Small overpayments?

Bloggs15

Hi all
Me and my wife bought our house just over a year ago,at the time every penny we had we on improving our house,now we have a few quid left over each month.Is there a minimum overpayment as a one-off you can pay?I don't want to tie myself down to regular overpayments in case the washing machine of fridge goes wrong,
I was think in the region of £20-£50 when I can afford it or would I get laughed out?.
Thanks in advance

M0ney

It may depend on the bank but my last mortgage was with Halifax and when I had a lean month I reduced my standing order for my overpayments to £1/week, it was normally at £30/week.

edinburgher

I imagine it will be in your mortgage paperwork? I believe our last two (Sant@nder and W0olwich) asked for a minimum of £500, but I was never clear about what happened if you paid less.

StartAfresh

I am with Nationwide and with my mortgage I can pay anything up to £500 a month without any penalties. Go over £500 in any month and there are charges, although no idea what as not an issue for me
I believe I could pay £1 if I wanted to.
Anyway you will have to search for the terms of your own mortgage as they all differ.

Any overpayment is good and £20 or £50 isn't too little. Repay a little each month and it will certainly cut the length of your mortgage.

Bloggs15

Thanks for all your replies,I didn't know each mortgage was different when it came to this...I know I have a max of 9k before I am charged,I looked into my paperwork and I can pay between £5-5000k over the phone.I just phoned to try do this and this service was closed typical I will do it tomorrow..it's a step the right way,thanks for your time and replies again :beer:

Firegirl

Go for it!!! Keep chipping away because a small amount can make a big difference!!!

Luckyinlife

Defiantly instead of paying off £20/30 a time i would put that 20-30 in a saveing and when you hit say 100 then pay £100 off or what ever you can manage :]

k18dan

Luckyinlife wrote: »

Defiantly instead of paying off £20/30 a time i would put that 20-30 in a saveing and when you hit say 100 then pay £100 off or what ever you can manage :]

Not quite sure why you would do this? any amount just pay it off, request the account number and sort code and move the money across using a online transfer (unless you have a min amount you can pay)

midnight_child

Do you have an emergency fund?


It is recommended to have something saved up to cover unexpected bills, before starting to make over payments. If not, then you may have to borrow at a much higher level of interest if boiler or car goes bang.


MC