Confused about how overpayments and remortgaging work

stellar2011

Yes, I'm hoping it's a normal secure job, although it does depend a bit on what the papers are saying (civil service )

Thanks again.

exarmydreamer

You could join the Mortgage Free Wannabe board and have a diary or just read the journeys of other like minded over payers. I've saved a fortune in interest in the last year since starting over paying since Aug 12, (have a look at the sig below).

Good Luck.:)

dimbo61

Stellar if you can overpay the mortgage every month.
I hope to be mortgage free in the next 18 months some 13 years before it was due to be repaid.
This will save me £75,000 plus in Interest Payments.
I could afford a nice Posh car and 2/3 foreign holidays a year but we want the mortgage cleared instead.
Aldi and not Sainsburys/Waitrose for shopping
Using this website for all your shopping, insurance, etc
Money Saving Expert it does what it says on the website

peytonx

Sorry to hijack but I have a question regarding overpayments.

My IFA said the interest on the product I have gone for is charged daily so by overpaying we would save the interest immediatley. Can someone explain how that works? So I have my repayment amount at X per month, if I overpay one month will the next repayment be slightly less?

dawyldthing

you can either have the overpayment to lower the term of the mortgage so you will pay it off quicker or lower the amount paid per month.