Mortgage Overpayments

exammy

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!

foxy-stoat

Overpay and keep the monthly repayments the same - you will save on the interest as the balance is reducing.