One of my aims for April was to pay off £38 from my mortgage. I have this set up as a new ‘regular mortgage overpayment’ through Natwest and it will be collected at the same time as my normal payment.
But, I was thinking… many of you might be thinking “Why £38?”. I admit, this does seem like an odd number, as well as not being very high.
I chose £38 as it brought my monthly mortgage payment to a round number, and I do like a round number.
It may not sound very high, but on Natwest there is an online calculator (I may have fallen a little bit in love!) Here I can see the impact on my mortgage of making a regular monthly overpayment, as well as if I was able to make a lump sum payment.
I put in £38 as a regular payment and it is showing this could give me a potential mortgage reduction of 2 years and 3 months! Meaning I could be mortgage free by 62 years and 9 months. This sounds like progress to me.
You might not have much free at the end of a month, but even these little payments do add up. If you think this is something you could do to boost your mortgage repayments, or general savings, leave me a message below and let me know. Happy saving!