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Overpayments???
ammo2007
Posts: 1 Newbie
Hi all,
I have a £100,000 repayment mortgage that is fixed @ 5.05% for 60 monthly payments and then becomes variable for the remaining 240 payments (currently 6.84%).
I have currently made 21 payments. Should I make overpayments on the remaining fixed payments so that I can reduce my interest quicker and start paying more of the capital? I currently have spare capacity to do this.
The interest payable on my mortgage seems to calculated annually as the annual statement shows interest paid @ 31/3/2007, but will need to confirm with the lender. Some sound advice will be great. Thanks.
Regards
Ammo
I have a £100,000 repayment mortgage that is fixed @ 5.05% for 60 monthly payments and then becomes variable for the remaining 240 payments (currently 6.84%).
I have currently made 21 payments. Should I make overpayments on the remaining fixed payments so that I can reduce my interest quicker and start paying more of the capital? I currently have spare capacity to do this.
The interest payable on my mortgage seems to calculated annually as the annual statement shows interest paid @ 31/3/2007, but will need to confirm with the lender. Some sound advice will be great. Thanks.
Regards
Ammo
0
Comments
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try looking here, you may get an answer quicker
http://forums.moneysavingexpert.com/forumdisplay.html?f=980 -
If you have not used up your cash ISA allowance then you should do.The best cash ISAs pay more interest than your current mortgage rate.When your ISAs for this year are full then you could start overpaying.In an Acapulco hotel:
The manager has personally passed all the water served here.:rotfl:0
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