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Barclays overpayment options

Saint84
Saint84 Posts: 103 Forumite
Ninth Anniversary 10 Posts Name Dropper
in Mortgage-free wannabe
Can someone help me work out which option saves more interest out of these two? I assume it’s the reduce term option (pay less than 3 times usual payment?

https://www.barclays.co.uk/mortgages/existing-customer-centre/overpayment-underpayment-explained/

Comments

  • Archerychick
    Archerychick Posts: 551 Forumite
    Ninth Anniversary 500 Posts Name Dropper Combo Breaker
    Reducing the term will save you more. If you only reduce your monthly payment, you don’t really save anything because you end up paying the same amount a month really. 

    There will be a calculator online somewhere, and I’m sure someone will have one handy so you can see the difference 
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