Is it possible to accelerate repayments and/or put lump sums off the capital when on a tracker mortgage? I know this can be done on a variable rate mortgage but was wondering if it was the same for trackers.?
Yes, you can overpay either on a regular or one off basis on a tracker mortgage without penalty. Just make sure your instructions to the lender are clear and that you get a written acknowlegement.
HI bobo, tracker mortgage is just a variable mortgage but rate is a a fixed set rate above ECB interest rate(which is the variable element). You can up your monthly payments or make as many prepayments as you want without penalty.