UK Money News
29th January 2008
Overpaying on mortgage brings benefits, says Charcol
With many consumers' finances currently buoyed by bonuses and pay rises, January is the ideal time to consider overpaying on your mortgage, it has been claimed.
John Charcol calculates that a consumer earning £35,000 per year who receives a two per cent increase in their wage in line inflation can expect to have an extra £50 of disposable income.
However, rather than spend this money in the sales, homeowners would be advised to redirect the money to overpay on their mortgages, which will bring them a range of long-term financial benefits, Katie Tucker of Charcol said.
"By paying as little as £50 extra per month, a homeowner with a £150,000 25-year repayment mortgage can cut their repayment period from 25 years to 22 years", she said.
"January payday is blessed relief for many, as the costly of Christmas and a threadbare January can be remedied by the last of the January sales.
"But resist the temptation to blow your bonus or pay rise, and you can do yourself a favour that will last much longer than this months," she advised.
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