To Overpay Or Not To Overpay??

goonlord

Thanks for this - I get so much brilliant info from these fora. I wouldn't have even considered how my overpayments were being applied if I hadn't read this. Just checked with the bank and they are being used to pay off the capital so shortening the term. Phew!

I also have a mortgage pig (thanks again chat forum!) which i save £2 coins in. Every couple of months I empty it, round it up or double it and pay it off my mortgage. Usually comes to about £50 or so and this way you don't even notice it. Small amounts really do count - especially as i'm at the start of a 30 year term so I'm pretty well saving the same amount in interest that I pay off.