{"id":2426,"date":"2021-10-22T12:29:34","date_gmt":"2021-10-22T11:29:34","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=2426"},"modified":"2021-10-25T12:29:42","modified_gmt":"2021-10-25T11:29:42","slug":"humble-mortgage-overpayments-add-up","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/10\/22\/humble-mortgage-overpayments-add-up\/","title":{"rendered":"Humble mortgage overpayments add up"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p>A boost in UK\nsavings as a result of reduced expenditure on travel and leisure during\nlockdown could be the key to cutting thousands in interest and months from the terms\nof mortgages, according to research<sup>1<\/sup>.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>With Bank of\nEngland figures suggesting Brits saved an extra \u00a3200bn during lockdown,\noverpaying on your mortgage could prove more fruitful than squirrelling away\nthis cash into low interest savings accounts.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Overpayment\nbenefits<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>It is estimated\nthat fewer than half of people take advantage of overpayments, despite most\nmortgages allowing borrowers to overpay on either a regular or ad hoc basis\nwithout penalty. Yet paying an extra \u00a390 a month towards a \u00a3200,000 mortgage\nfrom the first payment onwards would reduce the loan\u2019s total cost by more than\n\u00a316,800 and the term by more than three years, says the data.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Overpayments\ndon\u2019t have to start early in the mortgage to make a noticeable impact either.\nPaying an extra \u00a390 each month from the mortgage\u2019s 10th anniversary could still\nsave \u00a35,300 in interest and shave 18 months off the term.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Mortgage\noverpayments won\u2019t be suitable for everyone, however, and you should consider\nyour personal and financial circumstances first.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Halifax,\n2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A boost in UK savings as a result of reduced expenditure on travel and leisure during lockdown could be the key to cutting thousands in interest and months from the terms of mortgages, according to research1. With Bank of England figures suggesting Brits saved an extra \u00a3200bn during lockdown, overpaying on your mortgage could prove [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":2427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,35,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2426"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=2426"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2426\/revisions"}],"predecessor-version":[{"id":2429,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2426\/revisions\/2429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/2427"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2426"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}