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Mortgage Overpayment vs Arrears
jat100
Posts: 178 Forumite
Does anyone know:
If someone has overpaid their interest only mortgage for 5 years and then does not pay the mortgage for several months, would the mortgage account be considered 'in arrears' at the point of the first non-payment or when the non-payment amount exceeds the total of prior years' overpayment?
Thanks.
If someone has overpaid their interest only mortgage for 5 years and then does not pay the mortgage for several months, would the mortgage account be considered 'in arrears' at the point of the first non-payment or when the non-payment amount exceeds the total of prior years' overpayment?
Thanks.
0
Comments
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This does depend on the terms and conditions of your mortgage. If you have a flexible mortgage that allows overpayments and payment holidays you would need to double check this with the lender concerned.I am a Mortgage AdviserYou 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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