Im just in the process of getting my first ever mortgage and wondering if anyone can help with the maths lol
Ok here goes with the numbers:
25 Year period
Fixed for 3 years
Interest rate: 6.5%
Paying: £377.00 per month
£13,572 paid in 3 years
How much of that 13K is interest and capital?
Basically I can over pay by 10% each year without charge, looking to go high years but top up each year by 10% ish.
So wanted to work out the options in over paying. E.g. By overpaying each year by 5% I'll knock X amount of years off my mortage.