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Confused - what is the right answer - overpay or not?
Hello All I have a mortgage deal that expires in March 2026. At that time I could pay off the outstanding amount (retirement lump sum). However, before then I have the chance to make overpayments for 2025 and the first 3 months of 2026. I had thought that this was a definite good thing to do - to reduce the term and hence…
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High Street Offset Mortgage Lenders? Where have they all gone?
I made a few inquiries a few weeks ago after having a preliminary meeting with a mortgage broker and was surprised to learn that many High Street banks & building societies are no longer offering offset mortgage products. Does anyone have or know of an exhaustive list of which mortgage lenders are actively offering new…
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Off-setting - do many people do it?
Having come into a bit of money, one option is to pay off a huge amount of the mortgage when the current deal runs out (in 2 years time). However I'm thinking that I'd rather continue to jointly pay off the mortgage with my partner and perhaps go down the offset mortgage route. My ponderings: I'm currently shoving money…
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Is this an overcharge?
I have a "lifetime" equity-release mortgage. I've recently married and my wife wishes to redeem the mortgage and have her name added to the deeds, as Joint Tenants (we're aware of "tenants in common" difference). Her funds are coming from her French bank account. The redemption figure is around £75,000. So, we need a…
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Mortgage overpayments vs savings
Hi, I am 60 and currently have £116800 left on my mortgage, fixed at 0.99% until Dec 2026. Payments are £978 and due to end in about 10 years (decreased due to overpayments). I don't want to be working in a stressful job I hate until I'm 70! So my plan is to pay off a chunk of the mortgage in 2026 (about 50k) and then get…
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Early Repayment?
Our mortgage is with the Halifax and we have 7 years left to go. Currently, we are on a fixed rate 4.5% deal which expires in 2028. There is £78,000 left to pay on the mortgage. Unexpectedly, we are in a position to pay off the £78K but would incur an early repayment fee of £3K if we do that now. However, we would save the…
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Mortgage free or bigger house? I'm unsure what to do....
I'm coming to a bit of a crossroad in life and it would be great to get other thoughts on this. I'll try to be concise. * Myself and husband (35 and 37) have a joint salary of £128k * Two children, boy and girl, 5 and 7. * Live in a 2 bedroom mid-terraced house in East London. * House valued around £360k, £168k left on the…
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Should I pay off in full or keep a little there....?
Hello all, I am coming to the end of my three year fixed of a six year mortgage. When the fixed period ends I am planning on not renewing but paying off the mortgage with money I stashed into a fixed rate bond to mature at the same time with the same balance as the outstanding mortgage balance. I am trying to decide if…
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overpaying query
Hi everyone - I have a question that I'm hoping some people may be able to provide answers for. It sounds a simple one, but I'm not sure it is as simple as it sounds! * Does it have more of an impact overpaying a mortgage when interest rates are high or when interest rates are low? I can't get my head around this as does…
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Paying off Mortgage
Looking for some advice.... I have been working really hard. I purchased a shared ownership property in 2018. I purchased 75% (£232,500) with the HA owning the remaining 25% (£77500). The mortgage term was originally 32 years, but I have done my best to overpay from 2018 until today. The term is now 20 years and I owe just…
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Has anyone considered efficiency of overpayments?
There is a bit of back story here, so bear with me a couple of minutes. We have a mortgage split in two parts due to moving house and porting part of the mortgage. Both on fixed rates, but different rates and different terms remaining. One with approx. 310 months remaining c.£140k at a rate of 3.28% fixed for another 36…
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Buying new house before selling current home
Hello Forum I have recently recieved an inheritance of £190k my current mortgage is £100k (fixed for 6yrs at 2.7%) and has a 3% early repayment charge. My current home is worth around £300k but needs some work to realise its full market value. Due to medical issues its going to be very difficult to do up the property…
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Overpayment calculator
Hi, in pursuit of being mortgage free I’m looking for a calculator that will display my monthly payments considering the interest rate and fixed period but also allow me to enter a %’age of overpayment as opposed to a fixed amount. All calculators want fixed amounts but we are limited to 10%. Any help appreciated
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What happens once you go mortgage free?
hi i have the possibility to fully pay of my mortgage once our fixed rate ends next year. i spoke to the bank and they said i call them a month before the deal ends and they give a redemption statement telling how much we owe. i can then pay that to the bank directly and the house is ours. crucially he said we don't need a…
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Mortgage(s) priority.
Hello folks- I’d like some advice on the following please….. I’m 45 and would like to retire mortgage free at 55 (or as close as possible). Having moved house last October our current mortgage with HSBC is split into 3 parts and looks like this. £17,000 @ 1.14% - deal ends Jan 27 £49,500 @ 1.99%- deal ends Dec 25 £127,500…
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Mortgage Monthly Overpayment vs Lump Sum vs Savings
Hi everyone - could really do with your advice and help for me to understand how mortgage overpayments work. I'm currently on a fixed rate deal of 1.97% with just over 3yrs left on the deal. Now, my original plan was to save £300/month using First Direct's 7% regular saver and then transfer this after 12 months into my…
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Mortgage overpayment
If I overpay my fixed duration deal mortgage with Halifax without changing the monthly mortgage amount or the term , does it save me money by decreasing the proportion of interest in my monthly payment? or I save money only by asking them to decrease the term of tge mortgage
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How to reduce my term, not my monthly repayments?
I have a mortgage with NatWest for 25 years. When I’ve tried to do an overpayment, it recalculates my monthly repayments instead of reducing my term. Does anyone have an idea how I do it so that it reduces my term instead please? Thanks!
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Mortgage pay off now or later
Looking for a bit of help or expertise / advice on the best option to pay off the mortgage. Mortgage balance as of today is £52,466.88. I've inherited just enough to pay it off, however my 2-year fix (4.79% interest rate) does not end until 30/06/2025, and I'm keen to find the cheapest option. I think my options are: *…
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Mortgage Over-payments and Early Penalties
Hi, I know all the rules about early redemption penalties but cant find an answer to my specific question. I took out a 5 year fixed rate and have been allowed to overpay by 10% per year and I have kept my contractual mortgage payment the same. Therefore this means my mortgage will end before the 5 year fixed term is up.…
