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Can you please change my mortgage payment to fortnightly

Posted by lorna16 lorna16
Message 1 of 2 405 Views

I want to change my mortgage from monthly to fortnightly payments, and reduce the term (from 27 years to 10) which will increase payment amount.

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Re: Can you please change my mortgage payment to fortnightly

Posted by LyndsC LyndsC
Message 2 of 2 398 Views

Hi @lorna16, while we can't change the date the interest is charged or the term of the loan without issuing new contracts, you can make your payments into the loan fortnightly and opt to pay more at any time. This will still reduce the term of the loan, as making more frequent payments above the minimum required amount would automatically reduce the interest that is charged and result in more of the principal being paid into the loan each month. I hope this helps :-)

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