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Allocation of Mortgage Payments by Lender
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lindiansteve
Posts: 1 Newbie
Currently have a mortgage split part repayment and part interest only.
Have been overpaying by approx £350 per month for past 18 months or more.
When queried at outset of overpayments was told by lender that it does not make any difference whether overpayment is applied to interest only outstanding sum or the repayment outstanding sum.
Is this correct please or should I be requesting lender to allocate overpaid monies to a particular part in order to reduce sum outstanding and / or term quicker?
(When using the on-line overpayment calculators available they do not provide for split mortgage types.)
Thanks
Have been overpaying by approx £350 per month for past 18 months or more.
When queried at outset of overpayments was told by lender that it does not make any difference whether overpayment is applied to interest only outstanding sum or the repayment outstanding sum.
Is this correct please or should I be requesting lender to allocate overpaid monies to a particular part in order to reduce sum outstanding and / or term quicker?
(When using the on-line overpayment calculators available they do not provide for split mortgage types.)
Thanks
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