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  • FIRST POST
    • Zola.
    • By Zola. 10th Jul 17, 12:29 PM
    • 1,147Posts
    • 440Thanks
    Zola.
    Overpayment Question
    • #1
    • 10th Jul 17, 12:29 PM
    Overpayment Question 10th Jul 17 at 12:29 PM
    In a few months time (after our wedding), we will be in a position to start overpaying on the mortgage.

    I have been doing some playing about on a calculator https://www.halifax.co.uk/mortgages/mortgage-calculator/overpayment-calculator/

    The terms of my mortgage state that any over-payments need to be over £1k at time, I cant send an extra £250 a month for example.

    The calculator seems to favour the regular overpayments in seeing the projections for over the years.

    Would the projections still be the quite similar if our extra £250 a month was instead paid as £1000 every four months?
Page 1
    • Tropically
    • By Tropically 10th Jul 17, 12:48 PM
    • 158 Posts
    • 432 Thanks
    Tropically
    • #2
    • 10th Jul 17, 12:48 PM
    • #2
    • 10th Jul 17, 12:48 PM
    Use the MSE one! You can add a regular quarterly overpayment.

    http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
    • Zola.
    • By Zola. 10th Jul 17, 12:51 PM
    • 1,147 Posts
    • 440 Thanks
    Zola.
    • #3
    • 10th Jul 17, 12:51 PM
    • #3
    • 10th Jul 17, 12:51 PM
    Use the MSE one! You can add a regular quarterly overpayment.

    http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator
    Originally posted by Tropically

    Ahh, that's much better! Thanks

    With my projections of £1k extra every 4 months I could have the mortage cleared 10 years earlier
    • originalmiscellany
    • By originalmiscellany 10th Jul 17, 1:16 PM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    • #4
    • 10th Jul 17, 1:16 PM
    • #4
    • 10th Jul 17, 1:16 PM
    It's so encouraging to see what overpaying does to your mortgage isn't it; Keep accountable and good luck
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
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