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Advice to clear Mortgage in next 4 years
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If you decide to overpay the mortgage directly many mortgages only let you pay off 10% a year without early repayment charges so remember to check for these.0
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If you decide to overpay the mortgage directly many mortgages only let you pay off 10% a year without early repayment charges so remember to check for these.
This is already taken into account, current Natwest Mortgage has 10% overpayments yearly with no penaltiesMortgage Started Nov 2018
2 year fixed 1.78%, £336pcm, 23yrs 2 mths remaining
Deal ends 30/11/2019
Current Balance 23/8/2018 £76K
Want to be Mortgage Free by Dec 20220 -
NatWest offer offset mortgages !
Now if you only owe £50,000 by 2019 the interest rate is not that important.
If you keep the term the same and build up savings in the offset account.
This will achieve what you want to do
You only have to pay the normal mortgage payment each month.
You can build up savings in the offset which you can dip into any time you want or not.
You only pay interest on your outstanding debt when taking into account the savings and current accounts balances0
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