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mortgage payments reducing?

(9 Posts)
sandiedc01 Fri 01-Jul-16 07:41:50

Hi everyone,
I had recently started overpaying my mortgage by £50 a month and have noticed my payments are approx £50 less even though my mortgage is fixed, is this right?

Fluffycloudland77 Fri 01-Jul-16 07:43:12

Not really, I'd ring them.

sandiedc01 Fri 01-Jul-16 08:24:51

Will do thanks

AlbusPercival Fri 01-Jul-16 08:59:19

You need to tell them you wAnt to use the overpayments to reduce the term.

Most mortgage providers default to reducing the monthly repayment unless you ask otherwise as that is what makes them the most money

sandiedc01 Fri 01-Jul-16 09:45:25

I did say at the counter but cheeky bastards!!

GreenSand Fri 01-Jul-16 09:56:33

We discovered we could phrase the repayment two different ways, without mentioning reduced term or reduced monthly payments.
"Please increase our payment by £50/month" sometimes resulted in what you've mentioned.
"Please fix our payments at 1050" -if current payments are £1000- resulted in reduced term by default. And since your on a fixed rate, any BoE rate change isn't going to affect things.

SocksRock Fri 01-Jul-16 10:01:47

I had to ask Nationwide 3 times to keep the payments the same and reduce the term.

Fluffycloudland77 Fri 01-Jul-16 10:03:22

If you told them and they ignored it google the ceo email address. Complain to them, i did and got £75 back off them in compo.

sandiedc01 Fri 01-Jul-16 11:29:06

Great thanks I will definitely complain!

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