How Small ?

Peelerfart

Just a general question ,given the overrider that some banks have a minimum overpayment/repayment amount.

What's the smallest amount people have overpaid each month or repay as a lump sum ?

Curiosity nothing more .....

goonlord

A friend used to overpay by £10 per month....every little helps!

kezza12

when i first started overpaying i paid £50 per month but i know people who have paid less.

Jonbvn

Since we can transfer any amount to our mtg a/c via internet banking 24/7, I recall making a lump sum payment of a spare £10 that was sitting in our current a/c.

I just love watching the mtg shrink with every payment.

financialbliss

Hi,

Minimum amount I've overpaid: 1.97

Reason - to round up monthly payment of 898.03 to 900.00

I generally overpay on the mortage via on-line banking and can overpay from 1p to 500.00 per month - I'm on a fixed rate at the mo...

FB.

zekepes

With egg you can overpay as much as you like, monthly. If it is a lump sum then the minimum is £500.

We overpay mortgage #1 by approx £350/month and mortgage #2 by approx £220/month. The smallest 'unscheduled payment' we have made is £500 and the largest £14K

TurnaroundSue

For the last 3 months I have overpaid what has been left in my bill account - which averages out at around £30 per month. However, am soon able to make a lump sum of around £1800 which is the maximum I can pay for this year (5%) which will be added to the £120ish I have already overpaid.

phizzimum

our mortgage is managed online and there are no minimum or maximum payments.

I quite often transfer over tiddly little amounts. If I get a payment from quidco - even if it is only a couple of quid - I always put it against the mortgage. It may not seem worth it but it would just get swallowed up in the current account otherwise.

gallygirl

zekepes wrote: »

With egg you can overpay as much as you like, monthly. If it is a lump sum then the minimum is £500.

We overpay mortgage #1 by approx £350/month and mortgage #2 by approx £220/month. The smallest 'unscheduled payment' we have made is £500 and the largest £14K

I thought all Egg mortgages were ofset? Do you think it's better to make a capital repayment rather than leave in offset?

The smallest amount I have paid into offset is £5, however I have paid less than £1 into 2nd bank account which I use to transfer money to offset. And I paid that in cash, at Post Office, with people I knew in queue .

scottishsuz

I started out overpaying by £20 a month, now it depends on my funds but its usually between £50-£150 a month, if I get any extra pennies from working or birthdays that gets put on as well.

Its a fab feeling walking out of the building society with the reciept in my hand knowing I own even £50 more of my wee flat. :j

Scottishsuz

zekepes

ali007 wrote: »

I thought all Egg mortgages were ofset? Do you think it's better to make a capital repayment rather than leave in offset?

Ours isn't. I have just tried to visit the site but they have taken their list of products down, as they are not accepting new applications. Our mortgages are nearly 4 years old so that wouldn't be reflective our our product anyway.

I was under the impression that offset mortgages had a higher interest rate. We have money in other places (stocks and shares) that has outperformed paying off the mortgage, to date. It is also very easy to get back any capital overpayments from egg (we overpayed by £14K once and got that back a few months later to start an extentsion with no problems at all).