Term

tupelo_2

I had a Mortgage Statement through recently stating the term was 14yrs and 1 month left.
I called NatWest to increase my overpayment, which they did, but said the "term" would not change.
The lady did try to expain this to me, but it went over my head; especially when she agreed that the overpayment would pay off the mortgage earlier.

So, should I care?
What happens when it's paid after 6yrs and the term is still 14yrs?

Ta

Tupelo

DawnW

When it is paid after 6 years, that will be it, and the 14 years will no longer be an issue

Mine still has about 6 years to run, and it will be paid off by the end of October this year :j:j

If they still want to say the term is 6 years, it is really up to them :rotfl:

Seriously though, I think they keep the term the same in case you have to reduce payments at some point? Others may be able to think of a better reason.