Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Page 8
    • Lizbuff89
    • By Lizbuff89 7th Jan 18, 9:59 PM
    • 3 Posts
    • 0 Thanks
    Please can anyone help ...I have a repayment mortgage fixed for 10yrs @ 3.89%. Each January whatever the balance is Iím allowed to pay 5% overpayment per year. Iím down now to 6 years & 1 month & £18719.34 left. Iíve been overpaying but Iím not allowed to reduce the length of the term. They reduce my monthly payment. Each month I put £100 + whatever they reduce it by into an account the each January I pay my 5%. This leaves me with some money in the account & was planning on being able to build that up so that by the time Iím say 2 years off completing my term I could take it out and pay it off early. What I want to know it am I wasting my time overpaying or should I do it anyway? Iím very confused. It wasnít explained clearly to me as I thought I could reduce my term by paying 5% over each January cos if not then whatís the point? Please help
    • tunstallted
    • By tunstallted 3rd Feb 18, 9:42 AM
    • 1 Posts
    • 0 Thanks
    Are mortgage payments counted as part of your overpayment allowance??
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

109Posts Today

1,649Users online

Martin's Twitter