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motgage payments
burnyjess
Posts: 5 Forumite
When I pay £50000 off £65000 mortgage will the remaining £15000 payments go down. I have 18 years left.
0
Comments
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Yes !
Say you are paying £650 a month now then you pay off £50,000 the payments MAY! drop down to £150 a month or you could ask for the payments to remain static and overpay your mortgage quicker0 -
Depends on the lender.
I'm with HSBC and the default is for overpayments to reduce the term. I.e. my repayment pays the same but I pay it off quicker.
Check with your lender how it will be applied - to the term or the repayments.0
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