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Repaying my mortgage quickly
luna985
Posts: 5 Forumite
I have a question for all the mortgage experts out there. I have a 120k mortgage and I have a budget of around £800 to pay off this mortgage. I need an approximate answer to this question bearing in mind that C&R mortgages are 'front-loaded' for the interest on the loan.
Which of these two methods will pay the most off the capital on my mortgage:
Capital and repayment at £800 - how much capital would I pay off after 3 years?
Interest only at £600 a month and then overpaying by £200 per month (thus coming straight off the capital).
I do hope that makes sense......
Which of these two methods will pay the most off the capital on my mortgage:
Capital and repayment at £800 - how much capital would I pay off after 3 years?
Interest only at £600 a month and then overpaying by £200 per month (thus coming straight off the capital).
I do hope that makes sense......
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