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If Overpaying does bank recalculate monthly amount?
rover25
Posts: 387 Forumite
Planning to overpay from this month. I am on a svr mortgage of 4.00% on a mortgage of £166,000. When I make an overpayment does the bank recalculate my monthly mortgage amount each time? Thanks
0
Comments
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depend what their default is.
It is different for each lender.
you will have to ask them0 -
All the ones I've had experience of will keep the monthly amount the same even if you overpay. This results in the mortgage being paid off quicker instead.Trying to remain free of unsecured debt and build up some savings.
Have done CeFA and CeMAP exams but no longer regulated.0
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