The Mail on Sunday
Warning on mortgage cash attack
OVERPAYING YOUR HOME LOAN SEEMS A GREAT IDEA…JUST READ THE SMALL PRINT FIRST
bought their first home – a twobedroom flat in the Polwarth area of Edinburgh, last October.
It was a struggle to find the 25 per cent deposit, but Susann says the monthly mortgage repayments are affordable so she and Allan intend to make regular overpayments to bring down their debt.
‘The deposit was the difficult part, but now we are in our new home we have some excess income to use to overpay,’ she says.
Susann and Allan have a tracker mortgage with Nationwide with a current pay rate of 3.28 per cent. They overpaid by £500 in January and say they hope to do this at least six times during the year.