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Mortgage overpayments
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[quote][i]Originally posted by Ian[/i] Not a con is it, it's just maths. If you have a big debt for a long period of time it costs a lot. If you reduce the exposure, you pay less. You're nearly doubling the payment in your figures there, but you are also not therefore accruing compound interest so you more than doubling the benefits. That's where it becomes a good idea. Worth doing if you can commit the £500pm. Although if you want a flash car and end up having to take that in finance at a heavy interest rate, the benefits don't look as clear cut because you're paying interest there which you would otherwise have saved. Just take your entire financial picture and see where the money is better. I don't overpay because I'd rather not take out car loans or have credit cards at a worse rate. [Edited on 09-11-2011 by Ian] [/quote]
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