Overpayment question.

Hi I am new to this forum. I have decided that I want to retire at 60, giving me 11 years to go. I am looking at paying off my mortgage to enable me to do this. However, I have a monthly overpayment of £100 and only a few pound spare at the end of the month. Asking if throwing the odd £50-£100 at the end of the month will make much difference? This is my only debt, and so want it gone in time to retire.
Many thanks for taking the time to read. My friends think I am mad looking at cleaning my mortgage, and I guess looking for support, and know that I am not doing the wrong thing !!


  • bexster1975bexster1975 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    Hello and welcome

    I don't think you are mad.

    To answer your question, yes throwing an extra £50-100 a month at the mortgage will make a difference. You need to try the mortgage overpayment calculator on this site to see if your mortgage would be gone in 11 years. Depends on how much you owe, interest rate, if you are in a fixed rate deal, how long your mortgage currently has to go. I'm assuming its a repayment mortgage otherwise questions change again.

    The very best of luck. It's certainly do-able. I have been mortgage free for about two years.

    Bexster :)
  • Thank you. I shall look at the calculator but from doing the maths in my head it is doable. I have done it before then sold and got another house! Thank you for your reply and thinking I am not mad! It is a repayment mortgage and it is one I have no over payments charge in.
  • getmore4lessgetmore4less Forumite
    45K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    how big is your mortgage
    what is your current payment
    what is the interest rate
    what is the full term
  • OK, so I owe 71K I currently pay £400 with a monthly £100 overpayment. Interest rate is 2.08% until 2021, fixed. Mortgage is due to finish in May 2037. I need to pay off at least 8 years early! This makes me wonder if I am setting my sights too high, but always worth a go. If I do not try I won't know!
  • bexster1975bexster1975 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    Ok. So to save eight years you will need to overpay by about £200 a month ( I think this saves almost 7 years). You need on that basis, to find another £25 a week you can overpay

    Bexster :)
  • ThrugelmirThrugelmir Forumite
    85.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Future direction of interest rates is uncertain. However by scraping together whatever you can afford to overpay by. Will have an impact on reducing the mortgage term. The more you overpay now the less you'll be charged for interest in the future.

    Progress might be slow to start with. Over time , like rolling a snow ball, the benefits will grow. Stick with your plan.
    Real insurance claim quote : -

    "Going to work at 7am this morning I drove out of my drive straight into a bus. The bus was 5 minutes early.".
  • IwanttosaveIwanttosave Forumite
    9 Posts
    Part of the Furniture Combo Breaker
    So, 10 months on and I am still overpaying by at least £200 a month. My mortgage is down by £5000 over that time. Seems such a small amount, but the mortgage is only 3 years old. I am slowly but surely getting there. I often come back here and look how everyone is doing, and thought it was time to do an update. I must try to be more active.
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