In the recent tough economic climate, more people than ever have been overpaying on their mortgages, both residential and buy-to-let, in order to reduce their exposure. Many Mortgage Express buy-to-let borrowers have a ‘Choices’ mortgage*, which allows you to overpay when you can afford it. By overpaying you can reduce your mortgage balance, meaning that you could pay off your mortgage early, saving you tens of thousands of pounds in interest. Also, by increasing the amount of equity in your property the greater the range of deals that could be available to you in the market.
This overpayment calculator allows you to work out exactly how much you could save, whether you overpay a small amount on a regular basis or larger lump sums on an ad hoc basis.
Note that, while Mortgage Express no longer offers any new buy-to-let mortgages, there are other lenders still in the market offering flexible buy-to-let deals which allow you to overpay.