Mortgage Glossary

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Additional Payments

Sometimes referred to as 'double-up' payments.
Most lenders will allow you to make additional payment amounts on your mortgage. These extra amounts are principal only and reduce your mortgage balance and so you pay off your mortgage faster.

The best thing about this benefit is that you are in control of how much extra you pay, and when you pay it.
There are some limitations which vary by institution, but generally speaking you can pay up to double your normal mortgage payment on any (or all) of your payment dates.
Please discuss the current policies of the different institutions with your mortgage broker.

     

 

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