Over Paying A Mortgage

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shogun1904 said:
Do you know what that mininum amount is? I was going to start overpaying soon but will only be £100 extra for the next 2 years or so.
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I actually paid less than that but increased it when I could and finished my mortgage 5 years early. It was the term I wanted to decrease before I retired.
 


FIVE said:
No

We are allowed to overpay.....i specifically wanted that when i took it out with brittania at the time.
The rates dropped and dropped but i kept paying the same so its about double each month....theyre dropping the amount each year to keep it at 25yr but i still pay the full amount. Gotta be worth it if you can afford it.
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My flat mortgage was with Britannia. I flew through it although I'm sure I was penalised for overpaying once.
Apart from the great rate that we have with TESCO, and the fact we get points, I'd be inclined to look at Britannia in future
 
I over paid by a lump sum at end of each year after year one as would've been penalised in year one. All paid off now like.
 
I can pay 10% of the outstanding balance off each year if I want.

As many payments as I like, with a minimum payment amount of £1k.
I can choose to reduce the term or reduce the monthly payment if I overpay.
 
HABA87 said:
I can pay 10% of the outstanding balance off each year if I want.

As many payments as I like, with a minimum payment amount of £1k.
I can choose to reduce the term or reduce the monthly payment if I overpay.
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That's the same as my terms. Natwest?
 
Epping said:
I bung couple hundred quid every week off mine

if it gets to end of month and getting skint I knock it on head for a week or two. if I'm flush a few months I'll up it to 3-400 extra a week off the mortgage



I did that and cleared one out in no time

I had a set amount I paid every monththat was above the amount needed. when it dropped always kept that same amount. if it went up kept the same amount. Just became used to it going out
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Bugger me!!!! Where do you live? Chatsworth House.:lol: Certainly not a 2 up 2 down in Horden needing a bit of TLC.
 
Niblet61 said:
Bugger me!!!! Where do you live? Chatsworth House.:lol: Certainly not a 2 up 2 down in Horden needing a bit of TLC.
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just trying to get it cleared as quick as I can

its on a Interest only buy to let mortgage so just paying down the capital.

if I can maintain those numbers then I can get it cleared out in 12-15 years
 
Epping said:
just trying to get it cleared as quick as I can

its on a Interest only buy to let mortgage so just paying down the capital.

if I can maintain those numbers then I can get it cleared out in 12-15 years
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We're hoping to pay ours off as soon as we can. Then we can look at getting somewhere else and renting this out.
I can't decide whether to sell my flat and buy 2 houses nearer to where we are now and rent them.
All depends on whether people are wanting to rent
 
Epping said:
just trying to get it cleared as quick as I can

its on a Interest only buy to let mortgage so just paying down the capital.

if I can maintain those numbers then I can get it cleared out in 12-15 years
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Good luck. It's a great feeling when it's over and done with.
 
Max of 10% of initial advance here. It's a bit constrictive, but still works out OK.

Some right squares on here like.
 
shogun1904 said:
Do you know what that mininum amount is? I was going to start overpaying soon but will only be £100 extra for the next 2 years or so.
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It depends on your circumstances mate. Funnily enough I'm doing £100 a month, but was told my repayment amount, before interest was £400 or sumat. So I need to save that £100 a month & pay it off in a lumper of £400 or more. Bit of a fuck on & other banks don't do that, but my provider do.
 
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