Can anyone explain how mortgage overpayments work? I called my mortgage company today to ask how long I had left on my mortgage (needing to review mortgage payment protection insurance etc) to be told that all my overpayments were now listed as a credit on the mortgage account and the term remained the same. So having asked and been told that they could not reduce the term I then asked whether I could have the credit refunded in order to pay the money in one go as a capital repayment - which would trigger a re-calculation. As you might anticipate I was told that this was not possible either.
OK so I guess I'm going to be told that this is perfectly normal, but the big question is..... does it matter? - apart from negotiating a lower MPPI premium? And if it does then anyone got a strategy that would work for the Nationwide stable of lenders?
OK so I guess I'm going to be told that this is perfectly normal, but the big question is..... does it matter? - apart from negotiating a lower MPPI premium? And if it does then anyone got a strategy that would work for the Nationwide stable of lenders?