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Which saves you the most money?
winkle1
Posts: 446 Forumite
Regular overpayments on your mortgage or chucking a big lump sum at it once a year?
***PROUD TO BE DEALING WITH MY DEBT***
Reclaimed my bank charges - got £250 back from HSBC and £88 from First Direct
Reclaimed my bank charges - got £250 back from HSBC and £88 from First Direct
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my interest is calculated daily so regular overpayments however depending on your interest rate and how interest is calculated and any overpaying fees/penalties a regular saver account then a once a year OP might be best. No one solution fits everyone i'm afraid.
Are you wondering from the point of view ofyour own mortgage or just in general? if its about your own post the specifics and someone will help you work out the specifics fr your own circumstances MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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its for my own mortgage. I want to start overpaying after my wedding next April.***PROUD TO BE DEALING WITH MY DEBT***
Reclaimed my bank charges - got £250 back from HSBC and £88 from First Direct0 -
Well whats your APR?? is interest charged daily? any restrictions on overpayments or charges for paying?MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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Personally we are capped at £500 a month with our halifax deal so can only over pay that per month maximum without penalty. We can't do £1000 one month and then nothing a month either once the month has gone so has our allowance to overpay.
Therefore if we get a windfall of £1500 say we would have to pay that over three months rather than as one lump sum.
Most fixed deals have a cap on how much you can over pay but it's in the small print (well worth a call to the lender to check) as they are all differentOPs so far £42,139
Original end date Nov 2037 (53) Current end date June 2024 (40) Aiming for 5 years to be Mf
DD1 Oct 2008:), DD2 Jul 2010:), DD3 Aug 2013:)
When life is getting me down I try to remember to thank God for the blessings0 -
Well whats your APR?? 7.25 - OUCH
is interest charged daily? - not sure... I'm with RBS, fixed for 5 years
any restrictions on overpayments or charges for paying? am allowed to pay10% of the outstanding balance of the mortgage per year***PROUD TO BE DEALING WITH MY DEBT***
Reclaimed my bank charges - got £250 back from HSBC and £88 from First Direct0 -
Well in that case (from what i remember from my AIP ) interest is daily so if i was you i would be looking to pay small amounts regularly.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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Thanks Lilac Pixie***PROUD TO BE DEALING WITH MY DEBT***
Reclaimed my bank charges - got £250 back from HSBC and £88 from First Direct0
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