Our service includes the following features/process.

1) Illustration - Use our savings illustrator to see how you could achieve huge interest savings along with a term reduction (repayment mortgage) or the repayment your loan (interest only mortgage) as your small overpayment increases accumulate.

2) Application - When you choose a VIP Mortgage Solutions plan, you (or your broker) will need to fully complete an application form and send this to our office. It is important to ensure that all pages of the application form are signed and dated. You must also provide a copy of your current or new mortgage offer so we can confirm the lender’s overpayment criteria.

3) Fee Payment - The debit card payment details must be fully completed or a cheque enclosed payable to VIP MORTGAGE SULUTIONS LTD for the full and correct amount. We can not process your application without appropriate payment. Please note that if you wish to pay by Credit Card the fee will be increased by 2.5% of the quoted amount to cover our credit card transaction charges. There is no additional fee for Debit Card transactions. We do not recommend the use of Credit Cards for these transactions.

4) Starting your plan - On receipt of a fully completed application form and cleared funds we will prepare your dedicated Voluntary Indexation Plan. We will determine the most effective way to operate the overpayment scheme depending on your specific lender and mortgage deal. We will then prepare appropriate documentation to allow us to commence, maintain and amend the overpayment facility between you, your bank account and your lender. In the majority of cases the initial overpayment arrangement documents will be accompanied by several amendment letters all of which will require your signature. These overpayment amendment letters will relate solely to your overpayment but the date and amount fields will remain blank to allow us to tailor the amendments to your specific instructions as appropriate.

5) Annual Review - Once each year, on the anniversary of the plan, or your chosen review month we will send you an email. This will remind you that the annual overpayment increase is about to take place and show you how much the standard VIP increase will be. The review will also include an adjustment to allow for any payment changes from your lender due to the overpayments. You can then review your finances and decide if you wish to accept or amend (up or down) this overpayment increase. This can be achieved by clicking on the ACCEPT or AMEND buttons on the email. If you wish to amend, simply enter the new total amount of overpayment you wish to make. You will have 7 days to advise us if you wish to amend this figure after which we will instruct either the standard VIP rate increase or, if requested, your amended figure. We anticipate the changes will take effect from the following month’s payment.

Your lender will usually adjust your mortgage payment at the start of every mortgage year, to take account of any changes (such as overpayments). As your balance will have reduced faster than your lender expected, they will usually react by dropping the following year's standard payment (reducing the overall effect of the VIP scheme). To avoid this “two steps forward, one step back" situation we will adjust your overpayment to compensate. This will help us maintain the correct overall effect.

6) Mortgage Changes - As time goes by your mortgage situation may change. Our overpayment plan’s indexation rate will continue to be linked to the mortgage’s original monthly payment amount, irrespective of any subsequent changes to interest rates or your mortgage balance unless you specifically request an amendment (This will be treated as a customer payment change and may involve a fee). The most important point of our service is that we help you achieve regular and increasing overpayments by amounts that you find affordable. The plan will usually only be revised if you move house or lender. We will vary our standard VIP rate to help maintain a balance of efficiency and affordability depending on factors such as Annual Earning Index etc.

7) Maintaining our Service - If you use the annual service fee option (via Direct Debit) we will continue to send our annual review emails as long as you maintain payments. If you cancel the Direct Debit we will contact you to request that you complete and return a replacement Direct Debit form. If we do not receive a reply within 30 days we will freeze your service pending contact from yourself.

If you choose the Lump Sum servicing cost we will continue our service until you advise us to stop (hopefully because you’ve repaid your mortgage quickly). This will terminate our contract with you.

8) Additional Fees - We appreciate that from time to time you may wish or need to move to another property or change mortgage lenders / mortgage deals and possibly change email address or bank accounts. We have built in allowances (as listed below) in the servicing fee to cover a number of changes over time. If you exceed these limits we may charge a small fee to make the amendment.

Change of details Free allowance Subsequent fees
Change of lender/address Once per 5 year period Then £60 per amendment
Change of bank details Once per 10 year period then £40 per amendment
Change of overpayment Once between annual reviews Then £10 per change


9) Accurate Data - The key to the smooth operation of our service is the accuracy of your data. If any of the following details change; bank account, lender, mortgage deal/account number, residential address, email address, it is our customer’s responsibility to inform us in good time to make appropriate amendments. If we suspect that a problem has arisen we will make reasonable attempts to contact you by email and post to resolve the matter. If you change your details and do not inform us in time we will not be responsible for any incorrect payments. We may suspend the overpayment procedure if we feel that a problem has occurred.