Questions And Answers
Contributing a lump sum towards your mortgage
asked by
Katie Smithe
posted 3 Years ago at 13:26
Hi guys, I would like to decrease my mortgage payments by contributing a lump sum of £35,000 towards it. How do I go about this? Any advice is much appreciated. Katie x
1-3 of 3 Answers
Michael Robinson answered 3 Years ago at 19:39, last modified: 2 Years ago at 14:56
Easy I think, just contact your mortgage provider tell them you want to pay off a lump sum and where to send the payment to/procedure. But check first though if there are any early partial redemption penalties if you are on a deal.
Minesh Shah answered 3 Years ago at 19:47, last modified: 2 Years ago at 14:56
One other point to consider if applicable, is perhaps not to repay some of your mortgage if you have any high credit card debts on high APRs - mortgage loans are still the cheapest around. It doesn't make any sense to repay a mortgage at say 5% if you have credit card debts where you could be paying 10% or more. Hope this helps.
xLouisex answered 3 Years ago at 19:56, last modified: 2 Years ago at 14:56
Dont forget if a you a mixed mortgage, repayment and interest only to pay the most expensive part off first - Love Lou
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