{"id":5214,"date":"2024-11-12T10:43:33","date_gmt":"2024-11-12T10:43:33","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=5214"},"modified":"2024-11-12T14:28:27","modified_gmt":"2024-11-12T14:28:27","slug":"thinking-about-overpaying-your-mortgage","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2024\/11\/12\/thinking-about-overpaying-your-mortgage\/","title":{"rendered":"Thinking about overpaying your mortgage?"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>A mortgage is one of the most significant financial commitments many people will ever make. If you are lucky enough to be in a position to consider making overpayments, this can be an appealing option, but there are some things to think about before you do.<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The case for early repayment&nbsp;<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>If you can afford to make extra payments, overpaying your mortgage will mean you pay less interest overall. It will also mean you can finish repaying sooner.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Is overpaying right for you?&nbsp;<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>This depends on your circumstances. First, you should consider any other debts you have, as well as your pension, savings and mortgage type. Credit cards and other loans generally charge a higher rate of interest than a mortgage. It is therefore important to pay these off first. And make sure you have a cash buffer for emergencies, don\u2019t overpay without this in place.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Next, check your mortgage details. If there are any charges for overpaying, factor these into the calculations. Many lenders will let you overpay up to 10% a year without penalties, but each deal is different \u2013 don\u2019t get caught out!&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A mortgage is one of the most significant financial commitments many people will ever make. If you are lucky enough to be in a position to consider making overpayments, this can be an appealing option, but there are some things to think about before you do.&nbsp; The case for early repayment&nbsp;&nbsp; If you can afford [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,76],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5214"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=5214"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5214\/revisions"}],"predecessor-version":[{"id":5220,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5214\/revisions\/5220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/5215"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=5214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=5214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=5214"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=5214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}