Overpaying a new mortgage

Horseunderwater

Def get rid of overdraft 1st.
Once your fixed rate is nearly up you can renegotiate a lower interest rate with Santander & they will usually do another fixed rate. They have for us. You keep same mortgage BTW.

SouthUKMan

themull1 wrote: »

I got one up to 70, i'm on to my third husband, and fourth mortgage, if i had stuck with my first husband, my mortgage would nearly have been paid by now!! I'm overpaying £100 a month.

I had to laugh when I read this and sent a quick PM to say so! Yes, if I had stuck with my first wife (or more to the point, if she had stuck with me!) then I would only have had about 6 or 7 years to go on the mortgage as we were on a 22 year term back then! How I dream of that now...

kingstreet

katejo wrote: »

How did you get a 30 year mortgage which would not be paid off until 70? When i got my current mortgage (in 2005-6), I had to restrict it to 22 years because 25 would have taken me to 65 and the lender didn't allow that.

Pre-MMR there were lenders which would allow you to select a retirement age of 70 and pitch your mortgage until then without asking for evidence of income past state pension age.

Now, you would use state pension age, normally 67 (unless close to retirement) and provide some form of confirmation of retirement income if going beyond that.

You appear to have chosen a lender with a tighter approach even before MMR.

ClaireBetteridge

if we get our mortgage - currently going through application, ours will be for 34 years, which takes hubby to retirement age - as he has a birthday while we are applying!

aniahill

Don't forget, if you pay off your overdraft, have the bank make it smaller each month too - if you'll be tempted to use it again, it's best to not be there!