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Make mortgage overpayment or wait until fixed ends in 9 months?
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.
1 -
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 2026 #5007/03/25: Mortgage: £67,000.00
Mortgage:
04/04/26: £33,500
07/03/26: £34,418.15
16/01/26: £56,794.25
02/01/26: £60,223.17
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
Savings: £20,0002
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