1st thread morgage question

rob9287

First of all hello mine neame rob and from the midlands. Im 20 and have just recently put down 15k on a house before xmas (saved hard while in iraq). I pay my morgage (£85000 i borrowed) £480 a month 5% fixed for 4 years over 35 years ATM. Anyway iv read all the morgage info etc and im shocked actully quite sickening how much money they would make off me!

Im due to go to Afganistan end of year and hoping to save 10k out there with extra pay and bonus when im back. Now im not at home to find my agreement letters etc to find out about bulk payment charges on my morgage.

1. Is it best when im back to walk into the bank and give them a lump sum of 10k towards my morgage, also will they take a big cut in my lump sum as interest??? As if they do i wont bother its monmey iv saved for me not them.

2. If i overpay does that go towards interest and capital or just my cap? So should i find out how much i can overpay a year without getting charged and spread the 10k while im in afgan?


Also when im back my girlfriend would like to go half with me on the house. She said what ever iv put down onto the house at the time she wants in she will match whatever money its cost. (shes saving hard bless) So this could be 30k! Now what do i do with this money? And when she moves in we could easily smash 1k a month on the morgage


I just want my morgage balance down as the banks are robbing bas**ds

Thanks you for reading and responding :-)

Caz3121

Some mortgages allow overpayments without penalty (usually with a limit) others allow no overpayments at all, you would need to check your paperwork. As you are fixed you may also have a penalty to move to another product if your one does not fit your requirements