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lloyds mortgage overpayments
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spike4633
Posts: 1 Newbie
Hi all, I want to pay off my mortgage as quickly as possible so I have been overpaying on my C&G mortgage since 2009 by £200 per month. This mortgage has now been taken over by Lloyds who have recently reduced my payments by £150 per month. I only noticed when I received my annual statement. This reduction is surely going to hinder my goal. Can Lloyds do this and why? All helpful correspondence welcome. Thanks
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Comments
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What's your current mortgage product?0
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This is the way our Lloyds mortgage works. You make overpayments and your normal regular payment stays the same until the next time they have to recalculate it - such as a change in interest rates. Then your regular payment changes.
If you now make your overpayment £350 you'll be in the same position as you were.0 -
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