08-01-2014, 03:17 PM
(08-01-2014, 02:51 PM)r3k1355 Wrote: Don't you have to re mortgage every 3 years or so to get the best deal or something?Yes you can often remortgage and get a better deal, but you need to weigh that up against the costs of any setup fees and the impact of new resistrictions on overpaying.
There's loads of mortgage calculators on the web that you can play around with to see how overpayments change the duration and total interest paid on the mortgage and how changes in interest rates and/or mortgage deal affect monthly payments.
You'll likely find that overpaying just £100 a month will have a noticeable impact on the amount of interest that you'll pay and save a fair bit of the overall duration of the mortgage.
1990 Peugeot 205 GTi 1.9 // 1991 Peugeot 205 GTi 1.9 16v // 1992 Peugeot 205 GTi 1.9 // 1999 Peugeot 306 HDi Estate