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Cheers. I'm not really smart enough to do stocks and shares and all that lark.
Just did that calculation thing, looks like 10k overpayment a year would shave near 2 years off and save 12k in interest.
Sounds like a no brainer. I did some rough calculations and I could get things paid off in 15 years if I got a mortgage with new terms but it requires lots of paper work and annoyingly even though I am earning 3x what I was when I took my initial mortgage out the fact I am my own ltd makes things a bit harder I think...
I need to do some thinking.
chrisbmx116
amey
hippy
If you want to save £££ in the long term then I reckon so.
Unless you are a guru investor and can better use the extra cash for something else then personally I'm a fan of smashing the debt away quicker.
I had a 25 year mortgage. It will be paid off in 10 years and 000s of £ cheaper.
With interest rates low, this overpayment money wouldn't have made much in a bank account (and I don't really do stocks and shares shit).
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator