Over Paying A Mortgage

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Don't think there were any limits on overpaying mine once I was out of the fixed term. Becomes quite addictive when you see the payments coming down, I was overpaying by a grand a month at one point. Would have paid it all off early last year had I not jacked my job in and don't even notice the payments now. Well worth doing if you can, even if it's only £50 a month.
Gave me the flexibility to do what I wanted with my life.
 
RestlessNatives said:
Don't think there were any limits on overpaying mine once I was out of the fixed term. Becomes quite addictive when you see the payments coming down, I was overpaying by a grand a month at one point. Would have paid it all off early last year had I not jacked my job in and don't even notice the payments now. Well worth doing if you can, even if it's only £50 a month.
Gave me the flexibility to do what I wanted with my life.
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ERCs tend to be for within any fixed term periods. After that it's up to you. Some companies/products allow unlimited overpayments from day 1.
 
Brian Griffin said:
This might seem like an odd question, but is there a best time of the month to do this?

Mortgage seems to be calculated and added monthly (amount varies by a few £ each month - so possibly calculated daily, longer months mean larger payment) - my payment comes out and interest added on the same day.

Cheers in advance.
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I once saw someone doing this in the bank and was astounded.
 
We can pay 15% off the balance each year I think we are with The Coventry. I currently overpay by about 200 quid a month. The deal I am on ends in September this year and I hope to have the LTV down so I can get a better rate, I will still keep the DD for the same amount so I will be paying more off each month. That is the plan anyway, something will crop up last minute and I'll have to change what I'm planning most likely.
 
darius said:
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.
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Yeah that what I want. Paid of by the time I am 50 hopefully. Obviously plenty variables which could fuck that plan up but that is the aim.

monkeytassle said:
That's massive. There's loads of mortgage calculators online. You'll be staggered at the interest savings.
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Yeah I have had a look and it is amazing how smallish overpayments can knock alot off.
 
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I only pay £132 a month mortgage, I have about 10500 remaining and could pay it off now with my savings, but I think what is the point. It would skint me and would take ages to build up that amount and I'd only be 132 a month better off. I know I'd save a load in interest but doesn't seem worth it atm
 
shogun1904 said:
As sad as it sounds I am looking forward to it. :lol:
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You'll be happy when your end date gets closer.

Malloy said:
I only pay £132 a month mortgage, I have about 10500 remaining and could pay it off now with my savings, but I think what is the point. It would skint me and would take ages to build up that amount and I'd only be 132 a month better off. I know I'd save a load in interest but doesn't seem worth it atm
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You could probably get a higher interest rate on your savings than you're paying on your mortgage if you only owe £10k anyway.
 
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