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.
1 person likes this
1 response
• United States
1 Apr 07
I also did this with normal bills. It saves you a some money. I don't have a mortgage at this time. I will no doubt do as your doing. This would always be my first priority. Great going on your part.
1 person likes this
• France
3 Apr 07
It makes such a big difference doesnt it. I'm also paying a little more regularly into the phone bill and electricity, it means we don't get caught out if we use more one month.