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MSE News: How mortgage overpayments this month can save £100s
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# 1
MSE Helen
Old 07-12-2012, 4:06 PM
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Default MSE News: How mortgage overpayments this month can save £100s

"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.
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# 2
Gemmzie
Old 08-12-2012, 2:01 PM
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A link to your mortgage overpayment calculator would be handy in that article
No longer using this account for new posts from 2013
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# 3
Gordon the Moron
Old 08-12-2012, 7:05 PM
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If you've not moved your mortgage in years to have such a deal, I'd check you are on the best deal available!
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# 4
Zero Sum
Old 08-12-2012, 7:47 PM
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Quote:
Originally Posted by Gemmzie View Post
A link to your mortgage overpayment calculator would be handy in that article
here you go
http://zerosum.freewebspace.com/
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# 5
Pincher
Old 09-12-2012, 11:09 AM
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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.
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# 6
portlandboy
Old 12-12-2012, 12:25 PM
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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.

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# 7
Zero Sum
Old 12-12-2012, 10:38 PM
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Quote:
Originally Posted by portlandboy View Post
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.
I had problems getting decent credit cards after I paid mine off
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