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Lump Sums

WidowTwanky_2
WidowTwanky_2 Posts: 59 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
edited 24 January 2011 at 2:47PM in Mortgages & endowments
I've put this in the wrong thread and don't know how to delete. Sorry. I've moved it to Mortgage Free Wannabe...
I want to put a lump sum towards paying off my mortgage. I've used the fantastic calculator on this site and it tells me how much earlier I would pay off my mortgage if I paid the lump sum in.

Is this how mortgage lenders do it, shorten the actual term? Or can you keep the term the same but have a smaller monthly repayment for the length of the term?

Also, I've called Santander and been told I have to go into a branch to pay off a lump sum. Why can't I just make a bank transfer? I've been told I will incur no cost to pay in a lump sum...
Any advice welcome! Cheers!
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