first op!

9 Posts
Hello all,
This is my first post, inspired by all on here to be mortgage free!
I am with Halifax for my mortgage and I made my first £300 op at the beginning of the month :eek: . I called to check it had gone through ok. It had and they asked if I wanted to reduce the term (its shortened by 2 months), which I said yes to, rather than reducing the monthly payments, as I want my monthly payment to stay the same. Was this the right decision? Sorry, I'm totally new to this MFW! Can anyone tell me does this incur a charge, they didn't mention it, but I have been reading some lenders can impose a charge for reducing the term?
Thank you, all and keep up the good work! x
This is my first post, inspired by all on here to be mortgage free!

I am with Halifax for my mortgage and I made my first £300 op at the beginning of the month :eek: . I called to check it had gone through ok. It had and they asked if I wanted to reduce the term (its shortened by 2 months), which I said yes to, rather than reducing the monthly payments, as I want my monthly payment to stay the same. Was this the right decision? Sorry, I'm totally new to this MFW! Can anyone tell me does this incur a charge, they didn't mention it, but I have been reading some lenders can impose a charge for reducing the term?
Thank you, all and keep up the good work! x
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FWIW I don't think you're 'officially' reducing the term by making OP's, it's got to reduce as you're keeping your repayments the same.
well done on your first overpayment - this site gets very addictive!!!
Mortgage free II: New Year's Eve 2013!
Mortgage free III: Est. Dec 2021...
This is worrying me a little, I need to stop focussing so much on pay day and enjoy the time in between.
Original amount outstanding = 225,000 Current amount outstanding =199,812
Original LTV = 64% Current LTV = 49%
Original Pay Off Date = Sep' 36 New Pay Off date = Sep' 36
Original Dly Int = 17.17 New Dly Int = 17.17 Total OP = £1319.31