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Halifax overpayment confusion (2014)
Fritha_2
Posts: 1,447 Forumite
Long story short:
We overpaid our mortgage exactly a year ago, I asked to reduce the term (instead of reducing the monthly payments) was told that would be grand, the amount owing has reduced but neither the term nor the monthly payments have gone down.
Halifax are trying to claim that a term reduction doesn't (or didn't at that time) happen all in one go but slooooowly over the life of the mortgage.
Is this normal? Has anyone else overpaid a Halifax mortgage (not recently, now you have to jump through many hoops for a mortgage term reduction) and had that?
(Either way I am arguing with them that they didn't explain properly, well, at all, I just wondered what other people's experiences were as it's really baffled me and dh!)
We overpaid our mortgage exactly a year ago, I asked to reduce the term (instead of reducing the monthly payments) was told that would be grand, the amount owing has reduced but neither the term nor the monthly payments have gone down.
Halifax are trying to claim that a term reduction doesn't (or didn't at that time) happen all in one go but slooooowly over the life of the mortgage.
Is this normal? Has anyone else overpaid a Halifax mortgage (not recently, now you have to jump through many hoops for a mortgage term reduction) and had that?
(Either way I am arguing with them that they didn't explain properly, well, at all, I just wondered what other people's experiences were as it's really baffled me and dh!)
Comping, freebieing and trying to pay the mortgage off early!
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