Overpayment calculator - here

Horse_Owner

The link doesn't work anymore and I've just switched too and wanted to start overpaying

mdeebee

...didn't I use my common sense and overpay when I had the money?

SarahJay55

I feel like an idiot. I just moved from Bristol & West to Abbey, after my fixed rate expired. I contacted Abbey for the account details so I could make ad hoc overpayments online, like I used to with B&W... and was told I can only make overpayments of at least £500, and only by cheque in the branch or by mail! (how 20th century!!)
Stupid me didn't spot that in the small print. So now I have to save up til I have £500, and miss out on saved interest, so to speak, rather than being able to pay little and often. And I'm in for 3 years - gahhhh!

beware the small print...

THE_SN1PER

Please forgive me if I dont explain myself properly as I am quite confused. I am quite new to this site however I am after a little help. I have read the blogs and they all point to overpaying your mortgage and as I dont have any debt I assume this is the way forward.
I am due to come to the end of my fixed term mortgage (5.49%)and go on to the standard variable rate (7%) however I know I will need to shop around before changing to a better deal. Anyway I am very interested in overpaying my mortgage payments to cut years off, however this is my dilema (I have 17 years left on my mortgage at 115k).

• Do I get the best deal with overpayments with 17 years (eg overpay approx £300 extra per month)
• or Do I get the best deal to say over 12 years and pay less amount on overpayments (eg overpay approx £150)
• or Do I go for an a one account (ie virgin) and have the flexability.

I would only be able to overpay a set amount and I dont no if the first 2 bullet points would be the same.
Any suggestions would be appreciated

THE_SN1PER

Please forgive me if I dont explain myself properly as I am quite confused. I am quite new to this site however I am after a little help. I have read the blogs and they all point to overpaying your mortgage and as I dont have any debt I assume this is the way forward.
I am due to come to the end of my fixed term mortgage (5.49%)and go on to the standard variable rate (7%) however I know I will need to shop around before changing to a better deal. Anyway I am very interested in overpaying my mortgage payments to cut years off, however this is my dilema (I have 17 years left on my mortgage at 115k).

• Do I get the best deal with overpayments with 17 years (eg overpay approx £300 extra per month)
• or Do I get the best deal to say over 12 years and pay less amount on overpayments (eg overpay approx £150)
• or Do I go for an a one account (ie virgin) and have the flexability.

I would only be able to overpay a set amount and I dont no if the first 2 bullet points would be the same.
Any suggestions would be appreciated

gillian46

I'm looking for an overpayment calculator which allows for overpayments monthly as well as the odd lump sum but doesn't reduce the min mothly payment just the term

Can anyone help please?

tuggy

THE_SN1PER wrote: »

Please forgive me if I dont explain myself properly as I am quite confused. I am quite new to this site however I am after a little help. I have read the blogs and they all point to overpaying your mortgage and as I dont have any debt I assume this is the way forward.
I am due to come to the end of my fixed term mortgage (5.49%)and go on to the standard variable rate (7%) however I know I will need to shop around before changing to a better deal. Anyway I am very interested in overpaying my mortgage payments to cut years off, however this is my dilema (I have 17 years left on my mortgage at 115k).

• Do I get the best deal with overpayments with 17 years (eg overpay approx £300 extra per month)
• or Do I get the best deal to say over 12 years and pay less amount on overpayments (eg overpay approx £150)
• or Do I go for an a one account (ie virgin) and have the flexability.

I would only be able to overpay a set amount and I dont no if the first 2 bullet points would be the same.
Any suggestions would be appreciated

I think the 2nd option is the best, as you would generally (i think) get a lower interest rate if you had a shorter period. Flexibility is risky...as its soooo tempting to just dip in and spend thinking "i'll put it back later...honest!"

vwchris

SarahJay55 wrote: »

I feel like an idiot. I just moved from Bristol & West to Abbey, after my fixed rate expired. I contacted Abbey for the account details so I could make ad hoc overpayments online, like I used to with B&W... and was told I can only make overpayments of at least £500, and only by cheque in the branch or by mail! (how 20th century!!)
Stupid me didn't spot that in the small print. So now I have to save up til I have £500, and miss out on saved interest, so to speak, rather than being able to pay little and often. And I'm in for 3 years - gahhhh!

beware the small print...

I too have an abbey mortgage (wish i didn't), you can overpay by BACS transfer from your online banking - ring up Abbey and ask for their account number, sort code, and your mortgage account reference. I was told that there is no minimum overpayment but that they recommend a minimum of £500. Once you send the overpayment you then need to ring them up and tell them whether you want your monthly payments to stay the same or to be recalculated.

Lady1981

Hi all

Basically me and my chap are hoping to make 10% overpayments every year whilst making weekly instead of monthly mortgage payments. Does anyone know of one calculator which you can input different yearly overpayment amounts that will also calculate weekly payments instead of monthly? I will settle for one with a bi weekly calculator if needs be. I've surfed and surfed but still can't find anything that comes close to what I'm looking for!

Thanks

slewis1972

Hi

Whats the best calcualator that allows you to take into consideration if you have offset the interest of your morgage with a savings account to help reduce the morgage quicker?

Trying to work mine out as we have this morgage.

Thanks

Scott