Effect of Mortgage Overpayment

Making mortgage 'overpayments' means paying off more than the amount set by the lender. The overpayment can either be in the form of a lump sum, or could be additional amounts made on top of your normal monthly repayments. The main purpose of 'overpayment' is to pay off the mortgage debt quicker, by doing so, this reduces the total amount of interest payable.

The calculator below provides useful information on what effect overpaying your mortgage monthly could have on the overall cost. Although lenders have different terms and conditions on overpaying, you can see how much you could potentially save in interest and how many years you could reduce your mortgage by. To get free mortgage advice and understand your options Call L&C now on 0800 073 1951.

Find out much overpaying your mortgage can help to reduce interest cost and save money

Loan Size

£100000

£0

£900,000

Current interest rate

4.5%

0%

10%

Term of loan (years)

25

5 years

45 years

Monthly Overpayment

£50

£10

£5000

By overpaying by £, you will

Save

£

Reduce your mortgage by

and

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Our Mortgage Calculators

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Discover how much your monthly mortgage costs could be with our easy to use tool.

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Rate Change Implication

Discover the impact an increase or decrease in interest rates can have on your mortgage repayments.

Mortgage Overpayment

Discover how mortgage overpayments may reduce interest costs and save you money on your mortgage payments.

Early Repayment Charge

Discover how much it will cost to exit a mortgage agreement early.

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The House Network Mortgage Service is provided by London & Country Mortgages (L&C), Beazer House, Lower Bristol Road, Bath, BA23BA, London & Country are authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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