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Pay off half our Mortgage question.
zermattbusby
Posts: 86 Forumite
We currently have a £70,000 mortgage with ING Direct, (Straightforward repayment no ties or redemption penalties) this works out at £370.00 P/M. Would it be possible to pay £35,000 off the loan, therefore reducing the payments by 50%, ie ~ £185.00 P/M. Or is it just not that straightforward !
Many thanks in advance
Many thanks in advance
0
Comments
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If you are allowed to make overpayments and there are no penalties etc then it should be as simple as paying the lump sum off ring them and ask them. If you are paying the lump sum off and can afford the payments you were making why not keep them the same and pay the rest off in double quick time?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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