Paying lump sum off mortgage

Ross95

My current fixed mortgage deal is ending in June.
I have £10,000 spare which I am going to use to pay off some of my mortgage.


Am I better off paying it in one go when my fixed deal ends or would I be better off overpaying each month once I have sorted out my next fixed deal?


I will be well under the 50% LTV so this is not affected by my decision.


Thanks

bengalknights

Pay off as much as you can as early as you can to save interest.

Ebe_Scrooge

Ross95 wrote: »

Am I better off paying it in one go when my fixed deal ends or would I be better off overpaying each month once I have sorted out my next fixed deal?

As above, the earlier you make the overpayment, the more interest you'll save. If you've got the cash available, pay it against your mortgage now, so long as you're allowed to without any penalties ( you can often pay up to 10% of the total outstanding without penalty ). You'd need to check your mortgage details to see whether you can do this - but if you can, you may as well save a bit more interest. OK, it's only 3 months' worth, but every little helps.