Can i afford to overpay?

skaps

No

Thanks for the information jamesd. Hope that legislation comes in soon. Am going to look for a cc with 0% for purchases.

slarty_2

That payment of £1780pm on a £250k mortgage sounds like you're on quite a high rate.

Have you looked at possible options to get onto a lower rate? This could reduce your monthly payments and pay a greater amount off your mortgage every month at the same time.

skaps

No

I would have to pay an early repayment fee as im on a fixed rate till oct 2011

skaps

No

Time for an update as some changes have taken place since i started this thread.

I phoned a mortgage broker to see whether i could get a better deal but i cant till i have 10% equitity in the house or £4600 so i can pay the ERC up front. Therefore I am stuck with the rate im on till oct 2011. But i have decided to overpay by £60 a month as I thought this was my dd anyways, plus the OH has been doing overtime at work which pays for this.

The Halifax CC i had has now been closed and the money has been bt to Natwest and Santander at 0% till April 2011. I still have the Virgin CC at 1.9% till July 2010 which i will bt to one of the other cards.

At the moment i am concentrating on saving the money for the wedding and after the wedding i will go back to paying more of the debts off. I am doing overtime at work and will be working over Easter too which should help. Also at Easter I will be looking for a promotion so hopefully I'll be earning more come september so that i can tackle the debt more.

Thanks everyone for all your posts.