How to save on your interest repayments with mortgage broker, Deal Direct.
Find out about how to save money on your monthly repayments by consulting leading UK mortgage broker, Deal Direct.
Overpaying your mortgage is a great way to reduce the amount of interest you pay over the term, but not all lenders have the same policy towards overpaying.
If a lender has the facility, they may impose a restriction on how much you can overpay during a specified period – usually a year. The restriction could be either a minimum amount of overpayment or a maximum. The trick is in determining which option best serves your situation.
AA Mortgages, for example, has the overpayment facility but used to impose a minimum of £500. This has now been reduced to just £1.
This means that any spare or loose change you have in piggy banks, drawers or money found lurking under your sofa cushions can be used to overpay your mortgage. In addition, AA has introduced an annual loyalty bonus amounting to 0.1% of your mortgage balance.
To find out how much this mortgage could be paying you back, contact us here at Deal Direct and we’ll carry out all the assessments for you. We’ll look at details such as term, amount you can borrow and at what mortgage rate and then factor in the bonus and overpayment facility.
Having done this, we’ll also compare it to other lenders’ products, enabling you to make a fully informed choice.