Reducing mortgage term

Getting_greyer

Hi, 
I'm yet to exchange but in my mortgage offer it says there is a £35 fee to reduce or extend the term of the mortgage.  
In this case, if I were to overpay £25 each month and knock off say 2 years from the term if I did this every month, would I receive a £35 fee each month?

Thrugelmir

Fee is the lenders charge for processing the change of contractual term. Nothing to do with overpaying voluntarily. . 

enthusiasticsaver

You would not restructure the term each time you make an overpayment so no there should not be a fee so long as you make it clear you are overpaying. 

Getting_greyer

Thanks,  I think I just realised where I'm being dim.  
The regular or one off lump sum overpayment would reduce the capital owed so would reduce the interest owed, not the term.  If my overpayments were very large every month theoretically my last few years payments would be very small, but would still be the original amount of time (notwithstanding future remortgage).

But if I made regular overpayments and asked halfway during a 5 year fix to knock a year of my term, my monthly payment would change and (up or down depending on capital paid off) and I'd receive a £35 fee. 

Well I think anyway, it's been a long day    ☹ 

Thrugelmir

The lender isn't going to pay you £35 under any circumstances. 

Getting_greyer

Thrugelmir said:

The lender isn't going to pay you £35 under any circumstances. 

Ah! I meant I'd pay a fee...told you was a long day.