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Increase mortgage payments?
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Caroleaki
Posts: 2 Newbie
I am concerned that if I "set " my mortgage payments resulting in less years to pay off, when the interest rates rise, I will not be able to afford the extra mortgage payments on top of paying more anyway, can I resort back to my original term time? Or should I just pay more off, not reduce my term time and just be in credit for the future interest rise?
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Comments
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Your contractual term won't change. Unless you apply to do so. At a change of product or interest rates. The monthly payment is by default rescheduled to the original mortgage term.
By making overpayments. You will in effect be creating a cushion.0
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