Hello, guys. I am thinking about taking a mortgage. But there is a catch. I don’t want to pay it off in next 20 or 30 years. I want that pay off period be shorter. Is it possible? I guess my interest is only mortgage with overpayments. Your advices will be more than welcomed. Bye!
Hi, there. Of course it is possible. If you make an overpayment, you will shorten your pay off period. For example, your mortgage is £150.000 for 25 years. Your interest rate is 5.75%. If you overpay for only £20 a month, you will shorten the period for a year. And this will save you about £7.000! Think about it. I think it is worth it. Good luck!
