Mortage overpayment

Hi All,

Is it better to make over payments every month or wait till the end of the year and put a lump sum down.

It will be probably be the same amount anyway


  • The sooner you pay it, the sooner the interest will reduce. Interest on my C&G mortgage is calculated daily IIRC so if I wait til the end of the year it will be another 365 days interest to pay on the higher amount IYSWIM.
  • greentgreent Forumite
    10K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    It depends on your lender - some won't take account of the OP until the year end (our mortgage with Abbey (as was) was like this) - in which case, put it in a savings ac and earn interest on it. If they will take account of it, pay it off monthly. Our current mtge is with C&G, who do take account of it - so I OP every month :)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
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  • also,,,,when you overpay. If you can try to overpay by internet banking,it goes straight to them ,it's alot easyier and you can tranfer any little or big amount you can manage,,you need to find out weather the company you mortgage with except this sort of payment, Good luck:):)
    £176,000 January 2014
  • rfowlerrfowler Forumite
    486 Posts
    Part of the Furniture Combo Breaker
    Thanks guys, I got the mortage with Natwest, I will find out if they accept payments from internet banking
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