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should i over pay on my mortgage
baron777red
Posts: 426 Forumite
hi we have a mortgage with the coventry building society at the moment which is on a tracker 0.75% above base rate, (this product is portable and we can take it with us to buy our new house)
we used to pay £588.00 now were paying £358.00, and i was thinking of over paying to save on interest.
we have the house on the market at the moment for £100k and owe about 95K on the mortgage, we also have managed to save up 4K for when we move
if my mortgage company let me overpay, and i pay an extra 4k off it, how much am i likely to save by doing this?
we used to pay £588.00 now were paying £358.00, and i was thinking of over paying to save on interest.
we have the house on the market at the moment for £100k and owe about 95K on the mortgage, we also have managed to save up 4K for when we move
if my mortgage company let me overpay, and i pay an extra 4k off it, how much am i likely to save by doing this?
its only a bargain, if you need it or will use it.
:beer:
:beer:
0
Comments
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How much £ or interest you save would depend on how long your house is on the market before you sell it, so it is a 'how long is a piece of string' type of a question
Personally in your shoes I'd save rather than overpay, that makes the money much more flexible for when you do move...0 -
you ought to be able to find a savings account paying a better return than that.a tracker 0.75% above base rate"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
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You should save now it will make the extra part of your new mortgage less and this will no doubt be on a higher interest rate.
The only disadvantage is the temptation to spend but just as long as you are focussed enough on being able to move I'm sure you'll do it.:j Trytryagain FLYLADY - SAYE £700 each month Premium Bonds £713 Mortgage Was £100,000@20/6/08 now zilch 21/4/15:beer: WTL - 52 (I'll do it 4 MUM)0
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