Additional principal payment - anyone doing this?

Hi, does anyone have any experience of paying extra on their mortgage but only on their principal amount?  I've seen posts on social media to pay off mortgage sooner and I wondered if anyone had any experience?

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  • savingholmes
    savingholmes Posts: 26,851
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    If you overpay you are effectively paying it off your principal. So yes this board is full of people that do that. If you look at the mortgage overpayments calculator on this site it will tell you how much paying even a small amount off can save you in interest over the term - either as an ad-hoc payment, regular or a combination.
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