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: £38,904.49
- Interest charged: £488.51
- Overpayment allowed in year: £8,500
- Current overpayment total: £8,500
- Mortgage term at start of year: 48 months (December 2017)
- Current mortgage term: 39 months (March 2017)
- Months to go: 21
We have now finished paying the 10% overpayments for 2015. As we couldn’t make a further overpayment at the end of June, £450 has been saved towards a large overpayment when our fixed-term period ends in January 2016.