Is it worth payying a little bit more on my mortgage?

Gorgeous_George

I'd spend it and enjoy life. It could pay for an extra holiday or a couple of weekend breaks every year for example.

Overpaying could reduce your mortgage by 18 months or thereabouts but the benefit will be in 2018/2019. Would £300 per month be worth more to you in those years (when you are older) than £75 per month between 2009 and 2019?

With such a small mortgage it really isn't that important.

GG

silvercar

With interest rates so low, is it really worth reducing your mortgage?

My mortgage rate is now 2.25%. So paying an extra £400 a month for a year, saves me £9 a month in future years. Big deal!

beecher

silvercar wrote: »

With interest rates so low, is it really worth reducing your mortgage?

My mortgage rate is now 2.25%. So paying an extra £400 a month for a year, saves me £9 a month in future years. Big deal!

How many months/years could you shave off though? I look at it as clearing my mortgage before the 25 years is up, rather than saving/month over the term.

Numenor

If you could afford the repayments when they were £75 more, keep paying the same amount - or more if you can afford it. The more you overpay now, while interest rates are so low, the better position you'll be in when they skyrocket later.