Mortgage overpayment calculator

With interest rates being so low, some might say there is little point in keeping your savings in the bank, so you could utilise a mortgage overpayment calculator to work out how you can better use your money.

A lot of people are already doing this, with the British Bankers` Association (BBA) indicating that in February 2013, mortgage repayments outstripped new loans by £982 million, meaning that more homeowners were choosing to pay back their home loans on top of the £7.8 billion lent to new buyers.

Whilst this is right for some people who may have savings that aren`t doing anything for them in the bank, it`s wise to check out a mortgage overpayment calculator to see whether you can benefit by paying back more on your mortgage, be it a one-off or a regular thing.

It may seem obvious that paying back your mortgage earlier will save you interest payments, but depending on your deal, you may need to pay a charge for overpayment and this could cancel out any benefit you get from shortening your overall mortgage term.

While it may appeal to pay off your mortgage more quickly, you may in fact have more expensive debts that you would be better off repaying first, so you should compare the results you get on the mortgage overpayment calculator with the ones you get from completing our debt consolidation calculator or our mortgage repayment calculator.

Once you have got an impression about whether mortgage overpayment may be an option for you, contact our finance experts to discuss matters further ?call them from a landline on 0800 298 3000, from a mobile on 0333 003 1505 or enquire online at firstchoicefinance.co.uk.
 

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain unsecured lenders.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.