lump sum

consumers_revenge

Hi,

Tracker comes to an end in feb and have already signed for a 5y fixed. They have given me figure of 376 pcm from march 1st.

I have 2k that I want to put in. Now if I paid that in tomorrow would that 376 figure change? Ideally it wouldnt but I would like to know rather than wait til mar 2nd.

Thanks.

Let_Us_See

If you reduce the amount of borrowing by making a one off capital repayment then your monthly payment will reduce. Just insure you inform the lender that you will be making a lump sum repayment and borrowing less before the new scheme commences.

Why wouldn't you want your monthly mortgage payment to reduce???

consumers_revenge

to reduce the end date. eg overpayment.

Incyder

consumers_revenge wrote: »

to reduce the end date. eg overpayment.

When I had a mortgage with halifax and made a lump sum overpayment they gave me the choice to reduce monthly payment or shorten the term.

consumers_revenge

thats what they normally do but I was trying to get this one in before the deal.

Let_Us_See

With all due respect a one-off £2,000 capital repayment will not make much difference to your end date. As the scheme has not started just reduce the borrowing and the term by a couple of months to achieve your requirements!