Overpayments

fattony

Wow I never realised by overpaying a small amount could reduce the mortgage so much, I used this overpayment calculator:

http://www.fool.co.uk/mortgages/mortgage-calculator/overpayment-calculator.aspx

Im due to remortgage in Feb and plan to pay my car off in March so Im considering either making overpayments or simply taking the mortgage out over the 16 years so I'm automatically making the overpayments.

Playing with those calculators is motivating

unionjack81

fattony wrote: »

Playing with those calculators is motivating

If I want to pay off my mortgage in 10 years (which would make me 37) I have to overpay by £600 Well I can dream I suppose! :rotfl:

feisty1

Im due to remortgage in Feb: quote

Make sure u understand the overpayments conditions of any new mortgage, suggest u don't make yr term too tight, allow for any eventualities cropping up........i have rmtg clients who wanted to cut term & have gone back 2 yrs later & they have extended term as they were cutting budget 2 fine, much better to pay comfortably ad enjoy life (responsibly) than scrip & scrape on a mortgage........it is only bricks & mortar, happiness, peace of mind & having a life is more important