mortgage payments reducing?

[sandiedc01]

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?

Not really, I'd ring them.

Will do thanks

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

I did say at the counter but cheeky bastards!!

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.

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

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.

Great thanks I will definitely complain!