See how much you could save with overpayments
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Create accountMost UK lenders let you overpay up to 10% of your outstanding balance each year without an early repayment charge. Check your own deal though - some are more generous, and some charge much sooner.
It usually comes down to your mortgage rate. If your rate is higher than the interest you would earn on savings, overpaying tends to win. Build a small emergency fund first, and always check for early repayment charges before you start.
This calculator shows the term-reduction option, where your payment stays the same and you clear the mortgage sooner. Many lenders also let you reduce your monthly payment instead - ask yours which they will do, because the two give very different results.
Interest is charged on whatever you still owe. Every extra pound you pay reduces that balance straight away, so you pay interest on less money for every remaining month of the term - and the effect compounds.
Yes, it is free and needs no account. Create a free account and your mortgage details are saved, so you can come back and try different overpayment amounts whenever you like.
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