Overpay your mortgage and save thousands!
April 1, 2007 9:35am CST
I'm slightly in shock. I went into my online mortgage account just now and decided that I was going to overpay it by just £50 a month. I didnt think it owuld make a big difference but the statement came back and doing that is going to save me nearly £2000 in interest and take two years off our mortgage over the rest of its life! Its well worth overpaying by just a little bt, even if you don't think it will make a difference you mightbe amazed how much it will. I have a loan finishing soon and I'm going to put all that money into the mortgage too. I've always known snowballing payments was the best way to clear debts, but I hadnt fully recognised how big a difference even a little bit can make.