I have a £86,000 interest only mortgage.
I moved this to a tracker deal back in Feb 2008 on a 5 year deal.
Thus my interest rate is currently 1% (Base plus 1/2% deal).
One of my endowments paid out and I went into the building society branch to pay £43,000 off the sum owed.
The girl at the counter took my account number and asked if I wanted to pay off the capital or reduce the term ?
I said pay of the capital ....
How could I have reduced the term ?
Confused ....
Mortgage rate when tracker deals ends (4th of Feb 2012) will increase to 4.56% :-(
However not too concerned , I have another endowment that matures in March (21st) that will pay off the other £43,000 ...
I moved this to a tracker deal back in Feb 2008 on a 5 year deal.
Thus my interest rate is currently 1% (Base plus 1/2% deal).
One of my endowments paid out and I went into the building society branch to pay £43,000 off the sum owed.
The girl at the counter took my account number and asked if I wanted to pay off the capital or reduce the term ?
I said pay of the capital ....
How could I have reduced the term ?
Confused ....
Mortgage rate when tracker deals ends (4th of Feb 2012) will increase to 4.56% :-(
However not too concerned , I have another endowment that matures in March (21st) that will pay off the other £43,000 ...