jimmybrid wrote: »
I have a slightly different take on this than nxf, maybe an example will help to explain:
Let's say you normally pay £750 per month on your mortgage over a 25 yr term (300 payments). If you make a single overpayment of £750, but your normal payment stays at £750, you pay off your mortgage one month early (299 payments) thanks to that overpayment.
If the £750 payment were taken as a part redemption, the lender would recalculate your monthly payment to spread the remaining borrowing over the full term. Although your monthly payment would drop (very slightly in this example) you would not pay your mortgage off early (still 300 payments) and your overall interest payments would be higher than if you classed your one-off payment as an overpayment.
My view, tell them it's an overpayment.
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