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Mortgage Overpayments
exammy
Posts: 16 Forumite
Hi All,
I currently have around 100,000 left on my mortgage and can afford to make some over payments.
My question is - as I plan on moving within the next 3 years, should I overpay?
When I do over payment calculators it tells me what I would save if i stayed where I am for the length of my mortgage, which, of course, I wont.
From my understanding (which is limited) if I overpay this will result in the length of my term reducing - again not beneficial to me if I move?
So can anyone please help me to tell me if overpaying would save me money - or not?
Thanks!
I currently have around 100,000 left on my mortgage and can afford to make some over payments.
My question is - as I plan on moving within the next 3 years, should I overpay?
When I do over payment calculators it tells me what I would save if i stayed where I am for the length of my mortgage, which, of course, I wont.
From my understanding (which is limited) if I overpay this will result in the length of my term reducing - again not beneficial to me if I move?
So can anyone please help me to tell me if overpaying would save me money - or not?
Thanks!
0
Comments
-
Overpay and keep the monthly repayments the same - you will save on the interest as the balance is reducing.0
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