reducing my mortgage term

rhamilton85

Hello,

Only a quick question and I am sure its a quick and easy one.

If I wanted to reduce the term on my mortgage can this be done?

I have a fixed rate mortgage with Leeds building society.

Thanks,

Ross

Browntoa

probably not during the fixed rate term , you need to check the terms and conditions of it., most do not allow overpayments during the fixed rate

Robert_Sterling_3

It is a quick answer and it is NO.

But you might be able to if you overpay and pay a penalty.

paulfaz

Robert_Sterling wrote: »

It is a quick answer and it is NO.

But you might be able to if you overpay and pay a penalty.

That's not true. I am on a fixed rate and can overpay up to 5K a year penalty free.

Depends who your lender is. Check your paper work or ring them up.

Thriftysaver

I can overpay 10% per annum without penalties and I'm on a fixed rate.

Hth

Thrifty

Robert_Sterling_3

Evidently in some cases the penalty is zero

rhamilton85

Is anyone with Leeds Building society for a mortgage?

I can imagine that its not gonna be easy to change

Although my bloody pants mortgage advisor told me I could but i doubt what he says.

Ross

Anon

Most mortgages have a facility for overpaying. You can also, with most (all?) mortgage companies reduce the term (I was told this was due to FSA/government regulations) - reducing the term increases your monthly payment, thus clearing more of the capital (and if there is an overpayment facility, you still have that available as well).

Anon

Puddlesplasher

My mortgage lender will let you change the term at any point but not if the new term means that it will finish during the fixed rate period.