If we once again compare the different methods of interest calculation assuming £100,000 capital and interest repayment mortgage over 25 years and assume a constant interest rate of 5.75%:

Any overpayment, no matter how small has immediate benefit as interest is only charged on the balance outstanding:

Just by paying £7.37 extra each month making the monthly payment the same as if the lender charged interest annually, then £6,757.63 could be saved and the mortgage would be repaid 10 months early.

Should you have the affordability to be able to pay £50 per month extra towards the mortgage then the following could be achieved:

Mosaic Mortgages will be able to compare your specific circumstances and tailor the right product to you as an individual.

Click here if you would like to see the savings that can be made using our flexible mortgage calculator.

Alterntaively, click the telephone Icon or here for one of our specialists to contact you to discuss your individual circumstances.