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Over payments on Northern rock mortgage
jasonmaile1973
Posts: 43 Forumite
Hi
I would like to know, If I make £500 per month over payments on my mortgage will my monthly payments go down or will they stay the same?
Thanks in advance
jay
I would like to know, If I make £500 per month over payments on my mortgage will my monthly payments go down or will they stay the same?
Thanks in advance
jay
0
Comments
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Hi, i've just started overpaying my NR mortgage so hopefully this info will be correct but sorry if it isn't!
Every time you make an overpayment they will ask if you want to adjust your monthly payment or not. If you are keen to reduce your balance/pay your motgage off early and you can afford it then it is best to keep your regular payment the same.
If you adjust to a lower payment the term of your mortgage will stay the same.
Hopefully that'll help!0
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