personal finance

Mortgage free: The simple way you could pay less – but borrowers warned to watch out

“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 said.

“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 also warned borrowers that they should watch out when it comes to terms and conditions, as it may 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 explained.


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