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Confused what option to select to make repayment

Hi all

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! 

Comments

  • coldcazzie
    coldcazzie Posts: 1,407 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    You want to reduce the term :smile:
    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.
  • 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            - £105,160
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