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!

Where to put my extra savings please?

lauren565 · 2013-05-02 12:38:08

Hi, :) Hope someone can help!!! I have just got a new mortgage which only allows overpayments of 500 per month in the first two years (two year fixed.) This poses a problem to me because I want to massively overpay. Therefore I am going to do the 500 extra allowed to the mortgage, however I have a spare 900 per month that…

Comments

dimbo61 Posts: 13,727 Forumite

2 May 2013 at 6:49PM

Lauren please give your mortgage lender a call and ask if you can reduce the term?
This will increase the mortgage payment every month.
Use "whatsthecost" to work out how many years you would need to reduce the term so you are paying £900 a month more.
HOWEVER please also check if you can increase the term back to the original end date if need be !!

0