Who can work this out for me?

Miss_Pinky

Hi All!

I'm hoping someone with a knowledge of mortgages and over payments etc can help me out calculate how many months etc I have to pay left of my mortgage if I make the maximum overpayments.

I have a 5 year fixed rate of 2.29% and I can pay 10% overpayments per yet.

Starting balance of £80,723.00 and I pay £447.60 per month.

Can someone who is a genius tell me what my 10% will be every year (based on the monthly figure and maximum overpayment per year) and also how many months I will have left to pay if I do the maximum every year?

Agreed redemption date is June 2031 if thats needed too.

I would be so so grateful as I've been trying to wrack my brains for a wee while now but not sure if I'm doing it right.

TIA! Miss Pinky xxx

Miss_Pinky

Oh I maybe should have said that the fixed rate date started on the 1st March this year so 4yrs and 6 months left.

Oh and as of today I have £60.625.63 left to pay and can pay a further £2500.00 in overpayments for this year (till march)

NinaSwiss

This might be of use:

http://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator

getmore4less

To do the job properly needs more details like will the overpayment be monthly or immediately a new 10% is allowed.

Will you have the same amount every month so surplus can be carried forward.

Will the lender recalculate payments.

getmore4less

In practice all that matters is the payment you can afford,overpayment or saved makes little difference with the the rates being so low.

Just stick what you can afford in a calculator and that will be close within a month or two.