Mortgage interest rates

[donals mom]

Hi Folks,

My question is that with interest rates so low at the moment the money I owe on my house seems to be going down a lot, (I have a tracker mortgage) so if interest rates stay low for another while does this mean that the term of my mortgage will reduce?

thanks

 

[Pat Bateman]

No.

The way to do this is to ask your bank to maintain your repayments at a set level (so when interest rates fall you start overpaying).