Hi,
I am in the process of taking out a mortgage and am cosidering, in an effort to reduce the term, overpaying right from the word go.
However I once read, possibly in one Eddie Hobbs' books I can't remember exactly, that it is crazy to overpay at the start as the interest portion of the repayment is so high it will swallow up all of ones efforts.
Is this true?
If so what is the best way to structure regular repayments so as to reduce the term & ultimately the interest paid as I have spare cash to this? Should I hold off on overpaying for the first 2/3 years?
Thanks in advance.
I am in the process of taking out a mortgage and am cosidering, in an effort to reduce the term, overpaying right from the word go.
However I once read, possibly in one Eddie Hobbs' books I can't remember exactly, that it is crazy to overpay at the start as the interest portion of the repayment is so high it will swallow up all of ones efforts.
Is this true?
If so what is the best way to structure regular repayments so as to reduce the term & ultimately the interest paid as I have spare cash to this? Should I hold off on overpaying for the first 2/3 years?
Thanks in advance.