lloyds mortgage overpayments

spike4633

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

Thrugelmir

What's your current mortgage product?

HHarry

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.

TadleyBaggie

spike4633 wrote: »

Can Lloyds do this and why?

Yes. To keep the term the same.