Mortgage glossary - O

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z

Mortgage terms defined on this page:

• Overpayment

Overpayment

This is the term for paying more than the required monthly repayment, and can save you lots of money in the long run. Check that your lender will allow you to do this, and that they won’t charge an early repayment fee if you end up settling your debt years in advance of the original mortgage term.
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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.