Does anyone over pay on their mortgage each month?

WSO

When we moved in back in Feb 2005 we wanted to make our allowed overpayment of 20% (if we had kept it up over the 3 years we would have taken 7.5 years off, not bad!)

Unfortunately no one told us that we could only make the overpayment at the same time as the monthly payment so we missed the first one and a half month's worth of overpayment! Very annoying. We did set it up for payments 2 and 3, but then OH changed his job and the household income went down £2500 a year so we had to cut it back to the basics again.

Now that we know we have a little extra spare we can start to up our payments again (we are trying 10% for a while)... we are just one month back into our regular overpayments but every little helps!

Tassotti

I used to have The One Account...You automatically overpay, as long as your income is higher than your outgoings, but still have access to the funds if required.

There is no limit to how much you overpay/underpay. I once didn't pay anything in for 3 months...no questions asked (although I was ahead of my repayment plan at the time)

Excellent mortgage for those disciplined enough to use it properly.

Paid off 90K in 3 Years (except for £1). I still have access to that 90K if I want it. Very Flexible mortgage.

Interest rates are not fantastic and are variable. However, if overpaying, you soon see those int payments coming down

MORPH3US

Following my above post, got a letter off my mortgage lender yesterday confirming my overpayment.

It goes on to say that if I continue to overpay 20% for the life of the mortgage, i'll pay it off 7 years early and save £32,000 in interest!!!

M

zag2me

As soon as my isa is filled up for this year I am increasing my mortgage payments from £497 to 600 pounds a month. This also gets me used to paying a higher cost per month for when I move up the housing ladder.

Also every time I get a payrise, I increase the overpayment by the same percentage.