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Mortgage overpayments question.....................have Kensington got it wrong
this_time_next_year_3
Posts: 1 Newbie
Hi there
Completely new to the site, but notice it can become quite addictive.
We currenlty have a second mortgae / secured laon with Kensington Mortgages, I recently enquired, how much me can over pay per month without any charges, to be told the minimum I can overpay is £1000 with a fee of £75.:eek:
I currently pay this loan via standing order, so with the recent reduction in interest rates I found myself paying in too much money, I was told this would just build up a credit and not contribute to paying off the mortgage, after our quartley statement I have discovered that the additional payment is actually coming off the balance of the mortgage, therefore obviously bringing down the interest payment each month
Any advice out there, shall I increase the standing order to make a higher overpayment per month, shall I contact them to enquire again
Anyone had this happen before
Many Thanks
Completely new to the site, but notice it can become quite addictive.
We currenlty have a second mortgae / secured laon with Kensington Mortgages, I recently enquired, how much me can over pay per month without any charges, to be told the minimum I can overpay is £1000 with a fee of £75.:eek:
I currently pay this loan via standing order, so with the recent reduction in interest rates I found myself paying in too much money, I was told this would just build up a credit and not contribute to paying off the mortgage, after our quartley statement I have discovered that the additional payment is actually coming off the balance of the mortgage, therefore obviously bringing down the interest payment each month
Any advice out there, shall I increase the standing order to make a higher overpayment per month, shall I contact them to enquire again
Anyone had this happen before
Many Thanks
0
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