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overpayment and insurance
Radsteral
Posts: 836
Forumite
i have been inactive here but very active reading threads
i bought the house 2 years ago with quite a bit of help and pushover from here 235000 - 60.000 deposit, leaving me with 175000.
i was shattered by the no diference monthly payments make, when i received my first yearly statement !
15 december , at 2 am, i transfered 13000 to my abbey mortgage account, and made went to make another 10000 today but i was told i can only pay 4000 without being charged ..
my savings interest gone up 12 pounds for the whole year! so it seems no brainer to just pay it on mortgage intead as the interest is way more .
The thing is, by reading here i understand my mortgage life insurance is not the one i need, so looking to change it to a level term instead of the decreasing term .
I hate the whole life insurance proces and currently i m paying for a 235 as a decreasing term when i only got 148 or some thing like this !!
do i have to update my life insurance ammount every time i overpay?
i bought the house 2 years ago with quite a bit of help and pushover from here 235000 - 60.000 deposit, leaving me with 175000.
i was shattered by the no diference monthly payments make, when i received my first yearly statement !
15 december , at 2 am, i transfered 13000 to my abbey mortgage account, and made went to make another 10000 today but i was told i can only pay 4000 without being charged ..
my savings interest gone up 12 pounds for the whole year! so it seems no brainer to just pay it on mortgage intead as the interest is way more .
The thing is, by reading here i understand my mortgage life insurance is not the one i need, so looking to change it to a level term instead of the decreasing term .
I hate the whole life insurance proces and currently i m paying for a 235 as a decreasing term when i only got 148 or some thing like this !!
do i have to update my life insurance ammount every time i overpay?
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