Overpayment calculator - here

blacksta

Please recommend a mortgage overpayment calculator i Could download to use on my computer

Daldermandesign

Hello, First post after following Martin on twitter
Very rough idea of mortgage amounts outstanding and interest rates as of April 1st 2012

1. £ 160,000 – 2.5%
2. £ 50,000 – 3.99%

Product 1 is capped at no more than 2% above the base rate
Product 2 has no cap and is nationwide’s standard rate

Assuming we were to do a small over payment each month, would I be better to stick it on product 1, 2, do 50/50 or split it in some other way.

I would have thought, pay off the higher rate even though it is the smaller amount

Any advice greatly appreciated

millerfamily5

Hi

I am looking for some guidance on the effect of making an overpayment on my mortgage. I am allowed to overpay 10% which is nearly £4000. My mortgage is split on a 3 year tracker which ends on 1 Feb 2013. The split is 23230.40 on Repayment and 16500.06 on Interest only.
The first and small endowment has matured at 2795.18. The much larger endowment should mature at around £15000 in Aug (it was supposed to provide £26000) when taken out in 1987.
My mortgage lender says I can pay £3971.30 off the mortgage in 2012 without penalty.
I am confused about what this amount of money will reduce. Whether it will reduce the capital sum on the repayment side of the mortgage or reduce the interest only side of the mortgage.
I don’t really what to reduce my mortgage payments (about £453 a month) as in the longer term this will cost me more in interest I think. I have been told that if I keep my current mortgage payment the same when I make this overpayment I will reduce the term of the mortgage which has another 5 years to run.

Any help would be very much appreciated.

Thanks

Richard

shop-to-drop

millerfamily5 wrote: »

Hi

I am looking for some guidance on the effect of making an overpayment on my mortgage. I am allowed to overpay 10% which is nearly £4000. My mortgage is split on a 3 year tracker which ends on 1 Feb 2013. The split is 23230.40 on Repayment and 16500.06 on Interest only.
The first and small endowment has matured at 2795.18. The much larger endowment should mature at around £15000 in Aug (it was supposed to provide £26000) when taken out in 1987.
My mortgage lender says I can pay £3971.30 off the mortgage in 2012 without penalty.
I am confused about what this amount of money will reduce. Whether it will reduce the capital sum on the repayment side of the mortgage or reduce the interest only side of the mortgage.
I don’t really what to reduce my mortgage payments (about £453 a month) as in the longer term this will cost me more in interest I think. I have been told that if I keep my current mortgage payment the same when I make this overpayment I will reduce the term of the mortgage which has another 5 years to run.

Any help would be very much appreciated.

Thanks

Richard

I'd give them a call if I were you and ask. At a guess I think they would take a bit off each if you don't instruct them otherwise.

millerfamily5

Hi shop to drop

Thanks for your reply.

I meant to add that I am intending to pay off my mortgage when the 3 year tracker rate period ends on 1 Feb 2012, so a decrease in the term of the mortgage wont have any meanigful effect.

Regards

Richard

jenifferhomes

Ooh that's a nice calculator, if I overpay by two hundred pounds a month I'll finish my mortgage in 7yrs 2 months instead of 19 years
Thanks
vantageacceptance .com

shop-to-drop

jenifferhomes wrote: »

Ooh that's a nice calculator, if I overpay by two hundred pounds a month I'll finish my mortgage in 7yrs 2 months instead of 19 years

Go for it!:money:

Duck

Are we allowed to do this?? I thought a certain type of mortgage was required? I'm sure I remember asking NatWest if I could pay more off my mortgage once in passing, and they said something I can only pay so much like an extra 1000 a year?? Or is that incorrect?

Any help would be appreciated?

Thanks

Anna_Glypta

Duck wrote: »

Are we allowed to do this?? I thought a certain type of mortgage was required? I'm sure I remember asking NatWest if I could pay more off my mortgage once in passing, and they said something I can only pay so much like an extra 1000 a year?? Or is that incorrect?

Any help would be appreciated?

Thanks

Hi

I think it depends what type of mortgage you have. I have two with Natwest. The one on fixed allows me to make overpayments but I have to pay 3% of the overpayment amount in fees each time. I tend to save up then hit them with quite a large payment. On the second one, I found out today, I can set a revised amount and overpay but they will charge me £75 to do it and I can't go back on that figure. Alternatively I can make two payment a year provided they are more than £1k each time and keep the current repayment levels.

I have found with Natwest it's better to get details from them in writing as the story seems to change depending on who you are talking to.

Good luck, AG

moomi

Hi, my mortgage is in 2 parts(we added more to it when we moved) all repayment & largest bit is 3.84% fixed rAte however rest of it is on lifetime tracker of 1.99% I think. If I overpay £50 a month off the fixed rate bit, how does it affect the interest as they all seem to cover only one rate I you see what I mean?