Hi,
Just looking for some peoples ideas regarding the following:
I have a reasonably small mortgage and I have been able to pay a little extra each month (about 20% extra on what is due) and I am wondering what happens to that extra money, ie does it reduce the term of the mortgage or does it come off the capital etc? Or could I skip a payment if it is seen as a pre payment?
The bank were, alarmingly unable to answer my question!
Any feedback much appreciated.
Thanks
Just looking for some peoples ideas regarding the following:
I have a reasonably small mortgage and I have been able to pay a little extra each month (about 20% extra on what is due) and I am wondering what happens to that extra money, ie does it reduce the term of the mortgage or does it come off the capital etc? Or could I skip a payment if it is seen as a pre payment?
The bank were, alarmingly unable to answer my question!
Any feedback much appreciated.
Thanks