how much does anyone overpay on there mortgage? 15 September 2010 at 8:47AM edited 15 September 2010 at 10:27AM in Mortgage-free wannabe 69 replies 6.5K views

alwaystryyourbest

Hi just wondered how much on people over pay on there mortgage every month
if i don't overpay by 500 to 1000 i always feel bad,i know i shouldn't..

shortchanged_2

alwaystryyourbest wrote: »

Hi just wondered how much on people over pay on there mortgage every month,,i always feel bad if i don't over pay by £1000 a month but i know i should'nt feel bad.

:rotfl:Good for you.

joedenise

Wish I could afford to overpay that amount. I just pay off the odd amounts in my bank accounts so most overpayments are less than £10 each time but it still mounts up over the month but usually no more than about £50 to £100 a month.

shortchanged_2

Notice the OP has changed the amount to £500 - £1000 from just £1000

I'm pretty sure this is a wind up.:)

JasX

I'm limited to 10% per calendar year so tend to call em up around 4th Jan and throw £12k, £10k, whatever that works out at their way and get it over with for the year

Tho the early repayment charges for exceeding that have started to drop off now i'm nearing the end of my tie in period so might start doing a few sums to work out if its worth while doing any more....

alwaystryyourbest

shortchanged wrote: »

Notice the OP has changed the amount to £500 - £1000 from just £1000

I'm pretty sure this is a wind up.:)

Hi no this isn't a wind up i did change my amount i did'nt want to seem a show off,by mostly over paying by £1000,,

Miss_Penny_Pincher_2

I'm with Nationwide and have a standing order set to overpay by their maximum £500 a month. At the moment I'm on unpaid maternity so don't have enough income coming in to cover it but use savings to pay it so I can relate to what you mean about feeling bad if you don't overpay your target!

Feel it's been a good decision for us though because we started at £95k in 2006 on a 2 year fix. Payments were £1,022pm but was determined to pay it.

During those 2 years I lived frugally and took on a second job in the attempt to pay it off within 4 years. The month before that ended we put all those savings in and even temporarily borrowed a few thousand from a relative as no limit to overpayment. Worked out we wouldn't be able to pay it off within 4 years so I remortgaged to a 5 year fix which was a better deal available at the time than the 3 year fix and gave us more flexibility in terms of starting a family.

It worked out that we remortgaged at about £38k in 2008 but owed relative who we paid back a few months later. Payments then dropped to £797pm and, 2 and a half years later, we now only owe £17,400!

It's fixed until 2013 so I need to somehow work out when I need to stop paying overpayments so that I don't receive early repayment charges. Does anybody know of a decent spreadsheet where can set overpayments monthly but can set current amount owe rather than original amount, if that makes sense?

cha97michelle

I'm another whatever i can manage as i am a stay at home mum. It can be as little as 50p, and as much as £500 depending on what else needs paying, but as long as it is something it does add up over the year.

I notice whatever level we pay off at, it never feels enough or quick enough. But as we still want some kind of life, it will have to do.

LilacPixie

I kept paying my old fixed rate amount when we dropped to SVR so about £160 or so, not really sure as our SVR is linked to the LIBOR so varies slightly every 3 months. Doing that shaved about 7 years off term. If i overpaid 1k on top of regular pyt which technically we could do term would be about 3.5 years but we would have not much of a life so I do what suits us best.

fin54

I over pay £50pm, its better than nothing at all :rotfl:

elliemoo

I used to do £500 per month but unfortunately could not sustain this so try to do at least £50 per month to keep it ticking over.