how much does anyone overpay on there mortgage? 15 September 2010 at 9:47AM edited 15 September 2010 at 11:27AM in Mortgage-free wannabe 69 replies 6.4K views

shortchanged_2

alwaystryyourbest wrote: »

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,,

You must be earning some serious money then.

One_step_forward

Have just started paying £554 per month, would like to pay more but limited to 10% of balnace per year.

Any surplus going into savings until I can pay off completely.

wkdhoney

At the moment we've set it up to overpay £311.86 each month but once I've started my second job I'm looknig to increase that to £600 I hope!

shortchanged_2

That's it. I seriously need to get a better paid job or get rid of the kids. I'm doing something seriously wrong here. I don't even have a particularly big mortgage but could never overpay the amounts some of you guys are stating.

The only thing I can think of is that a lot of you guys have come out of fixed mortgage deals and are currently reaping the rewards of a low SVR.
Am I right?

Luv2Budget

I overpay £500 per month. My fixed rate finishes in January 2013 and I'm hoping to be mortgage free some time in July/August 2014

coldstreamalways

At the moment it's £100 but as soon as the CC is paid off, it will be £900. :j Reduce the mortgage by 15years and I can get the job I WANT not the job I HAVE to do to pay it off!! (the job I have to do btw is the one I always wanted, well it's a career, not a job but I don't like it so want to change but it's not easy!)

LilacPixie

shortchanged wrote: »

That's it. I seriously need to get a better paid job or get rid of the kids. I'm doing something seriously wrong here. I don't even have a particularly big mortgage but could never overpay the amounts some of you guys are stating.

The only thing I can think of is that a lot of you guys have come out of fixed mortgage deals and are currently reaping the rewards of a low SVR.
Am I right?

I am. mortgage sub 50k now 2 adults, 2 kids typical regular family average wages but both earn. We could fling 1k+ overpayment at it but we would have no life, no treats etc etc and TBH I would not want that. Different people have different priorities, some take a 2nd (or 3rd) job and pay over 100% of that earnings, others trim SOA back to the bare minimum. Some people have had their mortgages for 15+ years already so have paid off ulk of interest already. Each thing is right for that individual and mortgage won't nessesarilly e right for you.
I imagineyour not doing anything wrong its just your circumstances are different to some who have posted here.

swampduck

Well....having debts to clear plus a mortgage to be paid off within eleven years (which is when OH retires) has made us focus our energies properly.
But we still want to enjoy life while we are here to live it and living a life totally devoid of all luxuries is too depressing to bear (believe me we have tried it!!)
So a happy medium as far as we are concerned is to pay into our respective pensions, overpay the mortgage which is now interest only and arrears free after three years and clear all our debts by snowballing and within 11 years, I still have five years to work after that so can save for the five years left of my working life for any mopping up or extras we'd like to have.
So to return the original question we are overpaying by 40-50 quid a month at the moment but starting in the new year will overpaying by 400-500 quid per month. (We want to save enough for a reasonable emergency fund in case anything major goes wrong eg boiler, car etc!!)
Life is for living and these boards have helped us to achieve that despite some very dark times. We hope that by taking on the best bits of MSE advice that we feel will help us that we can have the best of both worlds. Which is to be debt and mortgage free before we both retire but still living life as it should be lived which is ... here and now!

Swampy

JasX

shortchanged wrote: »

That's it. I seriously need to get a better paid job or get rid of the kids. I'm doing something seriously wrong here. I don't even have a particularly big mortgage but could never overpay the amounts some of you guys are stating.

The only thing I can think of is that a lot of you guys have come out of fixed mortgage deals and are currently reaping the rewards of a low SVR.
Am I right?

well to explain my numbers they're for a young-ish professional working in London without kids yet.... -I hear those things can be expensive so keen to put as big a dent in the mortgage as I can now so it's a more managable size for when there might be less free cash sloshing around a few years down the line

pipo

fin54 wrote: »

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

Lol - same here!

I'm in the process of reviewing all my accounts (in fact, sitting down with the missus tonight as Eastenders isn't on ) as i just got rid of a personal loan. Looking at £300 per month.

Good work on whoever pays off £1k a month. :T