Want to be mortgage free but..

wannabefrugal

My mortgage lender will only let me overpay pay 10% a year.
I am someone who is addicted to overpaying via Tilly tidies,savings, set monthly overpayment, bonuses, presents etc.
I find this restrictive. I can only overpay 5500 this year, on my 55000 balance. Since April I am down to roughly 51000. But of course next year I can pay off even less, and even less the next year, due to my decreasing balance.
I doubt we could now remortgage, as DH is on long-term sick, and I am a housewife/carer/home-educator, and therefore on paper at least, an unemployed bum with no income, carers allowance aside.
We are able to overpay as we've simply STOPPED BUYING STUFF.
Also, I have zero interest in fashion, make-up or anything else.
If I got £10 in a birthday card, I would put it on the mortgage.
I want this mortgage gone!
How can I pay of this mortgage as quick as I would like without getting penalised? Or do I need to just plod away at it for longer?

Beckyy

What is your interest rate and Early Repayment Charge?

If you can't remortgage (you may still be able to) then one option would be to pay your limit for this year (make sure you keep checking as it can be expensive if you're caught out!). Then pay all the extra money for the rest of this year into the highest rate suitable savings account you can get, when you're allowed to start next years allowance use the money you have been saving to OP a bug chunk of it.

You could talk to your lender about increasing your monthly DD, and checking if this would contribute as an OP but make sure it's still for a comfortable amount.