We'll have a look at what benefits there are to a fixed rate mortgage for you.
We will also look into how a mortgage overpayment calculator might save you lots of cash.
You get security from the fixed rate mortgage & you may get a nice surprise from the overpayment calculator.

There are a few different types of mortgage, the fixed rate mortgage being only one of them.
A fixed period of interest that may be a couple or several years.
If the interest rate remains static, so do your monthly payments.

What are the fixed rate mortgage good points?
Your payment is fixed because your particular interest rate is fixed.
You can estimate your outgoings easier knowing your monthly payment is fixed.

It doesn't matter how much interest rates rise, your payments are fixed.
In the last few decades we have seen interest rates almost double in a few short months.
Being on a variable rate leaves you susceptible to the rapid rise of your monthly payment.

A fixed rate mortgage could be a mistake for you under certain circumstances.
You may decide you need to move house, or even have an unexpected child and simply need more room.
Any sort of situation like this can cause unexpected charges by way of redemption penalties.

Fixed rate mortgages usually come with charges called redemption penalties.
When you can least afford it you could have a charge slapped on you.
These unexpected charges can hurt. Consider carefully whether a fixed rate is the one for you.

During the term of your mortgage it's worth considering paying a bit extra each month if your budget will stretch.
You may not realise but you can pay any amount over the minimum monthly payment.
It's not often, if at all, that a lender will tell you it's possible to pay more than your normal minimum monthly payment.

What are the best reasons to paying a bit extra every month?
Topping up your monthly minimum payment means you can knock a few years of the length of your mortgage.
Not only do you save years, you can also save thousands and thousands of your hard earned money.

In what way does a mortgage overpayment calculator work?
Enter all the figures that relate to your mortgage.
You can put various amounts in as the overpayment. Feel free to play around with this figure.

The calculator will then tell you how many years you might reduce your mortgage by.
It also tells you what sort of financial saving you can expect to make.
Both the years and cash saved obviously increase if you put in a higher overpayment figure.

Some of the savings can be staggering.
If you had a 25 year mortgage and borrowed 100 grand at 5% interest.
If you pay an extra fifty each month, you can shave more than 3 years off the length and save 12,000 in interest payments.

Nice savings on a 50 extra payment. But what happens if you pay an extra 100 though?
Using the same example mortgage from earlier we now pay 100 extra.
You get to shave over 6 years off the length and over 20 grand saved. That's pretty good.

Another benefit is that for the last few years of the original (25 year) term, you don't pay anything.
Being mortgage free a few years early could easily be achieved by paying a bit extra now.
Of course your lender will never tell you this, you have to discover this on your own.

If we go back to the extra 100 each month where we managed to shave six years off.
A six year saving translates into about a forty grand saving in cash.
This is 40 grand in your pocket and not your lenders. Overpaying is difficult, make no mistake, but the rewards can be amazing.

There you have a few benefits of going for a fixed rate mortgage.
Not only do you get set monthly payments, you get to sleep easy at night because of it.
We also looked at potential savings by paying extra each month. Every little helps.