Looking into this myself, while I have the chance to make the extra payments.
My deal allows me unlimited (I wish) additional payments without penalty.
Would my extra contributions automatically go against the capital borrowed, or do I have to specify that?
Does the lender normally re-adjust the figures (monthly payments) anually on the anniversary of the loan?
It depends on the lender.
We moved to the co-op for a mortgage because it gave us a good deal for five years, and we intended to kill most of the mortgage inside that time (and did it in thre, yipee). Regarding the overpayments, they would either put them in an overpayment account where we could take them back out, or make them capital repayments where we couldn't. The standard repayments were only recalculated if we put money against the capital. I guess each lender has it's own rules.
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