Overpayment calculator - here

wendyw1947

Hello to everyone , I've just found this site and hope someone out there can help me .
4 years ago last July my oh and I took out a 25year interest only mortgage for £48.000 on our bungalow , we did this through Lloyds bank who got us with Cheltenham and Gloucester , we were aged 57 and 60 at the time , when we asked what would happen at the end of the term we were told not to worry as something would be worked out maybe even another re-mortgage.
now at a bank review we have been told that this is not the case and we should have something in place to pay off the outstanding amount , rounding the figures up we'll be paying £132 n interest a mth ,I know this is ridiculously small compared to others , but bearing in mind we are living on a very limited income ,am I right in thinking that if I paid approx £200 a month overpayment (which we could afford ) it would be clear at the end of the term. But how do I dothis ?,I was told that if I take in to the Bank I'll be charged £10 every time .But I don't want to be commited to a direct debit in case something comes up one mth when I may need the money , also I'd rather make regular payments than put it in an account as I dont know if I could be trusted to leave it there , any advice is gratefully recieved thank you

oojakapipi

Hi Wendy,

I think you need some expert advise on this, and I can't help with that i'm afraid. The best thing to do is post the same question to the mortgages and endowments board as there are a few mortgage advisors who give help with this type of question.

I don't have the type of mortgage you have but I think a repayment (savings type) account should have been set up to run alongside your interest only payments, if that is not the case you need advise on the best way to get the mortgage cleared. Please, please, please post the same question to mortgages and endowments board on the main forum menu, you should get some idea of the best way forward.

Good luck!

wendyw1947

thank you oojakapipi I'll do what you suggest , I know its a long way in the future but I have nightmares of us being in our eighties and being homeless

CandleFan

Hi John LG

Great calculator - i liked it the best for my purposes, i can shave 17 years off my mortgage!! Yippee!!

JoeShmoe_2

Is there a good calculator for offset mortgages, including savings, overpayments etc?

Welshlassie

JoeShmoe wrote: »

Is there a good calculator for offset mortgages, including savings, overpayments etc?

egg

This one!

wael_alkhalidy

visit https://www.controlurmoney.com.

geoff_2108

Hi,

I have just used the EGG overpayment calculator to calculate the difference it would make if I overpayed my mortgage by £150 or £350 per month. I am luck enought to have a Nationwide lifetime tracker and they waived the collar at the last rate cut so the interest rate is down to about 3.5%.

The calculator tells me that overpaying by £150 or £300 will not reduce the term of my mortgage at all (only 7 years left), although I do save some cash.

So what do you think is it worth it at such a low rate?

Thanks,

Geoff

babybakey

thanks everyone for your info i have just done a small rough calculation and i think by just paying £55 extra a mth ( were unable to really spare it but i figure if i up the payment i can sort out earning the extra £55 easily as what you dont have you dont miss - well anyway back to the point. on our £105k mortgage we save approx £30k and nearly 6yrs off the dates.
i shall talk to DH now and see what he says about how much we can afford i think if i can somehow get £75 each month we will be so much better off in the long run.

mazzo

hi all - happy new year! looking to become mortgage free one day! - but have a problem. mortgage is split in repayment and interest only have £45,000 as interest only and little means of paying it off. Got just over 12 years left on mortgage. Am in a position to pay extra £100 off each month.
Should i decrease the interest only part of £45,000 or just pay extra each month, so the repayment side will decrease! total mortgage is just under 64,000. on tracker mortgage so is currently £277.00 gone down quite a bit so can do the extra £100.00. Tried to ring mortgage company - but not much help.
May seem a silly question - but by paying extra does it touch the interest only side - or does all the extra go on the repayment side??
help! want to make 2009 debt stressless
thanks