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Overpaying a mortgage - worth it?

26 replies

Dollygirl2008 · 11/02/2021 11:28

Hi, I've recently come into some money. My current mortgage allows up to 10% overpayment to be paid each year. I was planning on doing this now, and then again Sept this year, as my current deal ends September 2022.

My question is - is it worth it and are there any situations where it's not the right thing to do? I can afford it - it won't leave me short of savings.
Thanks

OP posts:
notacooldad · 15/02/2021 20:52

For me it definitely was! I was allowed to overpay as much as I wanted without a penalty
I ended up on a mission to pit every spare bit of money into making it off. I went a bit obsessed at one point last year! Lockdown helped because there wasn't much to spend money on and I was still working full time. I was paid up by November and knocked over 7 years off the mortgage. (64 months at £670 is not to be snuffed at!)
The great thing is the amount if my mortgage is going straight into savings and I feel the pressure is off a lot if either of us loses our job.

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