A new survey of 2,000 adults by musicMagpie has revealed around 38% of Brits have at least one smartphone in their junk drawer, worth an average of £250
Neesha Craig runs money website TheFunMoneyClub(Image: Neesha Craig)
A money-saving mum has revealed how she will shave £1,500 off her mortgage with a simple tip.
Neesha Craig, 36, who lives in Swansea, Wales, with her husband and son, recently got £300 for her Samsung Galaxy S23 Ultra and has used the money to make an overpayment on her mortgage.
A new survey of 2,000 adults by musicMagpie has revealed around 38% of Brits have at least one smartphone in their junk drawer, worth an average of £250.
Neesha, who runs the money website TheFunMoneyClub, said: “Overpaying your mortgage might not be on your radar but even a small overpayment can have a huge impact.
“I traded in my old Samsung Galaxy S23 Ultra and received £300. I then sent the £300 straight to my mortgage provider which shaved two months off my mortgage term and saved me £1,510 in interest.”
Making a mortgage overpayment means you are making an additional payment on top of your regular monthly amount
As this helps you pay off your mortgage more quickly, you rack up less interest overall, which can potentially mean you can save thousands of pounds and shorten the length of your mortgage.
Not all mortgages will allow you make overpayments without incurring a fee – so check with your lender. If you are on a fixed rate deal, most mortgage providers will let you pay up to 10% extra a year.
If you do get charged a fee, it is typically between 1% and 5% of the amount overpaid. If you are on a standard variable rate deal, you can normally overpay by as much as you want – but again, check with your lender to be sure.
Before you make an overpayment, consider if you have priority debts that need clearing first and if you have an emergency fund in place.
It comes after musicMagpie announced a new deal with retailer Timpson to allow customers to trade in their old smartphones across its stores nationwide.
AO World, which bought Music Magpie in December 2024, said the tie-up would offer a “faster and more convenient way” for people to trade-in phones.
It follows a four-month trial that has seen the service available in more than 1,300 Timpson stores and will add to its existing offering, spanning shoe repairs and key cutting to dry cleaning.
Customers can hand over their phone in-store and have it assessed while they wait, with funds transferred “within minutes”.
