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Can' swing a cat-mortgage overpayments explained: Saving thousands by giving your creditor more cash per months. Since I have my own apartment, I have liked to spend my own cash on murals, unusual pillows and various kinds of alcohol for my very own minibar. Depositing into my company retirement annuity is one thing I felt myself to be inspired to do, but another thing I do is overpay my mortgage.

When you have no clue what mortgage payments are over, check out my dear friend because I'm going to unlock it for you. An overpayment of a mortgage? If you are a mortgage creditor, your mortgage provider has your mortgage payments per month charged on the amount you have taken out, the duration of your mortgage and the interest on it.

If you make a mortgage payment, it means that you are giving your creditor more cash than he asked for. Which are the advantages of mortgage payments? There are two main advantages to paying over your mortgage: A further advantage that is not often talked about by locals is the fact that the fact of paying over your mortgage simply felt good.

What can I overpay my mortgage to avoid? There are a number of things that will determine the amount of interest you will be saving, for example: It' really inspiring to enter your mortgage data and see the numbers for yourself. Everybody can overpay? The majority of creditors will allow their clients to make excess payments on their mortgage, but the precise terms and conditions differ according to the creditor you are with.

Others also have a 10% policy, but instead of charging them as 10% of your entire initial mortgage, they will limit your excess payments to 10% of your unpaid debts. To overpay, contact your creditor to find out if you can do so. Shall I overpay or prioritize other things first?

I am not a finance consultant and so I cannot tell you whether an overpayment of your mortgage is definitely the best thing you can do or not. If you have a company annuity, for example, you may be better off sticking your replacement money in it than tossing it on your mortgage.

Your best choice depends on a number of factors, such as how generously you provide for your retirement and how high your mortgage interest will be.

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