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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 7th Dec 12, 4:06 PM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: How mortgage overpayments this month can save £100s
    • #1
    • 7th Dec 12, 4:06 PM
    MSE News: How mortgage overpayments this month can save £100s 7th Dec 12 at 4:06 PM
    "Borrowers with mortgages where the interest is calculated once a year could save by overpaying in the next few weeks..."

    Last edited by MSE Guy; 07-12-2012 at 4:25 PM.
Page 1
  • Gemmzie
    • #2
    • 8th Dec 12, 2:01 PM
    • #2
    • 8th Dec 12, 2:01 PM
    A link to your mortgage overpayment calculator would be handy in that article
    No longer using this account for new posts from 2013
    • Gordon the Moron
    • By Gordon the Moron 8th Dec 12, 7:05 PM
    • 1,379 Posts
    • 706 Thanks
    Gordon the Moron
    • #3
    • 8th Dec 12, 7:05 PM
    • #3
    • 8th Dec 12, 7:05 PM
    If you've not moved your mortgage in years to have such a deal, I'd check you are on the best deal available!
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
    • Zero Sum
    • By Zero Sum 8th Dec 12, 7:47 PM
    • 336 Posts
    • 267 Thanks
    Zero Sum
    • #4
    • 8th Dec 12, 7:47 PM
    • #4
    • 8th Dec 12, 7:47 PM
    A link to your mortgage overpayment calculator would be handy in that article
    Originally posted by Gemmzie
    here you go
    http://zerosum.freewebspace.com/
    • Pincher
    • By Pincher 9th Dec 12, 11:09 AM
    • 5,099 Posts
    • 1,827 Thanks
    Pincher
    • #5
    • 9th Dec 12, 11:09 AM
    • #5
    • 9th Dec 12, 11:09 AM
    This is not an issue with Interest Only mortgage

    With a Repayment Mortgage, you are paying interest on principal you have already paid back in the earlier months of the year. Not significant in the early years, but in the last five years it can be very one sided in favour of the lender.
    What happens if you push this button?
  • portlandboy
    • #6
    • 12th Dec 12, 12:25 PM
    • #6
    • 12th Dec 12, 12:25 PM
    Generally I think that overpaying a mortgage is a good thing, but there can be a down side to it as well.
    A few years back we had a mortgage with the Abbey. I became ill and stopped working for a while. The DSS started to help by paying the interest on our mortgage every month but we still managed to pay the full monthly amount, creating an overpayment. Once I was back to work I applied for a Barclay's credit card and got refused because of a credit check. After countless questions to the building society, the bank and the credit reference company it turned out that mortgage overpayments are logged in the same way as underpayments with so called "expert" credit reference companies. This was deemed a negative score for 20 months after we stopped making the overpayments, even though I added a note of explanation to my credit report.

    Portlandboy ...likes chocolate, hates rabb...

    Note to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties". OK Mr Trees?...
    • Zero Sum
    • By Zero Sum 12th Dec 12, 10:38 PM
    • 336 Posts
    • 267 Thanks
    Zero Sum
    • #7
    • 12th Dec 12, 10:38 PM
    • #7
    • 12th Dec 12, 10:38 PM
    Generally I think that overpaying a mortgage is a good thing, but there can be a down side to it as well.
    A few years back we had a mortgage with the Abbey. I became ill and stopped working for a while. The DSS started to help by paying the interest on our mortgage every month but we still managed to pay the full monthly amount, creating an overpayment. Once I was back to work I applied for a Barclay's credit card and got refused because of a credit check. After countless questions to the building society, the bank and the credit reference company it turned out that mortgage overpayments are logged in the same way as underpayments with so called "expert" credit reference companies. This was deemed a negative score for 20 months after we stopped making the overpayments, even though I added a note of explanation to my credit report.
    Originally posted by portlandboy
    I had problems getting decent credit cards after I paid mine off
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