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Most people make overpayments in order to pay off their mortgage early – but there is another possible reason.
Many modern mortgages allow you to take "payment holidays" – periods when you can temporarily stop making your normal monthly payments – perhaps if you are taking a period of unpaid leave from your job, for example.
Overpaying before taking a payment holiday can enable you to stop your payments for a while without falling behind on your mortgage's repayment schedule at all – for example:
Obviously the details of such an arrangement vary from mortgage to mortgage, but it is useful to remember the possibility and ask your broker or lender about it when choosing a new mortgage.
To read more on this subject please see the list below or your mortgage guide or your home buying guide
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Overpaying a Mortgage – What Is It?
How To Overpay on Your Mortgage
Getting Started with Your Mortgage Overpayments
Overpayments: Other Things To Consider
Suggestions to get you started
Full Mortgage Early Repayment Guide
See contents of Full Mortgages Guide
See contents of Home Buyers Guide
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