Top up mortgage monthly payments - Penalties?

S

susan12

Registered User
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I have a tracker mortgage with First Active. I find the customer service extremely poor i.e. I can never get a competent person on the phone or in the branch. I would like to keep up the same level of payments I was making on my mortgage prior to the interest rate decreases but as I'm on a tracker I don't want to do anything which might see us being moved from the tracker or incur penalties.

If I were to make repayments of say 2k on a 1.5k mortgage monthly do you incur penalties? Would I have to commit to this for a period of time or can I do it month to month, as and when I have the extra cash? Anyone have a good contact in there or have experience of a branch or e-mail address that they got a reasonable response from?

Thanks in advance
 
Trackers shouldn't incur a penalty for overpaying. It would be peace of mind to get your questions answered in writing so you have proof of any agreed arrangements. It might be worth sending your query in writing as they will most probably respond in the same way.
 
Ask any branch to send you a 'Tracker Flexible Options Form', this will give you the options to tick and sign for extra payments and explain the terms and conditions. There is no penalty involved for making extra payments on a tracker and it wont affect your tracker rate.
 
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