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One Account Question
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albionrovers
Posts: 2,028 Forumite
Hi - looking for some info. here.
My one account has a reducing balance facility. Hypothetical below.
Account opens on 01/01/2000 with a load of 100K, term = 25 years.
Balance then reduces as follows : -
01/01/2003 - 95K
01/01/2005 - 90K
01/01/2010 - 75K
01/01/2015 - 60K
You get the idea.
My question is this.
If I paid off the balance on eg. 03/01/2006 do I have access to 90K for the rest of the loan term or will the balance still reduce as per the plan?
Thx in advance.
My one account has a reducing balance facility. Hypothetical below.
Account opens on 01/01/2000 with a load of 100K, term = 25 years.
Balance then reduces as follows : -
01/01/2003 - 95K
01/01/2005 - 90K
01/01/2010 - 75K
01/01/2015 - 60K
You get the idea.
My question is this.
If I paid off the balance on eg. 03/01/2006 do I have access to 90K for the rest of the loan term or will the balance still reduce as per the plan?
Thx in advance.
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