Equit Genie - A promise to pay off your mortgage fast????

charles_mo

Hi All,

I wonder if anyone ever used Equity Genie? Its a software tool to help work out a means to accelerate paying off your mortgage in a 1/3 of the time. Sounds like a dream, but the claims are also wild.

However, the written details about it sounds pretty legitamate, but they charge over £900 for the software!!!! Makes you think if this is a money spinner for someone.

Be great is Martin Lewis could take a look at this for us?

http://www.equitygenie.co.uk

Charles

toonfish

overpay a bit each month

there, just saved yourself £900

Rick62

Is this spam?

If not not wise to post with a link, some idiot might believe it!

charles_mo

Rick62 wrote: »

Is this spam?

If not not wise to post with a link, some idiot might believe it!

No it was not a spam. It was from a collegue who spoke about it.

I know sometimes these things can sound very suspicous, but I think it has a point regardinf the compound interest rates. This is usually known as APR and it is a way banks hide the amount of money the make from your mortgage/loan.

Any way, just asking if any one out there has use it before. Just curious about it.

MSE_Martin

I dont need to look at it. The layout of the website tells me all I need to know. There's nothing they can tell you that isn't openly available. The more you repay and the more quickly the better off you'll be. Interest is a function of the rate and the time taken. By reducing the time take to repay you pay less interest - thus overpaying works.

This is all explained in my Should I pay off my mortgage article

Martin