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How Mortgages work from bank to bank

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  • 05-05-2015 11:17am
    #1
    veryangryman
    Registered Users Posts: 5,574 ✭✭✭


    Specifically the term left on Mortgage and the Monthly (or in my case, bi-weekly) payment due.

    I threw in a few extra grand to mine recently to lower the term of it. Instead, the bank lowers my fixed payment to ensure that it is finished on same date. Not what i wanted.

    Just wondering if its standard practice. Guess i need to write to them to keep the same usual payment.


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    #2
    NewDirection
    Registered Users Posts: 223 ✭✭NewDirection


    Every bank has a default, either to reduce the term or reduce the payment. (I'd say most if not all default to reduce the payment), if you want to reduce the term you can write a letter to tell them to do such when your making the overpayment. I've done this before in store and got customer service to send it in the internal mail.


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