Overpaying on your mortgage even by a fairly small amount can make a big difference to how much interest you’ll end up paying back in total. Our mortgage overpayment calculator will show you how both lump-sum overpayments and monthly overpayments could help save you interest and reduce the term of your loan.
One thing you need make sure you do first is to check with your lender if there are any early repayment charges on your mortgage if you overpay, as any additional fees may wipe out the benefit of the extra mortgage overpayments.
Simply input some basic information about your mortgage as well as some details about the type of mortgage overpayment you are intending to make and our mortgage overpayment calculator will do the rest.
There are a number of criteria that must be taken in to account when calculating exactly. These could include but are not limited to:
Your monthly outgoings or regular commitments
Whether your income is a basic salary or includes bonus, commision or overtime
Whether you are self employed
The amount of deposit you have
Your age and whether you are borrowing past your retirement date
The lender however has the final input in to determining how much you can borrow. Each lender has their own criteria and as a broker we are perfectly placed to match you to the right lender for your borrowing requirements.
The calculators do not have the final say in how much you can borrw, your repayments etc., but this is where our expertise and experience in the field come in to play. We can sometimes make available a higher borrowing by taking your personal circumstances in to account.
*all potential borrowing is subject to affordability checks and credit status.
