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Mortgage rates: How you could be overpaying THOUSANDS for your mortgage

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 · Why clearing the mortgage makes absolute sense. Having said that, it’s also really important to be careful or you risk being hit with penalty fees. Most lenders allow you to overpay by up to 10% a year but after that, they may charge a penalty fee. The amount you can overpay for free varies from lender to lender,

 · Could you save thousands? Check your mortgage rate now!. as London & Country Mortgages. 4) Fix or variable rate?. you can do apart from see if you’re allowed to overpay the mortgage.

4. When overpaying is simply rounding up. What I mean is you and your spouse are doing well financially. Your mortgage is $2,845/mo and you decide to round it up to an even $3,000. That $155/mo is no big deal! This simple rounding up can lead to taking years off of your mortgage and thus saving thousands of dollars of interest. 5.

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Interest Only vs Repayment Mortgages vs Making Mortgage Overpayments  · One mortgage holder in five currently overpays each month, which could shave thousands off the total cost of their loan. Santander Mortgages calculates that collectively, Brits are overpaying more than £9 billion on their mortgages each year, with the typical borrower overpaying by.

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Overpaying your mortgage can reduce your interest payments by thousands of pounds – but it could be savvier to put your extra cash into a savings account or pay off other debts first. Overpaying 10% each month brings your monthly payments to 986.70, which means you’ll pay off your mortgage four years earlier and save yourself thousands in interest payments.

 · These days, a higher mortgage rate is considered over 4 percent. Of course, the cost of real estate has risen, but mortgage rates are still substantially lower than they could be. Still, you’ll want to do all you can to get a lower rate. Let’s look at some calculations to see how much your mortgage rate affects your monthly payments.

Whether to overpay on your mortgage or to put your money into a savings account is a tricky one and depends largely on the savings rates available. In very general terms, saving pays off if you can get a higher rate on your savings than you currently pay on your mortgage – which is probably unlikely for most people at the moment.