2015 saw the start of a second overpayment allowance period. I thought we would be able to overpay 10% of the balance as at the start of 2015, but Nationwide said we could overpay 10% of the original balance, which is even better.
- Mortgage balance at start of year: £57,511.66
- Current mortgage balance: £44,002.62
- Interest charged: £288.08
- Overpayment allowed in year: £8,500
- Current overpayment total: £6,400
- Mortgage term at start of year: 48 months (December 2017)
- Current mortgage term: 40 months (April 2017)
- Months to go: 24
We will finish paying the 10% overpayments in Q2 and will then save in order to overpay in bulk as soon as our fixed-term period ends and early repayment charges no longer apply.