Over Paying A Mortgage

[lordy]

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.

soon as possible

 

[The Ghost of ORR]

We reduced our term by 7 years last year so it feels like we're overpaying in a way.

As many have said, it makes more sense to save if you can get a higher rate than what you're paying on your mortgage.

 

[AndrewP]

Aye me too, with skipton building society. It is a bit restrictive but after the 3 year term Im hoping to take a larger lump off.

I do miss Streaker on these posts do we have any IFA's on here ?

I'm with Skipton too actually. I've still got another 3.5 years left on the fix. It'll be paid before then though.

 

[Brian Griffin]

I want mine paid off in 6 years - a strategy of over paying and saving - once my savings account goes above my mortagage balance, happy days.

Then I'm buying a ranch in British Columbia.