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!
Overpayments can you keep the monthly payments the same?
Comments
-
Rollinghills wrote: »This is not true. By overpaying you are not asking them to reduce term, it is just what happens as you pay the balance off quicker. But the original term remains. You can always stop overpayments and go back to your contractual payments.
It depends on the lender.
I am with Nationwide. If I overpay by >£500 then they either reduce the mortgage payments each month, or they formally reduce the term. They write to me and tell me what the new duration of the mortgage is. There is no option to re-extend back to the original remaining duration.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards