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Overpayment penalties on mortgage - what does it apply to?

(1 Post)
lampshady Thu 23-Jul-15 09:41:57

I've been looking at mortgages online and understand that there can be up to a 5% penalty if you overpay by a given percentage over a year, but 5% of what? The overpayment above the given percentage?

So for example, if you can overpay by 16,000 a year, and pay 20,000, there's up to a 5% penalty on the 4,000?

Is that right?

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