YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE PAYMENTS
If you have a little extra cash at the end of the month, killed it at work and received that well deserved bonus or had a bumper year in your business.
Overpaying on your mortgage can help reduce your mortgage term, monthly payment on your future mortgage and most importantly of all reduce the amount of interest you pay to the bank.
These figures are only illustrative. All mortgages are subject to the applicant(s) meeting the eligibility of the specific lender. An assessment of your needs will be confirmed before a recommendation can be made.
How does it work?
This calculator looks at your current mortgage, what the remaining mortgage is, the interest rate and how long you have left on your term.
Then it's going to ask you what over payments you are going to make. Are they regular monthly additions or a one off lump sum.
Finally, what would you like from the over payment, is it to pay your mortgage off sooner or are you aiming to reduce your monthly payment.
Whats it for?
You are going to be able to see the impact of paying extra into your mortgage, and is it going to have the impact that you expect.
If it matches what you expected, or not, come chat with me and I can tell you why the amount has achieved what it has. If it wasn't quite what you were expecting then we can come up with a plan to achieve your goal.
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