Can I overpay?

kindofagilrkindofagilr Forumite
6.8K Posts
Part of the Furniture 1,000 Posts
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Hi all

I am with C+G for our mortgage, we only just got the mortgage (and already I want the term down lol)

Our mortgage is for £99,400 and it is over 30 years, our first mortgage payment is due on May 5th 2009, and the rate is fixed for 5 years at 6.29% (best we could get with a 10% deposit)

I just looked on the Cheltenham and Gloucester website to look for overpayment information but I cant see any.

Does anyone know how much I can overpay a C+G Mortgage by?

(I do have our mortgage book at home but I am at work at the minute and wondered if anyone knew?)

Also we have a £21,000 loan with Lloyds, would we be better off overpaying on the loan first then once that is gone overpay on the mortgage? (OH is 99% sure we can overpay on the loan but we do need to ring them and check)

Thanks
Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
Mortgage (01/04/09 - 01/07/39)
£79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

Asda Savings - £0

POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

~ Emergency Savings: £0

My Debt Free Diary (Link)

Replies

  • kindofagilrkindofagilr Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
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    Ah ha I just found this lol

    In return for the benefits offered by some C&G mortgages, the loan may carry a charge if you repay all or part of it in the early years or switch to a different mortgage - these are called Early Repayment Charges.

    You can make overpayments
    Even if an Early Repayment Charge applies on your mortgage deal, you can still repay up to 10% of your loan each year (based on the balance at 1 January) and the charge won't apply.

    If your total mortgage is made up of more than one loan or part, each is treated separately, so you can repay up to 10% on each.

    If you repay up to 10% and then repay the remainder of the loan in full within six months, the Early Repayment Charge will also be charged on the 10% you initially repaid.

    So let me get this in my head, I can pay back 10% extra of whatever my mortgage amount is in the Jan of that year?

    So for this year for example I owe the full amount of £99,400 so I can overpay £9940 this year???
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • kindofagilrkindofagilr Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Sorry another question?

    Our mortgage payment is £614 a month, so once I have paid that then say I overpaid by £100 would that £100 come off the actual loan, or do they take some of it away off the interest?
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • Lister_2Lister_2 Forumite
    403 Posts
    Sorry another question?

    Our mortgage payment is £614 a month, so once I have paid that then say I overpaid by £100 would that £100 come off the actual loan, or do they take some of it away off the interest?
    It will come off the capital (The money you borrowed).
    The £614 already includes payment for all of the interest for that month. :)
  • kindofagilrkindofagilr Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Thank you very much :)
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • dimbo61dimbo61 Forumite
    12.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Clear the debt with the highest interest rate first !
    Check what rate you are paying on the loan and if you can overpay this loan ( call LLOYDS loan department)
    You might want to build up some emergency savings as well so use 50% to overpay on loan/mortgage/CC cards and 50% into savings account/regular saver
    Good Luck
  • kindofagilrkindofagilr Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Thank you very much :)

    OH called Lloyds and the loan is a 12.4% APR so def need to hit that one first lol, we can overpay as well without any charges so we are going to start doing that.

    But yes I think I should put half of any extra we have in a savings account or something for an emergency fund

    Thank you
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • tutti_2tutti_2 Forumite
    59 Posts
    Hi

    Once you are ready to overpay look into upping your monthly payments, I have a C & G fixed mortgage and as well as the 10% I can also pay extra each month up to double my normal monthly payment and there is no extra charge to do this.

    Hope this helps and good luck

    Good
    Make 11k in 2011 422.29/11,000;)
  • kindofagilrkindofagilr Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Oh thank you so we could up it from £618 to say £800 and then overpay 10% as well?
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • kindofagilrkindofagilr Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Oh thank you so we could up it from £618 to say £800 and then overpay 10% as well?
    Debt £30,823.48/£44,856.56 ~ 06/02/21 - 31.28% Paid Off
    Mortgage (01/04/09 - 01/07/39)
    £79,515.99/£104,409.00 (as of 05/02/21) ~ 23.84% Paid Off

    Lloyds (M) - £1196.93/£1296.93 ~ Next - £2653.79/£2700.46 ~ Mobile - £296.70/£323.78
    HSBC (H) -£5079.08/£5281.12 ~ HSBC (M) - £4512.19/£4714.23
    Barclays (H) - £4427.32/£4629.36 ~ Barclays (M) - £4013.78/£4215.82
    Halifax (H) - £4930.04/£5132.12 ~ Halifax (M) - £3708.65/£3911.20

    Asda Savings - £0

    POAMAYC 2021 #87 £1290.07 ~ 2020/£3669.48 ~ 2019/£10,615.18 ~ 2018/£13,912.57 ~ 2017/£10,380.18 ~ 2016/£7454.80

    ~ Emergency Savings: £0

    My Debt Free Diary (Link)
  • Watch out those of you (like me) who have been overpaying (double) each month and using their 10% overpayment. I have just found out that C&G have now stopped this (without telling their customers) and now you can only pay up to 20% of your balance as at January of that year (if you are on a fixed rate contract). This has really messed up my paying off my mortgage calculations - THANKS C&G!
This discussion has been closed.
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