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
    • Zola.
    • By Zola. 10th Jul 17, 12:29 PM
    • 1,181Posts
    • 458Thanks
    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
    • 201 Posts
    • 580 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
    • 1,181 Posts
    • 458 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
    • 1,601 Posts
    • 3,864 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
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    February 2018 down to 28.04 months vs 30.07 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 07/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
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

5,145Posts Today

6,265Users online

Martin's Twitter