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Monthly Mortgage Payments

Tuesday, 2nd June, 2015

It is important that you are prepared for any rise in your monthly mortgage payments. There are steps you could take now that might help you cope with the long-term financial impact of any Base Rate increases. Here are some you may wish to think about:

Making Overpayments -
 
By making overpayments each month you steadily reduce the balance you owe, saving you money in the long term. Even modest monthly overpayments can make a significance difference to the amount of interest you will pay over the term of your mortgage.

It is also worth considering that most mortgage lenders have tightened their lending criteria over recent years, requiring customers to have a lower loan-to-value (LTV) to secure best rates. Making overpayments now could open up more remortgage options for you in the future.

However, before you opt to make overpayments you should decide where paying off other debts (such as other mortgages or credit cards) first would be more beneficial to you, especially if you are being charged higher interest rates.

Making Capital Repayments -

Making lump-sum capital repayments on your mortgages will reduce the capital balance on which you are charged interest. This could mean you save a substantial amount of interest over your mortgage term. Lump-sum capital repayments can be made at any time.




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