So close to being mortgage free!! 21 July 2019 at 12:24PM in Mortgage-free wannabe 2 replies 435 views

grecianite

I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage.

I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?


Thanks,

John

beanielou

grecianite wrote: »

I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage.

I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?


Thanks,

John

Will the interest decrease over the term?
ie will the amount you pay as an early repayment decrease each year?
What is in your original offer?

savingholmes

Can you put the money in high interest savings and keep paying the mortgage in the meantime? I know it is frustrating but I would earn more from savings than my mortgage rate... You may as well earn interest while you wait or talk to a financial adviser about investing. Someone who has a good track record of safe investments and can teach you. Don't invest anything in something you don't understand.