Overpayments - HAPPY !

abouttimetoo

lizzywig wrote: »

I'm going to ask a really dim question. How do you go about overpaying on your mortgage? We have a direct debit set up so I wouldn't know how to start giving them extra money. Any advice?

Hi Lizzywig, I think you mean the actual mechanics of giving them to money? If so there are many ways

• get the correct account details and set up a standing order
• get the details to sent payment via on-line banking
• send a cheque
• pay over the counter

I can see you are going to give them a call to check out how much you can overpay etc so once you know where you are you can then think about how you can pay them and you could even use a mixture of methods e.g regular monthly S/O and top up with on-line payments as and when you have any pennies spare

Good luck with your plans

Twiddy

Same for us, I'm 34 and my wife's 37, hoping to have our martgage cleared by the time we're mid-forties, if not sooner!! We haven't started over paying yet but from next April we'll be hammering away at it......

My wife is also our resident Funds Manager and I live from pocket money, if I'm lucky!! (I have to beg/steal/borrow for my £1 lottery bonus ball at work - what is the world coming to!! I wouldn't change a thing though, she does a great job....)

Cheers
T

Jock_Tight

All the best on your MF journey 967stuart

Overpaying (assuming mortgage interest > savings rates) is definitely the way to go. Once you sit down and look at your outgoings its easy to see where things can be optimised to increase your OP contibutions. We started off with only ~£67 extra a month, 4 years on and we are up to a fixed OP of £475 per month plus some extra if we have spare. Last years total OP was ~£6900.

Jock.