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

must_try_harder_2

At the moment we aren't overpaying at all and I do feel really bad about it. We were overpaying by about £1800 a month but now we have moved house we just can't afford that. Once we are settled we'll start overpaying again but I expect it will be by about £500-£700 a month.

Thrugelmir

must_try_harder wrote: »

At the moment we aren't overpaying at all and I do feel really bad about it.

There's an old Chinese Proverb.

"A man who wishes to move a mountain, starts with the smallest stones first".

Helps keep matters in perspective.

lisyloo

At the moment we aren't overpaying at all and I do feel really bad about it.

If you've just moved house then it's understandable, but you attitude towards it does you credit.

guy0wen

I feel really guilty if i dont pay off my mortgage in full every month and then buy another house the follwong month and then pay that off in full as well a month later.

blueberrypie

guy0wen wrote: »

I feel really guilty if i dont pay off my mortgage in full every month and then buy another house the follwong month and then pay that off in full as well a month later.

But really, that's very poor planning. If you just saved and waited a month before your next house, you could pay for it in cash. All those mortgage arrangement fees and solicitor's fees and early repayment charges and that first month's interest you're paying - not to mention the damage all those searches must be doing to your credit rating. And all completely unnecessary...

;-)

mintedmatty

Normal payments should be £228.88, when I was in my fixed deal I overpaid by 20% and paid £401 per month, I continue to pay the £401 plus an extra £56.76 to round up to £457.76 to pay 2 payments per month and cutting my mortgage length by half.

alwaystryyourbest

Thanks for everyones replies,,,
i rearly injoy paying more of our mortgage than we should be .
And can't wait till it's paid of should be between 4 to 6 years,,

Jock_Tight

At the moment its around £450 per month however now and again I add more.
In 2008 we overpayed by a total of £3664, 2009 by £4992, 2010 will be £6897.

black_taxi_2

paying off debt & mortgage----so a snow ball effect as time goes by

£250 to £800 last few months

originalmiscellany

is to see what's left every month and all of that goes into the offset or savings account.
It means that whilst we were paying our mortgage off on a normal tracker rate we squirrelled away for a rainy day, then we have made a down payment and I hope to pay in a decent amount - £500 - £1000 a month to help the mortgage go down.

But it's interesting to see what and how much other people overpay, and you're right, getting the letters saying your monthly mortgage has decreased is fun