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Confused what option to select to make repayment
mojo29_2
Posts: 29 Forumite
Hi all
Im attempting to make a small repayment on my mortgage (our first one!) but am confused what option to select online.
Im attempting to make a small repayment on my mortgage (our first one!) but am confused what option to select online.
It is happy to take my one-off overpayment but asks me to want to decide whether to
1. Pay off my mortgage earlier by reducing my mortgage term
2. Reduce my future monthly payments
3. Keep my existing payment and term as is
Effectively I just want to pay the money as a one off and keep paying my normal balance as I do. All I’m trying to do is reduce my interest paid in the future!
1. Pay off my mortgage earlier by reducing my mortgage term
2. Reduce my future monthly payments
3. Keep my existing payment and term as is
Effectively I just want to pay the money as a one off and keep paying my normal balance as I do. All I’m trying to do is reduce my interest paid in the future!
0
Comments
-
You want to reduce the term
Rule 7: If you're not changing it, you're choosing it.
MFW 2020: 1 Jan £92903.90 ~ OP £536.80/£500
MFW 2021: 1 Jan £89281.21 ~ OP £404.62/£500
MFW 2022: 1 Jan £85579.20 ~ OPs on hold.0 -
I 100% agree with the above, its definitely the term you want to reduce MFW - #133 - 2020 Challenge - £1230.67 / £1159
MFW - #133 - 2021 Challenge - £1328 / £1270
MFW #56 - 2022 Challenge - £325.35 / £1296
Mortgage began Jan 2019 - £115,900
Mortgage Currently - £105,1600
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