OK, first off, I fully acknowledge that none of this is professional advice but can you help me with my thinking here?
Sorry for the long winded post.
I have a mortgage that has a fixed rate for two years of 1.99% it started in Dec ‘18 but my first payment was Jan ‘19, so for this exercise, post March, I will assume 9 payments.
I pay my mortgage every month and on top of that, make an extra payment of the mandatory amount plus approx £100 ( example figures, say my mortgage is £600, I pay an extra £700 each month)
I am restricted in how much extra I can pay before a fine is imposed and I’m paying the max allowed.
Question is: Rather than juggle this amount each month, would it be better add up 9 x £700, pay it now and just let the mortgage payment come out. Carry on paying each month, or slam it all in at the end of the year?
I’m assuming it would better now, to reduce the amount I have to renegotiate at the end of the year. I’m juggling this against less safety net money post redundancy.
We won’t starve either way.