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Overpaying the mortgage
Mbro44
Posts: 4 Newbie
I have 10 months left to pay on a five year mortgage which is currently set at 4.69%. At the start I changed it to half endowment and half repayment to counter the rubbish endowment rate. I now want to over pay to reduce the term, does it make any difference if I overpay the endowment or the repayment?
Would it be better to make one lump sum payment or do regularly monthly over payments?
Thanks:D
Would it be better to make one lump sum payment or do regularly monthly over payments?
Thanks:D
0
Comments
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Overpay your mortgage by the most you able to as early as possible.
If you overpay the interest only part then you've flexibility as to how much you do overpay.0 -
I will give them a ring tomorrow and find out how much I can overpay without incurring any charges.
Thanks for the response.0
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