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how much does anyone overpay on there mortgage?

edited 15 September 2010 at 11:27AM in Mortgage-free wannabe
69 replies 6.4K views


  • ElusiveLucyElusiveLucy Forumite
    686 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    I am overpaying £500 pm by DD at the moment, but that's basically because I am on a lifetime tracker at 0.75% over BR, so I am only paying minimal interest, plus I paid off a car loan last year that was costing me £350 pm.

    Any spare cash I have now is being divided between savings and OPing the mortgage. As I have the mortage solely in my name I like to keep a good cushion of savings in case of emergency, but I am also still enjoying life by taking holidays etc.
    What goes around comes around.....I hope!
  • i aim to pay £500 a month, yes its killing our quality of life for a couple of years but i feel while im still young(ish) the stress now is better than still stressing over a mortgage in 10 years. personally ive become far to obsessed, its become an adiction like a drug, some may say not healthy but there are worse things you can get hooked on!!! good luck with thos o.p's everyone:beer:
    Mortgage free:beer:

  • :eek:6.29% interest unfortunately:(:(. I'm lucky to be in a well paid job and determined not to rest on my laurels, renewal in 2014 so will hopefully have 60% LTV by then. Then maybe I can think about downgrading job. I really really hope so. Two more months until big OPs start, that will make me so happy!!!!!
  • skapsskaps Forumite
    2.3K Posts
    £160.11 from this month but before that I was overpaying 11p from Oct 2008 then £60.11 from Feb 2010. Am trying to become debt free so when I am that will be another £300 to pay towards the mortgage and am hoping to get onto the svr when my fixed rate ends next Oct.
    MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different
  • 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?

    No, not for me anyway - still in fixed rate deal at 3.65% until July 2011...
  • £260 a month on top which is reducing it nicely.:D

    Mine is fixed !
    Life is a rollercoaster.....ya just gotta ride it:whistle:
  • michaelsmichaels Forumite
    27.2K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    No life but earn about 2k more than bills per month - large mortgage but rate is lower than savings earn so mortgage is also a net earner for me adding about 200pm of the 2k 'spare'.
    I think....
  • michaelsmichaels Forumite
    27.2K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If close to retirement it might be worth thinking about paying in to the pension rather than paying capital off the mortgage, (especially if higher rate tax payer) and then using the 25% of pension lump sum on retirement to pay off the mortgage as being tax free, money sent by this route will be 20/40% more than using taxed income to pay of the mortgage.
    swampduck wrote: »
    (which is when OH retires)
    I think....
  • edited 16 September 2010 at 2:15PM
    uzubairuuzubairu Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Home Insurance Hacker!
    edited 16 September 2010 at 2:15PM
    Currently £1200 per month and soon to go up to £1300.

    We paid out nearly £2K in ERCs (last month) to get out of our previous mortgage which had 6 years to run.

    This has more than halved the interest we pay and we can make unlimited overpayments.
    We hope to have cleared the remainder of the mortgage within the next 3 to 4 years.

    At £113K in 2006 (over 25 years) when we took out the loan, it was the largest amount we had ever borrowed and we were determined to get rid of it within 10 years.
    We have revised that figure to 7 (we hope), since using all the hints and tips from this site.
    Approximately £150 per month of our overpayments comes directly from reductions in our monthly outgoings (eg electricity bill in 2008 was £73 per month and is currently £38).

    Our household budget includes a standing order for holidays, so although we do live a moderately MSE lifestyle we still manage to go abroad at least twice a year.
    We are not prepared cut out all nice things until the mortgage is paid off.

    We are a couple with no kids.
  • edited 16 September 2010 at 11:28AM
    greentgreent Forumite
    10.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 16 September 2010 at 11:28AM
    We overpay about £300 a month + whatever money I get from cashback sites/ ebaying. Would love to pay more but 4 children means we can't!! Well, we could, but we still have holidays, the children go on school trips, we eat out occasionally, we have 2 cars (1 6 months old, 1 12 months old)... I want to be MF, but still want a good life - so we've reached a balance.

    At the moment we're on target to repay in early 2018 I'd like to shave another 22 months off this if I can for a couple of reasons - but wouldn't be unhappy with 2018 as opposed to our original end date of late 2025
    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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