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Paying off mortgage early
Paymeoff
Posts: 2 Newbie
Can anyone please give me a little advice on overpaying my mortgage. I currently owe £149,000 (ish) and have 19yrs left to pay it off, I'm currently overpaying £150 a month but shall I ask the bank to recalculate after each payment or just keep paying the same amount?? Mortgage is on a daily interest rate if this helps? Also does anyone know how much this will save me over the term or how long these overpayments will knock off my term?? Many thanks and I look forward to any replys to my first post.
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Comments
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Impossible to give precise figures as you haven't given interest rates.
However, if you go to the Mortgages part of the main forum, you'll find an overpayment calculator which may help to answer your questions.
When you overpay, you usually have the option of retaining the length left and reducing the payments, or retaining the payments and reducing the length left. Which is the higher priority for you?0 -
Thanks for reply. Finishing early is def the target, interest rate is 3.990
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Maintain the payments at the same level.
Don't expect immediate results when overpaying. A mortgage is a marathon not a sprint.0 -
Can anyone please give me a little advice on overpaying my mortgage. I currently owe £149,000 (ish) and have 19yrs left to pay it off, I'm currently overpaying £150 a month but shall I ask the bank to recalculate after each payment or just keep paying the same amount?? Mortgage is on a daily interest rate if this helps? Also does anyone know how much this will save me over the term or how long these overpayments will knock off my term?? Many thanks and I look forward to any replys to my first post.
Have got a preadsheet that does that sort of thing
http://zerosum.freewebspace.com/0 -
Just a thought - there's no point in asking your bank to recalculate your term or monthly payment every month. They simply haven't got the resources to do so much work for one individual customer every month. They'd politely decline your request if you asked every monthEarly retired - 18th December 2014
If your dreams don't scare you, they're not big enough0
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