We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Overpayments resulting in unwanted recalculation
CopperKid
Posts: 1 Newbie
I am on the homeward straight and on a low interest fixed rate. I have been making annual overpayments with the intent of reducing the term. In previous years made the permitted 10% overpayment and a quick phonecall to request that the overpayment was applied to end of term. I wanted the monthly payments to remain the same.
This year a recalculation was applied at the annual review which reduced my payments. I phoned up and have been made to go through a mortgage review which has lasted several hours at this stage. I didn't do anything different this year than previous but I am being made to jump through hoops. I have not missed a single payment, I abide by the rules but something has changed.
Has there been a change of rules that would cause this to happen?
This year a recalculation was applied at the annual review which reduced my payments. I phoned up and have been made to go through a mortgage review which has lasted several hours at this stage. I didn't do anything different this year than previous but I am being made to jump through hoops. I have not missed a single payment, I abide by the rules but something has changed.
Has there been a change of rules that would cause this to happen?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards