Accord mortgage overpayments

krlyr

OH and I plan to make overpayments on our mortgage and want it to reduce the term, rather than the monthly payments. We have an Accord mortgage applied for through an independant financial advisor. Our mortgage paperwork says we need to specify whether we want the term or monthly payment reduced when we make overpayments but we weren't sure if we had to contact Accord directly or inform our FA and do everything through him? Can give him a call to check but didn't want to ask a silly question if the answer is simple enough!

elantan

i would contact your mortgage advisor ... its them you have the deal with after all ... your fa was just the go between really

kingstreet

Overpayment questions are best directed to your lender.

Doshwaster

I'm with Accord and have made overpayments with them in the past. Just ring them up and ask them the questions - just make sure you have your mortgage paperwork and a pen and paper to hand. I found them to be incredibly helpful and explained all of the options (lump sum or monthly overpayments and reducing monthly payment or loan term) very clearly.

What you choose really depends upon your personal circumstances so it's not really possible for anyone else to advise.