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@.

Search
  • FIRST POST
    • mrso2b
    • By mrso2b 13th Mar 17, 1:34 PM
    • 307Posts
    • 1,313Thanks
    mrso2b
    Mortgage overpayment question
    • #1
    • 13th Mar 17, 1:34 PM
    Mortgage overpayment question 13th Mar 17 at 1:34 PM
    Ive always overpaid my mortgage by rounding it up to the nearest . For the first 5 years I overpaid 25 rate was 7.25%. The past 2 years I have overpaid 50 rate 2.65% - and my new payment means Ill be overpaying 50 rate 1.64%. I started with a 30-year mortgage and have just moved to a new provider. I have just punched in my new figures into the overpayment calculator and it says my overpayment will mean I will pay my mortgage off 1.5 years early, from 23 years down to 21.5 years. I thought it would be more as I have always overpaid?


    Does that take into account all the other overpayments I have made? I am confused and not very good with money as you can probably tell!
Page 1
    • lincoln-potter
    • By lincoln-potter 13th Mar 17, 2:46 PM
    • 872 Posts
    • 4,239 Thanks
    lincoln-potter
    • #2
    • 13th Mar 17, 2:46 PM
    • #2
    • 13th Mar 17, 2:46 PM
    in order to see your overall savings you would need to enter your starting figures rather than where you sit currently as any future savings will only be from "now".
    MFiT-T #82 85k -> 38k
    MFW #32 8,500/8,500
    Make 2017 in 2017 challenge - 821.76 #10
    • mrso2b
    • By mrso2b 13th Mar 17, 4:37 PM
    • 307 Posts
    • 1,313 Thanks
    mrso2b
    • #3
    • 13th Mar 17, 4:37 PM
    • #3
    • 13th Mar 17, 4:37 PM
    Any idea how I can do that?
    • freshcotton
    • By freshcotton 13th Mar 17, 8:51 PM
    • 213 Posts
    • 542 Thanks
    freshcotton
    • #4
    • 13th Mar 17, 8:51 PM
    • #4
    • 13th Mar 17, 8:51 PM
    You should be really proud of all those overpayments. I'd be smug about any reduction.

    So well done.
    Mortgage Start - August 2013 145,000 ************ Balance at April 2017 - 59,000

    Target - Overpay by 2,500 each month ************** Mortgage free by December 2018!
    • Blackbeard of Perranporth
    • By Blackbeard of Perranporth 13th Mar 17, 9:07 PM
    • 4,271 Posts
    • 25,486 Thanks
    Blackbeard of Perranporth
    • #5
    • 13th Mar 17, 9:07 PM
    • #5
    • 13th Mar 17, 9:07 PM
    Don't overpay. Should a difficulty occur, they may disregard any overpayment and out upyou into arrears. I used my egg up when I had heart problems five years ago. I am still in agreement, some egg, but in technical arrears. I pay my contractual amount, interest. I pay capital when I work. Only interest when I am ill.
    No one dreams of escape
    From the aroma of a cheap jar of coffee
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

3,400Posts Today

6,860Users online

Martin's Twitter
  • The strange thing with a 4yr old is having to play & smile while inside feeling sick for those in trauma in my birth town #Manchester

  • Just a quick ta-ta for now. I'm taking the week off for family time with mini and Mrs MSE. So I won't be here much. Back after the bank hol

  • Ugh another one trying it! Beware https://t.co/Ab9fCRA76F

  • Follow Martin