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Quick question
Macc
Posts: 212 Forumite
Overpaid some of my mortgage the other day and received a letter from mortgage provider today saying as I've overpaid they have reduced my monthly payment to keep the same length mortgage term. I need to get in touch with them if I want to keep the old, higher monthly payment and reduce the term.
Does it make a difference in terms of how much interest I pay in the long run which I go with?
Does it make a difference in terms of how much interest I pay in the long run which I go with?
0
Comments
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If you reduce the term you will pay less.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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