morgage question

[funbobby]

as a rule of thumb is it better to pay a annual lump sum of say 2k a year or make equivalent overpayments throughout the year? im guessing lump sum as it decreases the interest quicker??

[VR6time]

M-azing!

[Jasandjules]

funbobby said:

as a rule of thumb is it better to pay a annual lump sum of say 2k a year or make equivalent overpayments throughout the year? im guessing lump sum as it decreases the interest quicker??

Check your mortgage as I think it will depend upon what point they accrue the interest, i.e. monthly or annually.

[Rocksteadyeddie]

^^^ wot e sed ^^^

Oh, and it will depend upon when during the year you make the overpayment. Obviously at the beginning will accrue less interest than at the end.