Just a question regarding our mortgage. We are currently overpaying each month. We are re-paying a fixed amount so as the interest rate dropped the amount of the overpayment increased.
The 'extra' is coming off the capital but our maturity date has not decreased. If we reduced the maturity date or 'standard' repayments would increase yes?? This would be fine now but we dont want to be tied to it when rates rise again.
So from a point of view of reducing the amount of interest we pay over the course of the mortgage and reducing the term of the mortage is this the most efficent way of doing that.........by overpaying???
The 'extra' is coming off the capital but our maturity date has not decreased. If we reduced the maturity date or 'standard' repayments would increase yes?? This would be fine now but we dont want to be tied to it when rates rise again.
So from a point of view of reducing the amount of interest we pay over the course of the mortgage and reducing the term of the mortage is this the most efficent way of doing that.........by overpaying???