I received a letter from Leeds Building Society saying that my interest rates might be too high given my LTV. I had to send my tenants agreement over for them to review and they have decided that i am paying £20 a month too much and have decreased my monthly payment from May. The question is what happens to the money i have been over paying all this time? I have been on this mortgage rate for 4 years, i currently rent out my shared ownership flat as it still is in negative equity so cant sell it. i have always thought i was paying a lot (£293 a month on a £45k mortgage) so im pleased this has happened but what now happens to the other money ive been overpaying? Does it come off my overall mortgage, do i get it back or does it just disappear?!
Anyone else had this happen to them?
Anyone else had this happen to them?
