RBS, thanks for any help!
I have a fixed rate mortgage which allows 10% overpayments each to be made each year without penalty. But 10% of what? When I phoned last month, I was told it was 10% of the balance as at 21st September 2012 (the date I took the fixed rate out) which was roughly £14, 500.
When I phoned today, I was told I could pay £13, 473. I'm really confused, does anyone know how the 10% is calculated? I'm with RBS, thanks for any help!