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Overpaying by just £5 a month could shave over £2,000 off your mortgage.
Overpaying on your mortgage can indeed have a substantial impact on your long-term financial health. Here's a breakdown of the potential savings and benefits of making regular overpayments on your mortgage, as shown in the following table:
As demonstrated in the table, even relatively small monthly overpayments can lead to significant savings over the life of your mortgage. Here's what these figures mean:
These calculations are based on a £200,000 mortgage with a 25-year term and an interest rate of 6.36%. It's important to note that the actual savings may vary depending on the specific terms of your mortgage and the interest rate. In a high-interest environment, like the one mentioned, overpaying on your mortgage can be a financially savvy move, as it helps you pay down your debt faster and save on interest costs.
Sourced from Which.co.uk
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