Mortgage Overpayments

Alfster

Hi,

Please can I have some advice on mortgage overpayments. I paid £20k off my mortgage (max amount I can for this year). They have adjusted my DD automatically for a lower amount. With so many transactions, bills etc the difference from my previous DD will just get lost making the overpayment redundant. 

Can I increase my DD back to the original amount? 

Thanks 

MorningcoffeeIV

It depends on how your lender treats overpayments. Ask them if you have options.

Either way, the overpayment won't be made redundant.

Alfster

MorningcoffeeIV said:

It depends on how your lender treats overpayments. Ask them if you have options.

Either way, the overpayment won't be made redundant.

Thanks. Yeh I shouldn’t have said redundant. Just redundant in the sense that I want to reduce the term not reduce the monthly payments. 

Sncjw

Can you not call them and tell them you want the money to be set for reducing term

Spendless

When does your 'year' stop and start? If you've paid the max allowed for this year then I wouldn't have thought you could increase the DD, you're already at your limit for making overpayments. As and when your year starts again you would be able to increase the DD, it might be just they've adjusted it to take overpayments into account. You need to ring them so they can explain more thoroughly why and  the options available to you.