When your mortgage is set up you are advised on what the repayments will be and you may want to pay a higher amount in an effort to pay off your mortgage faster.
As mortgage adviser when someone asks “should I overpay my mortgage?” the answer will almost always be yes; however it really does depend on how your loans have been set up as some banks will not allow you to pay anymore that the minimum on a fixed loan.
In general terms you can pay extra onto a loan that is a revolving credit or a floating rate loan, but a fixed rate loan has fixed repayments.
With fixed rate loans you can pay extra with some banks but not with all.
Ask an adviser or your bank and they can let you know what you can do with your loan or you can check the research on the various loans HERE.
Sometimes it might be better to refinance your mortgage to a bank that offers more flexibility with repayments.
