Lloyds - troubles with overpayments & term

MeandO

I am currently on the phone to Lloyds Bank Mortgage department for the third time... I am making small regular overpayments to my Lloyds mortgage and have requested that these reduce the term of my mortgage rather than reduce the mothly payments. They don't seem to be able to do this though without trying to get me to have a mortgage review and phone interview each time to change the term of my mortgage, I'm getting so frustrated with it!

Has anyone else who is overpaying their Lloyds mortgage successfully asked them to do this? If so, did you have to go into a branch to sort it out or write them a letter or something?

Thank in advance.

kingstreet

Under MMR, a reduction in contractual term requires an affordability check as it falls into the "advice" process requirements.

It would be easier to just let the payments fall and increase your voluntary overpayments to match it. The end result will be exactly the same.

MeandO

Thanks Kingstreet, I think that's what they must have been trying to say then, without actually saying it...!

AnotherJoe

What Kingstreet said. The other advantage is flexibility, you aren't locked into the shorter term should finances become an issue, you can fall back to lower payments.
Also if you decide your pension is lacking you can focus on that instead of only ( or so large) overpayments, many people forget the "other debt" they have, in effect you owe your future self a decent pension, and overpayments to the detriment of pension is a common thing that financially is often a poor choice.