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Help with Halifax Mortgage Overpayment
liverpoolcarl
Posts: 165 Forumite
I have just spoke with the Halifax to make an 10k overpayment to my mortgage to reduce the captial.
The lady said it has to be classed as a PART PAYMENT rather than an overpayment and I need to reduce the term or reduce my payment.
I am planning to pay another 15k off in Oct 2011.
I just want to save as much interest as possible and get this paid off by 2020.
Am I correct in saying that 'reduce my term' is the right option, keep my monthly payment similar and adjust my standing order to keep paying the same I currently pay now?
When I took out the mortgage I chose the maximum length I could as I knew I would be making overpayments each month but I would have the security of being able to cancel the overpayment at Christmas or around summer holidays for example.
Tracker - BR + 4.49 till Nov 2011 then SVR
35 year mortage - 34 years and 1 month remaining
Monthly Payment - £921.80
Monthly Overpayment - £128.20
The lady said it has to be classed as a PART PAYMENT rather than an overpayment and I need to reduce the term or reduce my payment.
I am planning to pay another 15k off in Oct 2011.
I just want to save as much interest as possible and get this paid off by 2020.
Am I correct in saying that 'reduce my term' is the right option, keep my monthly payment similar and adjust my standing order to keep paying the same I currently pay now?
When I took out the mortgage I chose the maximum length I could as I knew I would be making overpayments each month but I would have the security of being able to cancel the overpayment at Christmas or around summer holidays for example.
Tracker - BR + 4.49 till Nov 2011 then SVR
35 year mortage - 34 years and 1 month remaining
Monthly Payment - £921.80
Monthly Overpayment - £128.20
0
Comments
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Yes just reduce the term and ask for the your payment to remain static and good luck on the MF journey0
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