2019 Mortgage-Free Wannabes

Hettyhound

Ooooh squirrelgirl that must just be the best feeling ever! Have a wonderful Christmas mortgage freeeeeeeeeeeeeeeee:snow_grin

Number 90 checking in with an overpayment of £37.77 which brings November to £137.77

confusedftb

i will be joining as soon as i get my keys. so motivating to see the excel.
amazing to see some people have managed to pay £20k +.. are there no over payment charges?

Hettyhound

Confusedftb check your mortgage paperwork for overpayment limits. Mine is reset annually and is limited to 10% of the outstanding balance. So this year at the anniversary for the mortgage (November) my outstanding balance was £58,897 so my overpayment limit for the forthcoming year is £5, 889.

wishingthemortgaheaway

Hettyhound wrote: »

Confusedftb check your mortgage paperwork for overpayment limits. Mine is reset annually and is limited to 10% of the outstanding balance. So this year at the anniversary for the mortgage (November) my outstanding balance was £58,897 so my overpayment limit for the forthcoming year is £5, 889.

Where as mine is a 10% limit based on the 1st January figure. So for 2020 we are looking of an overpayment allowance just over £2,300.

Friends had '20% of the monthly repayment amount each month'

It really does vary.

Wish.

julicorn

Mine is 10%, but I got a new 2 year fix in August, at which point the overpayment allowance reset. So I would have been allowed to overpay 10% twice this year, once from January to July, and once more from August until December the new overpayment allowance starts in January for our provider.

Suffolk_lass

I secure messaged my provider a few years ago and asked if the 10% overpayment rule was 10% of the original balance and they replied and said it was. With that in writing I then disputed the suggestion I had overpaid too much the following year and they gave way.

We have now had our tracker for years and they have confirmed we do not have a limit any more (again, in writing over secure messages).

confusedftb

I still have not contacted my lender to know the overpayment terms, which i will be doing so in few days. The good plan i have is to start saving for overpayments even before the actual mortgage has begun. So for eg, we got our mortgage approved this month, but we still haven't exchanged contracts but we have taken out the mortgage amount + overpayments, which will be going towards overpayments as soon as in the 1st month.

i am definitely joining the 2020 list, would love to see my name on the worksheet

ilselm

@Confusedftb. Congrats on the house purchase. I have an offset mortgage so am able to make unlimited ‘overpayments’ without any penalties. Good luck with MFW2020!

wishingthemortgaheaway

Evening all, number #28 checking in with a November overpayment of £372.02.

This should exactly put me at 'target complete' and I can't pay anymore in 2019 without incurring an early repayment penalty.

I'm celebrating.

This means my over payment allowance for January to July (when fixed rate ends) 2020 will be just over £2300 this is about £287 a month (including putting that amount to one side in December)
My target for 2020 is to be sub £20k when we remortgage in July. I'd hoped it would be easy due to increased hours next year, but sadly, that's not going to happen now, so back to the plotting and scheming and Tilly tidying.

Well done everyone. Keep saving.

OhtobeMortgageFree

#107
Another £20 to overpay after tidying my accounts.
£60 total for the month now.