Read on Twitter
Are you a homeowner?
Would you like to save thousands of pounds?
Would you like to pay your mortgage off years earlier?
Then read this thread!
Would you like to save thousands of pounds?
Would you like to pay your mortgage off years earlier?
Then read this thread!
Mortgage overpayments!
You've heard people talk about doing them but never really understood why or felt compelled to do so yourself?
Let's explore why you should seriously consider it!
You've heard people talk about doing them but never really understood why or felt compelled to do so yourself?
Let's explore why you should seriously consider it!
Taking the average house price in the UK at the moment which is around £230,000 (yes London, there are houses available for that price, very nice ones too 
)
)
Having put down a 10% deposit you still owe £207,000.
You are paying this back at 3.5% (best deal I could find at those numbers) for the next 35 years.
You are paying this back at 3.5% (best deal I could find at those numbers) for the next 35 years.
You would pay in total £359,474 for that mortgage.
More than £160,000 in interest.
But what would it look like if you made an overpayment of just £100 every month.
More than £160,000 in interest.
But what would it look like if you made an overpayment of just £100 every month.
You could save a cool £31,505 over your mortgage and 6 years 4 months of paying it!
Imagine what you could save with £200 a month!
Oh I did that too it's £51,820 and nearly 11 years off your mortgage!
Oh I did that too it's £51,820 and nearly 11 years off your mortgage!
You can usually overpay on your bank's App literally making this one of the easiest ways to save £1000s.
But consider the following things.
But consider the following things.
Overpaying isn't for everyone.
You must check your mortgage rules as some lenders charge for overpayments, I would seriously advise you to look into changing your mortgage.
You can pay a small fee to reduce how many years you pay back, therefore permanantly overpaying.
You must check your mortgage rules as some lenders charge for overpayments, I would seriously advise you to look into changing your mortgage.
You can pay a small fee to reduce how many years you pay back, therefore permanantly overpaying.
There are some great deals on mortgages at the moment if you want to change.
You may have to pay an exit fee on your old one!
Mortgage brokers may be able to get you a better deal! Don't forget they charge a decent fee but this is all financially worth it over time.
You may have to pay an exit fee on your old one!
Mortgage brokers may be able to get you a better deal! Don't forget they charge a decent fee but this is all financially worth it over time.
If you'd like to calculate yours there are plenty of free overpayment calculators on the Internet, your bank should have one. You'll need to know the interest you're paying, the remaining balance and how many years you have left!
If you'd like to talk to me about any of this my DMs are always open!
