hi. I overowid my mortgage for the first 2 years of drawdown - tracker now but was variable. My understanding is that overpayment either reduced the loan Amont or reduces the term of the mortgage.
I Didn't stipulate at the time whether to take off principal or shorten the term - it was a while ago.
I contacted the mortgage company a few times and they have finally just got back to me now, with a letterr Acknowledging that I overpaid the mortgage and stating that the overpayment 'was take off the interest'. No statemet or anything Included.
Does this sound correct? How could a monthly overpayment be used to pay interest on the lown at w future date. Many thanks in advance.
I Didn't stipulate at the time whether to take off principal or shorten the term - it was a while ago.
I contacted the mortgage company a few times and they have finally just got back to me now, with a letterr Acknowledging that I overpaid the mortgage and stating that the overpayment 'was take off the interest'. No statemet or anything Included.
Does this sound correct? How could a monthly overpayment be used to pay interest on the lown at w future date. Many thanks in advance.