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Overpayment On Mortgage
beaches_2
Posts: 3 Newbie
This is my first posting, please bear with me!
We are looking to over pay our mortgage to enable us to stop working full time sooner.
We owe £41,900 (£23,500 Interest only, £18, 400 repayment), have 6 years left and are on a fixed Mortgage until 5/09 at a rate of 5.29%. We pay £413 per month.
We've had advice to overpay on the Interest only part.
I'd be grateful for any feedback.
We are looking to over pay our mortgage to enable us to stop working full time sooner.
We owe £41,900 (£23,500 Interest only, £18, 400 repayment), have 6 years left and are on a fixed Mortgage until 5/09 at a rate of 5.29%. We pay £413 per month.
We've had advice to overpay on the Interest only part.
I'd be grateful for any feedback.
0
Comments
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As long as its one mortgage (including part and part) it makes no difference which part you overpay, it will reduce your balance by the same amount and therefore the amount of interest you pay overall, congrats on trying to pay it off early!
Sam"You've been reading SOS when it's just your clock reading 5:05 "0 -
Thanks for quick response Sam, that's encouraging. And now I know my posting worked!0
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In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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