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Making a lump sum payment to Halifax advice
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mylifemyrules
Posts: 106 Forumite

Hi,
We recently found out we've been left a inheritance of £40,000 I would like to overpay my mortgage with this but I'm struggling to work out if this will reduce my mortgage term or just the monthly payment and what to. Not really sure what's best. I've got 32 years left on my mortgage. Thank you
We recently found out we've been left a inheritance of £40,000 I would like to overpay my mortgage with this but I'm struggling to work out if this will reduce my mortgage term or just the monthly payment and what to. Not really sure what's best. I've got 32 years left on my mortgage. Thank you
0
Comments
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You will need to check you are allowed to overpay by that much, sometimes there are percentage limits.
You can then specify if you want it to reduce the term or the monthly payment. There are calculators online that will work it out for you.1 -
Oh yes I'll give them a call may need to do it bit by bit. Thank you0
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With Halifax you can usually overpay 10% of your balance each year but you would need to check the terms and conditions of your particular mortgage.
If you log onto your online account there is a section which shows you your remaining overpayment allowance for the year.1
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