Putting the mortgage early repayment calculator into practice!

Author	Message
Written on: 29.10.2009 [16:26]
Ford Ford Topic creator Posts: 6	I just used the mortgage early repayment calculator on moneyextra and worked out that I can save more than £30,000 if I pay £100 more a month off on my mortgage! Can I start doing this straightaway or do you have to have a certain type of mortgage?
Written on: 02.11.2009 [11:18]
Reece Reece Posts: 2	Unfortunately you can't always overpay. Some lenders give limits which dictate the maximum amount you can overpay, or even charge you a fee for overpaying! If you are convinced that paying more off your mortgage every month is possible, you should contact your lender. If you can overpay, make sure that they will recalculate the interest following the extra payment. Overpaying only reduces the debt super fast when the interest is recalculated on a regular basis!
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Written on: 09.11.2009 [12:16]
Devraj Devraj Posts: 1	Have you read in your T&Cs whether it is possible to repay so much extra each and every month? Sometimes you are allowed to repay extra but there is a limit to how many extra payments you can normally make, i think it is on average around 4 a year.