Mortgage free: Borrowers may pay much less by overpayments | Personal Finance | Finance

“It’s worth using a Mortgage Overpayment Calculator to work out the best approach and see how an overpayment will make a difference to your mortgage term,” he mentioned.

“Overpaying on your mortgage will enable you to reduce the amount you owe and provide some flexibility for the future, where you may want to reduce payments due to other life commitments, such as expanding your family or making a home improvement.”

Mr Robinson additionally warned debtors that they need to be careful on the subject of phrases and circumstances, as it might be they face an Early Repayment Charge (ERC).

“How much you can overpay will depend on the terms and conditions of your original mortgage,” he defined.

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