My first overpayment!

Person_one

I've just put most of my savings in my overpayment fund, I've put in half of the 10% allowed for the year and OH is putting the other half in.

Its very exciting, but a bit frustrating that that's it for the year and we can't do it again until next January!

evab_2

Well done, a great start. Now you'll be getting back to saving for next year!

dimbo61

you could think about reducing the term ?
Use " whatsthecost" and put in your mortgage rate and term and then take one year off at a time and see how much extra that would cost you each month!
Then contact your lender to ask about reducing the term and do they have a charge for doing this .
Only consider this it you can really afford the higher mortgage payment every MONTH!

Person_one

dimbo61 wrote: »

you could think about reducing the term ?
Use " whatsthecost" and put in your mortgage rate and term and then take one year off at a time and see how much extra that would cost you each month!
Then contact your lender to ask about reducing the term and do they have a charge for doing this .
Only consider this it you can really afford the higher mortgage payment every MONTH!

This is definitely something we'd be considering if circumstances were different and may well do in the future, but I'm planning a career change which might lower my earning capacity for a bit and OH's job is not terribly secure right now.

The great thing about doing it this way for now is that its in a fund that offsets the interest but we can get it back in an emergency should we need to!