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Make mortgage overpayment or wait until fixed ends in 9 months?
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vickidoherty84
Posts: 2 Newbie
Have money to enable me to make an overpayment of 10% lump sump on my mortgage (no charge). Or do I wait until my fixed term ends in 9 months??
0
Comments
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Paying £10k into your mortgage will save you £10k*2% mortgage interest. I suggest you keep the money in a good savings account because you can easily earn more interest than you would be paying on £10 of mortgage debt.
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Without knowing the interest rate you are paying. Impossible to provide any guidance.1
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Mortgage is currently a fixed rate of 2.29% that ends June 20250
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You’d be better off putting it into a high interest account and paying it off when fix is upMFW 2025 #50: £1139.75/£600007/03/25: Mortgage: £67,000.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
07/03/25: Savings: £16,5002
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