Overpay your mortgage?

We have looked into people who come in from the fixed rate, but what about those who have always been on the tracker and standard variable rate mortgages?

For those lucky individuals who are not cash strapped at the moment, and have been able to continue to pay the same monthly payments this will be taking years of the term of the mortgage. For example: if your mortgage was around £1000 per month in October the minimum payment would now have dropped to some £690. If rates continue to stay at the historic low rate and they continue to pay their £1000 per month they would be saving over £15,000 and with a little bit of black finish paying their mortgage nearly 10 years earlier.

If you can do is a fantastic idea to overpay on your mortgage, even if you can just afford an extra £25 you will see the benefits in later life. Some lenders will allow you to overpay by up to half of your monthly payment and some prefer to take a fixed amount extra on top of your monthly payment. Mortgage express for example having choices system which allowed you to overpay any amount and this amount can be changed each month.

There are many mortgage calculators around that will calculate the benefit of this, you can find some by clicking the calculator link on the far right hand side of this page.

Or maybe you should save more money by moving your gas and electricity providers?