A&L Overpayments Question

joe_strummer_2

I am allowed to make overpayments to my Alliance and Leicester Mortgage. Does anyone know if the term will automatically reduce OR will the monthly repayments fall? I'd prefer the former. Do A&L have a set policy on this?

lynzpower

you might want to ask this on the mortgages board mate, they are the experts over there? Or you could phone A&L and ask

joe_strummer_2

I HAVE posted on the Mortgages board but got no response. The only advice I have received is you telling me to ring A&L, something I was hoping to avoid.

Ali-OK

Hi.

It'll be in the Ts&Cs attached to your mortgage offer.

Mine is with A&L but on a fixed deal, so can only overpay once a year (31st Jan or something) at a max of x percentage of the mortgage and a min of £500 I think.

Don't know about where they will take it off - possibly interest if it's a yearly interest calc. You really would have to ask them. The A&L mortgage centre answer the phones much quicker and seem to be more knowledgeable than the staff for A&L other accounts.

HTH