Reducing RBS payments

Mrsmoneypenny

I have an RBS mortgage and pay off more each month than my minimum. sometimes just a hundred pounds other times over 2000 pounds.

Last time I overpaid I asked what my new payment would be, although i always overpay I like to know what the minimum payment could be.

RBS told me that I would only be considered for a lower payment if I paid 2010 pounds on top of my usual monthly payment.

Is this normal.

Grz.26

eh? is that every month you need to pay £2010pm ontop of the minimum payment?

Mrsmoneypenny

No, I dont have to pay any more than the minimum amount. I choose to.

But RBS said that if i want the minimum amount to change from 802pounds a month I would have to pay off 802 + 2010. They would then be able to recalculate my payments.

Hope that makes sense

Grz.26

Ah I see,

I too am with RBS but havent come across this. Ive paid 15k off straight, which put me under 75% LTV and therefore got a decent rate on a fixed rate, can only overpay by 10% on that.

caracal_77

Mrsmoneypenny wrote: »

I have an RBS mortgage and pay off more each month than my minimum. sometimes just a hundred pounds other times over 2000 pounds.

Last time I overpaid I asked what my new payment would be, although i always overpay I like to know what the minimum payment could be.

RBS told me that I would only be considered for a lower payment if I paid 2010 pounds on top of my usual monthly payment.

Is this normal.

Look at your mortgage documents. What does it say there?
I'm with A&L, and in my mortgage if I pay above a certain amount, the new calculation is done immediately. If I pay below this figure, the calculation is done on the next month.
Maybe you have the same arrangements with RBS, maybe just the figures are different.