Jim and B are gonna be mortgage Free!

JimLad

I have a question and i wonder if anyone here might know the answer?

With our santander mortgage we are allowed to overpay 10% each year without penalty.

Does that 10% start on the anniversary of the start of the mortgage? If that is the case, do you think they wud tell me how much of the 10% is still avaliable for overpayment?

SAMMYE_2

JimLad wrote: »

Sammy, do you do yours so the monthly payments are reduced? I always take ours off the capital and keep payments the same.

My monthly payments are reduced (at the moment). I realise that it means that I am not able to pay off as much but the maximum I am really able to pay extra is the 10% at the moment anyway. When this comes down and I have excess money I will change to reduce the term.

Having a lower monthly mortgage at the moment gives me slightly better peace of mind as I know my commitments are less should anything happen employment-wise.

JimLad

SAMMYE wrote: »

My monthly payments are reduced (at the moment). I realise that it means that I am not able to pay off as much but the maximum I am really able to pay extra is the 10% at the moment anyway. When this comes down and I have excess money I will change to reduce the term.

Having a lower monthly mortgage at the moment gives me slightly better peace of mind as I know my commitments are less should anything happen employment-wise.

That is sensible, i never thought of it like that!

SAMMYE_2

JimLad wrote: »

I have a question and i wonder if anyone here might know the answer?

With our santander mortgage we are allowed to overpay 10% each year without penalty.

Does that 10% start on the anniversary of the start of the mortgage? If that is the case, do you think they wud tell me how much of the 10% is still avaliable for overpayment?

Usually it is the start if the financial year so April (obviously best to check) If that is the case then you want to try to overpay as much as the 10% as you can before April when you will then be allowed to overpay 10% again until the following April.

SAMMYE_2

JimLad wrote: »

That is sensible, i never thought of it like that!

Suppose it depends how disciplined you are but I'm pretty hardcore at saving and overpaying so I can trust myself not to spend it.

My dream is to pay off the mortgage to basically free me from the drudgery and repetition of office work. That is the primary motivating factor for me.

JimLad

Just 5 christmas presents to go!

Trying to limit myself to £10 per person but having divorced and remarried parents means i have double the amount of family to buy for!! I also have a nack for seeing things that wud be "perfect" for people and spending over budget.

We have asked for comet vouchers towards a dishwasher this year from all three sets of parents, so im hoping we should just about break even )

Bought myself some new smart work shoes this weekend. £60! My old ones were 6 years old though and totally falling appart.

Hope everyone had a good spend free weekend?

James

RenovationMan

JimLad wrote: »

I have a question and i wonder if anyone here might know the answer?

With our santander mortgage we are allowed to overpay 10% each year without penalty.

Does that 10% start on the anniversary of the start of the mortgage? If that is the case, do you think they wud tell me how much of the 10% is still avaliable for overpayment?

I have a mortgage with Santander and the 10% overpayment period runs from 1st Jan to 31st December each year for all of their mortgage products.

Good luck with your MFW plans!

JimLad

RenovationMan wrote: »

I have a mortgage with Santander and the 10% overpayment period runs from 1st Jan to 31st December each year for all of their mortgage products.

Good luck with your MFW plans!

Funny you should answer that question as i rang them up this morning and got the same answer!

I will have to see if i can squeeze a little extra out in my december payment!

I like your signature. Seems like your taking great strides towards your goal!

JimLad

Im off to Ireland to visit B's parents for Christmas so...

Merry Christmas Everyone!!

P.S. Managed to get in a £500 overpayment last week, will update totals when we get confirmation

never_too_old