Mortgages - Paying a little bit extra

ThriftyThinker

Hi Everyone

First time poster here!

I had been in the lucky position of overpaying 10% of mortgage last year. I only overpaid 10%, to avoid paying any fee's.

I received a letter from my bank telling me that my monthly payment is going to reduce. I contacted them stating that I wish my over payments to reduce the term of my mortgage, not my monthly payments.

However, they have arranged an appointment for me with one of the 'mortgage advisers'. It sounds like they want me to remortgage, but I don't want to do that. I want my term reduced, without going through all the hassle of remortgaging.

Does this sound right? Can they do this?

Hoenir

Numerous threads on the same topic. Yes they can. The alternative is simply to continue to overpay. 

RelievedSheff

Yes they can do this.

We overpay monthly and every year on the anniversary of our mortgage they recalculate our repayment.

We simply go to our online account and readjust the amount of overpayment we make. Takes a couple of minutes at most.