We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
10%repayments.
gs5923
Posts: 1 Newbie
my mortgage will not finish untill after my retirement date so i enquired about how i could change this .i was told i could pay 10% of the balance every april.is this a good idea ,does it reduce the term or just the monthly payments.i do have the funds to do this for a few years.will this benefit me or my lender more.
Garry
Garry
0
Comments
-
Overpayments benefit you - and you can decide (need to tell the lender when starting overpayments) whether you wish to have the regular monthly payment amount reduced or whether you wish to have the term reduced.
That said, if on higher rate (e.g. SVR, after fixed has ended) best to look for remortgage deals at lower (fixed period) interest rate rather than overpaying at higher SVR.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards