How to overpay your mortgage using lockdown savings and cut out THOUSANDS in interest
SAVVY homeowners could save themselves thousands of pounds and pay off their mortgages years earlier by using lockdown savings to pay down their debt.
If you were one of the lucky Brits to save money during the pandemic, pumping some of that extra cash into paying off your mortgage could be a smart use of your savings.WE explain how to ensure you get the best deal on your mortgage or remortgage: You'll also have to decide if you want a fixed-deal where the interest you're charged is the same for the length of the deal or a variable mortgage, where the amount you pay can change depending on the Bank of England Base Rate.
If you overpaid by just £50 a month, you could save £5,233 in interest and pay off your mortgage two years and three months early, according to lenderThis is based on a 25-year mortgage term, of £150,000, with a current interest rate of 2.5%. To reduce the length of your mortgage by one month, you need to make a one-off payment of £500 or more, which would save you £431 in interest., which is useful for working out how much you could save if you overpay your mortgage.
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