Q&A's

Q. Will it work, whatever type of mortgage I have ?
A. YES, if you have an endowment or other investment policy mortgage it can more than double the surplus that will come to you after repayment of the mortgage. If you have a repayment type mortgage the term could be shortened by 5 years or more.

Q. What if interest rates change ?
A. Mortgage Save 2000 will make all the necessary arrangements as part of the plan. We will work out the effect of any rate change as soon as you tell us and advise you of any changes to your payments.

Q. I have a discounted or fixed rate mortgage, can I still benefit from the plan ?
A. YES, your extra payments will accumulate in your account. We will advise you when the first capital repayment can be made and instruct Barclays Bank to make the transfer of funds to your lender. This may even be throughout an early repayment penalty period (subject to your mortgage offer and penalty clauses). The interest paid on monies held will be added to your lump sum capital repayment.

Q. Is my money safe ?
A. YES, all payments you will make into the plan are transferred by standing order from your account. Only written authority from you will allow any withdrawals to be made which then in turn must be authorised by the companies official auditors. The auditors will then instruct Barclays Bank to pay money direct to your personal account of direct to your lender.

Q. Is interest paid on money held in my account ?
A. YES, you will receive interest on money held in your account. This will clearly show on a statement that you will receive automatically each year.

Q. Can I increase my payments a little each year ?
A. YES, the results will reduce the amount of your mortgage even quicker. Ask us for a detailed illustration to show the effects.

Q. When will extra payments be made to my bank or lender ?
A. Depending on the minimum sum accepted by your lender as a capital repayment and any penalties attached to your mortgage we will make the repayment on your behalf at the most advantageous time to reduce your interest payments.

Q. How often can I make capital repayments ?
A. This depends on your lender. If they accept small capital repayments we can make the repayments as often as every 3 months, some lenders require as little as £1, whilst others as much as £3000. Most will accept around £500.

Q. Is it expensive ?
A. NO, you will pay a once only application fee Of £295 when joining the plan and a modest service charge each month of £6.50. This is only a fraction of the savings that you will make on the interest charged by your lender.