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Overpayment question
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captainst1985
Posts: 3 Newbie
Hi,
My partner and I are currently on a 2 yr fixed deal repayment mortgage and are overpaying the maximum (£500) we can on the mortgage.
My question is when we finish the 2yrs, will the fact that we have been making the maximum overpayments affect the amount we will be asked to repay each month or will it still be calculated based on the interest rate and the remaining time remaining (33 yrs)? Also, can the mortgage company arbitrarily change the term of the mortgage to increase the repayments?
Thanks.
My partner and I are currently on a 2 yr fixed deal repayment mortgage and are overpaying the maximum (£500) we can on the mortgage.
My question is when we finish the 2yrs, will the fact that we have been making the maximum overpayments affect the amount we will be asked to repay each month or will it still be calculated based on the interest rate and the remaining time remaining (33 yrs)? Also, can the mortgage company arbitrarily change the term of the mortgage to increase the repayments?
Thanks.
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