According to research from Santander overpaying a relatively small amount each month on your mortgage repayment can save thousands of pounds and take months, if not years, off your mortgage term.
We are not saying that this is too good to be true. But there may be rules attached and other things to consider, which is why we highly recommend you talk to your financial adviser who provides local financial advice in Sutton Coldfield and across the Midlands.
You will need to check if your mortgage plan allows you to make overpayments or if there is a limit to the amount you can overpay. Possibly more importantly if you are on your lender’s standard variable rate, they tend to be expensive and you could be paying more than you need to each month. You may want to ask your financial adviser to review your current mortgage as there may be a better rate and overall deal for your specific circumstances. Also, if you are planning to repay your mortgage because of a property sale or inheritance there may be a penalty for early repayment.
Think carefully before securing your debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
You can talk to your Financial Adviser about any issue related to mortgages. Contact our Client Liaison Team on 0121 323 2070 to make an appointment.