We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Mortgage Overpayment Help

sunnyweather_2
sunnyweather_2 Posts: 3 Newbie
edited 27 March 2013 at 11:11AM in Mortgages & endowments
I have a mortgage with Nationwide on a 10 year fixed with 31 months remaining set at 4.89%.

It will cost me £1500 to ditch the fixed rated.

I am aloud to pay £500 overpayment per month which I do.
I also put £1500 into premium bonds per month too because of the £500 overpayment limit.

I have £100,000 left to pay.

I have done the ditch the fix calulator and it advises me to change. however my question is.....

How much would I save if I ditch the fix to 2.59% where I can pay the full £2000 in overpayment straight of the mortgage compared to what I am doing at the moment?

Thanks for your help in advance!!!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.5K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455K Spending & Discounts
  • 246.6K Work, Benefits & Business
  • 602.9K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture