It started with £48.17p

sharpy2010

PiggyBankShaker wrote: »

It depends on your terms and conditions. Its very important to check as some mortgage lenders charge you to make overpayments. We're with Nationwide and our mortgage allows unlimited overpayments.

Be great to have the pick and choice of mortgages, unfortunately due to being a wally with money years ago, my credit rating (for now) denies me this pleasure.

However, 3-6 months, and all the bad history will be gone (a leopard CAN change its stops, I'm proof of that lol) - and the mortgate you have sounds like the sort of mortgage I would like to have!

AllThatStuffIsJustStuff

I'm PBS's OH. We definitely want to be able to clear the mortgage before it's schedule. Or at least have cleared enough that we are then paying the mortgage off on a bigger/better located house by the end of the term (currently scheduled as 2032).

I'll make occassional postings here but for me I still want to stay mainly on the debt free diary till we are really clear of that - I don't want to risk taking our eye off the ball there.

Sharpy - my understanding is that you can make early repayments on any mortgage, but some charge. This is normally above a certain amount and in the early phases.

In our case, we had a fixed rate for two years but since the recession have just gone on to the regular base + whatever mortgage. In the fixed period overpayments were capped at £500 a month without charges but now they are unlimited. The charging is mainly just because if they've offered you a fixed deal they then lose even more if the amount they are charging interest on is reduced ahead of their schedule. If you get a good deal but are limited in repayments, then you can probably end up just as well off by saving the money you would have repayed and paying it off when the limits are finished. That said - I'm no expert so do your research first

Secret_Saving_Squirrel

Very good luck to you both. If you work together I am sure you will be really successful, don't forget to have fun along the way!

All the best
Squirrel

PiggyBankShaker

£48.82
£23.89
£26.45
£17.71
£5.94
£32.64
£7.35
£10.95
£26.26

Total overpayments for 2012 = £200

alwaystryyourbest

PiggyBankShaker wrote: »

£48.82
£23.89
£26.45
£17.71
£5.94
£32.64
£7.35
£10.95
£26.26

Total overpayments for 2012 = £200

Keep paying small amounts they all add up,

icontinuetodream

well done on the ops :T hope your dh has sorted another job now

PiggyBankShaker

No posts in 2013! I am very lax. I haven't got much to update. I quit my job for health / sanity reasons in Feb, so money has been very tight. Hardly anything left for mortgage overpayments. That said, I have managed to overpay £190 so far this year. I'm aiming for a modest £454, which represents one months mortgage payment. If things pick up, then I'll increase this figure.

PiggyBankShaker

Managed to overpay another £65 since June. We have basically had no money to spare since Feb, when I gave up my job. However, my health turned a corner and this week I started a new job

Come October 15th (ATS payday) we'll be starting overpayments in earnest. Not maximum levels though as we also need to rebuild our savings, but still about £500 a month extra.

I used the mortgage overpayment calculator on the site and we could, in theory, pay off our mortgage in three and a half years although that is basically putting all of my salary against the mortgage.

We need to crunch some numbers to work out a happy / practical balance.

Will report back on the 15th

PiggyBankShaker

Overpaid £200 today, thus reaching this year's target of £454. Will aim for another £400 before the end of 2013.