Overpayments

optimist_2

Hello everybody,

I would like to establish possible long term scenarios that will enable me to repay my mortgage in full by the time I retire. I know that I can use overpayments to achieve this, and I particularly want to make sure that I do not miss out on the opportunity of doing something now that will make my life easier later on.

I have come across mortgage calculators that graph possible scenarios, but these are simplistic and do not allow you to look at the effect of multiple lump sum repayments together with monthly overpayments etc. I know all this will vary with the interest rate at the time, but at least it will give me an idea of what I have to do now to get me started.

Is there any software out there that will do this for me?

Thanks!!

optimist_2

Hello,

Disappointed not to have had any feedback yet.....I was told that this was the site with all the answers!!

tinkerbelluk

optimist - Don't have the answer but you may be better off asking in the mortgage free wanabe board.

double_d77

have you looked at this one http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

only allows 2 lump sum payments, but you can work out when best to drop a lump sum in, and put some in savings while the next lump sum date you set comes around, making interest in the waiting

Dave

optimist_2

Thanks Dave - its a start!

Poundcounter

ING Direct do a mortgage with no penalties on overpayments, which go into an overpayment reserve and actual repayments can be made in amounts of at least £1,000. Current rate is attractive at 5.14% but this will go up and could be up to 0.9% above base rate (i.e. 6.14% at current rate).

Mr_helpful

IF used to have a good mortgage calculator and I think the one account does. There was a time when IF gave it out on a disk but that has long since gone. but have a look at their website. https://www.IF.com