Should I increase

lindaparky

My mortgage is due to finish in June 2011, I am on a repayment daily variable and now find I can spare more money each month. Should I pay an extra each month? or should I just pay my mortgage off? Bearing in mind I am one of the stupid people!! I have been with tha same provider for 23 years!!

opinions4u

How much do you owe?

What rate of interest are you paying?

Are there any charges to pay if you overpay?

lindaparky

Hi, I owe approx 6000, it is the interest rate as now as we have never had a fixed one, and I would have to pay an admin fee of £75, it was an endowment mortgage but we changed a few years ago when we were informed that the endowment would not reach it's potential. I currently pay approx £241 a month but was looking to increase it by another £190.

dimbo61

You have not given us your mortgage rate but you are on the SVR which could be anything from 2.5% with Nationwide to 4.99% with many other lenders!
If you have the spare money then why not overpay and clear your mortgage ASAP.
Rates are going to rise ( they are very low at the moment)
If your home is paid for thats one less bill to worry about and more money to spend ( OR SAVE!) each month and you can EARN interest rather than pay interest.
Check if allowed to overpay and if you can clear that mortgage GOOD LUCK