I have a 30 year mortgage for £69,000. I have 23 years left and the balance is £60,000. With Alliance and Leicester.
I'm on a tracker (I think) and paying £345 per month.
I've started doing some freelance work since January (whilst still maintaining my full time job) which is going quite well. I've made £4,000 (ish) up until now.
As much as a "Round the world" cruise would be lovely! I'm trying to keep my sensible hat on.
My questions are - should I overpay on my mortgage? If so - are there any penalties? Should I overpay as and when I can? Or should I save it up off and pay it off in bulk?
This is new to me, any advice would be most appreciated!