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02 June 2013

Overpaying on my mortgage over the next 2 years before I sell. Is it worthwhile?

I have a flat I've owned for around a year, and I aim to hold onto it for another 2 years before selling for a larger place. Interest is 4.79%, balance £300k. I have the opportunity to overpay by around £300 per month (and one off payment of around £4k-5k every quarter), but I'm wondering whether it's worth it, if I'm moving in 2 years. I was concerned that my overpayments will just get sucked into the interest. Upon doing some more investigation, I've discovered that any payments go aheads the capital.. which is excellent! The interest earned in my savings account and ISA won't be the savings in Interest, so I think I've made my mind up. Thanks for your help here @MikeGG1 ** edit: Interest and more detail added **

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