Overpaying on your mortgage?

I AM going to start to overpay on my mortgage but just wondered......

Do you all pay a set amount each month or is it a case of space cash gets paid to the mortgage. I am a temp so my money can differ each week and sometimes not at all.

Do the pennies make a difference?
Lucylema x :j


  • Barney30Barney30 Forumite
    49 Posts
    I believe you can either do a regular amount or pay off lump sums. You will have to check out the terms and conditions in your mortgage as there may be a limit of the amount you can pay off.
  • gymsalesjamesgymsalesjames Forumite
    65 Posts
    Ninth Anniversary Combo Breaker
    Also, small amounts can definitely add up. Have a search for one of the mortgage calculators and put your figures in, then have a play by putting in different overpayment amounts and see the effect it has.
  • VoucherManVoucherMan Forumite
    2.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    I have a regular standing order of £200 a month but if I've got some 'spare money' I just temporarily increase it.

    I paid an extra £300 this month. I reckon it will knock about £150 off the overall interest, and reduce the term by about a month so it can all help.
  • edited 24 July 2012 at 9:39AM
    getmore4lessgetmore4less Forumite
    46.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 24 July 2012 at 9:39AM
    With variable income a cash flow buffer is needed first.

    an easy calculator to use is


    if you set to interest only you can change your payments by £1/£10/£100 etc. and see the effect on a monthly basis inthe details.

    Check for overpayment penalties
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