VIP Mortgage Solutions | How It Works

MAXIMUM GAIN for MINIMAL PAIN with
NO RISK and NO COMMITMENT

Our Overpayment Service is designed around the three main findings of our customer research: -

1) Everyone wanted to repay their mortgage sooner.
2) Nobody wanted to pay more or risk over-committing their finances.
3) Few people would actually make effective overpayments if left to themselves.

Repaying your mortgage faster has usually meant a large payment increase, which may only shorten your term by a couple of years. Few people can afford large increases, so most will just stay on their normal payment. The key to success for most people is small annual increases which are comfortably affordable and can accumulate to produce impressive results. By simply nudging your mortgage payment in line with average wage rises, you could achieve huge savings whilst keeping the proportion of your income that goes to your mortgage at a constant level (ignoring rate changes). Any sums you can afford on top of this increase will further shorten your term and increase your savings. Combine this with an ability to opt out of the annual increase (if you wish) and you have total flexibility.

We appreciate that for most people, the thought of fiddling with their mortgage is as appealing as a trip to the dentist. There are 101 things you’d rather be doing and with today’s busy lives few have the time to spend on managing this sort of task. So we take care of all the administration for you.

Select our V.I.P service and we will set up and operate a dedicated, flexible, voluntary overpayment plan for you. This will be tailored to your individual lender and mortgage deal, with annual payment increments based on our standard VIP rate. Our VIP rate is set slightly below the average level of wage increases so most people should find this affordable. Each year we will contact you to notify you that the next overpayment nudge is due. You can accept or amend this figure depending on affordability and we will instruct the overpayment change for you.

That’s all you have to do, we will handle everything else. It’s that easy.

YOU KNOW YOU SHOULD BE DOING THIS – LET US MAKE IT AS EASY AS POSSIBLE.

Totally Flexible

To guarantee affordability when your circumstances change, we have designed our plan to be totally flexible. If you need to change or even suspend your overpayments, it’s no problem. Simply email us and we will make all the changes for you (we make an administrative charge if you make more than one overpayment change between annual reviews). If you do have to reduce or stop payments for a while you’ll have the reassurance that we will continue to prompt you to restart your overpayments so you don’t forget.

Our V.I.P. service will allow you to take optimum advantage of the voluntary overpayment features on your mortgage without hassle or the risk of over-committing yourself.

Stronger Finances

In addition to a shorter term and lower interest cost, our plan should also provide a third financial benefit. As time goes by your overpayments can accumulate to quite large monthly sums. This effectively provides you with a gradually strengthening financial buffer against future financial strains – such as large rate rises, loss of a second income/overtime or the start of a family. This would allow you the option of redirecting some of all of your overpayment, instead of having to fund any additional costs from your pocket. It could also ease the effect of a larger mortgage when moving up the property ladder in the future.