Can I get my mortgage overpayments back?

R

Raceway37

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I have been making intermittent lump sum payments into my variable mortgage account over the last 2 years to try and reduce payments. I need extra cash for a deposit as we have to move house because of work. I will not be selling our existing property yet as the rent is covering the mortgage, but still significant negative equity. We will not get mortgage approval without 20% deposit. Any new mortgage will not be with my existing lending provider. Is it possible to get lump sum payments back on my existing mortgage?
Thanks
Ciara
 
If they were lump sum payments that caused the mortgage to be officially recalculated resulting in a lower repayment or shorter term then it is very unlikely you will be able to get it back as it would actually require a loan application for extra borrowing as an equity release, i.e. apply for an increase in your mortgage which doesn't happen these days.

If they were just extra payments that are just sitting there and showing you to be ahead with your repayments there may be a chance you can get them back but that all depends on the actual bank policy in your case and possibly their accounting systems.
 
It depends on the lender. Apparently KBC allows it.

Which lender are you with?

Why are you keeping your house? Why not apply for a negative equity mortgage and move the shortfall to your new house?

Brendan
 
Thanks guys
I'm with BoI.
The mortgage was officially recalculated, so probably unlikely.
Thanks Brendan, yes we must look into a negative equity mortgage again.
Regards,
Ciara
 
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