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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


  • edited 9 December 2010 at 10:42PM
    linzlinz Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 9 December 2010 at 10:42PM
    My lender lets me OP up to £500 a month in addition to the monthly payment. (Fixed at 5.44% until May, then would drop down to SVR of (currently) 2.5%.) I try to make it £500 a month as much as I can but some months it has to be less if I have other expenses like car insurance or a holiday to pay for. I'm of the opinion of a few others on this thread, that I want to make as many inroads as I can now, whilst the rates are low.
  • We are trying to pay off at least an extra £100 per month.

    At the moment only DH works and I am very lucky to be a full time SAHM to my DD who is 3 and my DS who is 1. I figure that every little overpayment is going to help in the long term and when I do go back to work we will be able to use my wage as fun money/overpayment money if we have survived the last 3 years on one wage.

  • adwatadwat Forumite
    255 Posts
    Mortgage-free Glee!
    I overpay by £1600 - £2100 per month. Feel a bit guilty when I don't make the £2100.:eek:
    MFi3T2 #98 - Mortgage Free 15/12/2011
  • We've rounded our monthly repayments up by £141 a month. We also save £300 a month towards the mortgage but it's offset so it's like an overpayment but we can still access it in an emergency.
  • LillythePinkLillythePink Forumite
    777 Posts
    Part of the Furniture 500 Posts
    We bought our house in May and have had to replace the bathroom and we have more or less paid for our holiday next year to the US, so from after christmas, we are hoping to save just over £1k a month then make lump sums to our mortgage - we want to pay at least £5k a year or more once our emergency fund has built up enough. If we can get our mortgage down to 15 years then we would be happy - our mortgage is £352k
  • Currently overpaying by about £ 150 pm. We're on 5.49 % fixed rate over 20 years and by doing that we've cut the loan period from 20 to 13 years and should be saving about £15K in intereSt :eek: I didn't use to be a fervent MSE but the result of overpaying was my personal LBM
    Keep calm and carry on
  • wynnvegaswynnvegas Forumite
    1.4K Posts
    Mortgage-free Glee!
    Hi ATYB,

    Don't worry about what you pay in comparison to others. I think it's great that people chip away at their mortgage a tiny wee bit at a time. I'd have loved that sense of achievement several times a month. Back in the mortgage encumbered day, we had a really good go at it and we were overpaying £1,800 a month which meant net payments of £2,625.


    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / £61,866.50
  • andy.m_2andy.m_2 Forumite
    1.5K Posts
    I am joining the MFW club for 2011.

    I am well aware of the benefits of any overpayment and have calculated what is required to be MF by 45.

    I have a fixed rate until 45yo so want to smash it by then.

    Overpayments start in earnest from 01/01/11 and I will diary for my benefit.
    Sealed pot challange no: 339
  • SandCSandC Forumite
    3.9K Posts
    Part of the Furniture 1,000 Posts
    Do lenders just let you make ad hoc payments then? I'm just going onto SVR for a bit after my deal ran out (seems I'm one of the few who is actually now paying a bit more now but got such a small mortgage no deals are worth it without paying arrangement fees). I can overpay as much as I want obviously but does this mean I don't have to decide to up my direct debit to x amount each month? Is it as simple as ringing up and they could take money from my debit card or something?
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