Increase mortgage repayments?

drfc1981

Hi, my current mortgage repayments are currently low at £340 per month. This is a repayment mortgage with 32 years remaining. Would it be financially beneficial to increase my repayments to £500 per year? i.e. how much would this save me over the course of a year.

Any help is appreciated

Peelerfart

Search for locoblade's mortgage calculator on this board - I'm sure you'll be pleasantly surprised.

If you can't find it just shout someone will post a link I'm sure.

Thrugelmir

In simple terms yes, overpay.

Over 30 years you may be shocked to learn the amount of interest it would save you.

What's your current mortgage interest rate?

MrsManda

Providing the interest rate on your mortgage is more than what you'd get if you put the money into a savings account, you will make a saving by overpaying. I've been overpaying my mortgage for the last 12 months and have knocked over three years off the length of the mortgage.
make sure if you do decide to overpay you read your T&Cs to ensure you stay within the limits so you don't get penalised. Mortgages usually have a maximum you can overpay a month without incurring charges