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hippy-
A thicker set of T&Cs I found (that came with the annual statement) talk about "10% of opening balance" so I think I'm good.
(Will have to work out what to do for the final 5 years though, as getting a new interest-only deal would mean only being able to pay off 5 sets of the 10% each year. ERCs would add up to £3k or so. I could just convert it to a repayment mortgage then I suppose. I don't think there's such a thing as a fixed interest-only offset mortgage.)
Greenbank
"You can overpay up to 10% of your fixed rate loan amount each calendar year (January to December) without paying an early repayment charge."
Is that 10% of the balance at the start of the year or 10% of the original loan amount?
i.e. if it was an interest only mortgage, could I pay it back in 10 years by overpaying 10% of the original loan amount each year and avoid early repayment charges?
(Santander interest-only mortgage FWIW. Guess I'll have to ring them to be sure, no huge rush, current fixed deal runs out in October 2018 although they tend to offer a new deal 3 months early. Jumping to another 5 year fix at 1.79% would be nice before there's another base rate hike.)
I'm hoping it's 10% per year of the original loan amount otherwise in a few years my overpayments will mean I'll be paying back more than 10% of the outstanding loan amount a year.