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Mortgage Overpayments - How Small or Large?

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  • JillyC8
    JillyC8 Posts: 204 Forumite
    Part of the Furniture 100 Posts Combo Breaker I've been Money Tipped!
    sorry, error in my post above, my emergency fund is currently at £2000 which is only the equivalent of around 2 month's cover should anything go wrong. I hope to build it up to around £3500 then start paying more off the mortgage.
    Single mum since 2007.
  • I’m going to try and make a relatively small payment tonight just to see what happens. Wish me luck :)
    Small OPs are better than no OPs
    Start date - Feb 2018 £231,000 / Apr 2042
    July 2025 £116,950 / Dec 2025
    MFW #60…. Back in for 2025!
  • JillyC8
    JillyC8 Posts: 204 Forumite
    Part of the Furniture 100 Posts Combo Breaker I've been Money Tipped!
    Good luck! ��
    Single mum since 2007.
  • kev2009
    kev2009 Posts: 1,107 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I think the general opinion seems to be to have a minimum of 6 months to 1 year of emergency money, i guess more than anything to give you some breathing space if the worst happens, you don't need to panic straight away.

    Yes, its possible mortgage terms are different, perhaps they have altered them based on when you took your mortgage or perhaps it varies on the length of your term.

    When i paid my first over payment, i could either reduce the term or reduce the monthly payment. As mentioned, i close the monthly payment so that i have the term on my side come re-fixing in another 2 years time then I will switch to reducing the term as i'm hoping to pay a reasonable amount of each of the 5 years which should then leave me in a good position that i wont worry as much abut the internet rate going up but will just have to wait and see, planning is all well and good but any number of things could go wrong...

    Kev
  • JillyC8
    JillyC8 Posts: 204 Forumite
    Part of the Furniture 100 Posts Combo Breaker I've been Money Tipped!
    It would take me a long time to save up 6 months emergency money ... probably around two years ...

    Re overpaying, my bank is sending me separate letters confirming each time I overpay so looks like I'll need to call them up and ask them to stop ... what a waste of paper.
    Single mum since 2007.
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