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What doesCapital repayment mean when overpaying???
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00180mille
Posts: 1 Newbie
I would like a little advice regarding my mortgage, I would like to overpay as much as possible without incurring early repayment charges. My original amount borrowed was £163500 over 25years, fixed for 10 years @ 2.99%.(Barclays). I’m allowed to make overpayments of 5% of the capital each year. Now my question is what is my capital amount? Is it 5% of £163500 (£8175) and is this the same every year or is it 5% of the amount remaining after each year?
Any help would be greatly appreciated.
Cheers
Graham
Any help would be greatly appreciated.
Cheers
Graham
0
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Usually it is the balance owing at the start of each year.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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