mortage and over paying years off mortage question

hi guys well i currently have ashared ownership house which i brought 50% 3years ago. with a mortage of 43k plus 22 k deposit, i remortaged last year to buy more of the property so now i have 80% with a mortage of 81k with a 35 year mortage, i have been over paying as much as possible and my mortage is now down to 70k i called today to see how many years i have taken off my mortage by over paying and she told me on the phone that my mortage have gone down to 14 years 9 months so my questions would be is that correct it seem very low.


  • edited 14 October 2019 at 2:51PM
    phillwphillw Forumite
    4.4K Posts
    Eighth Anniversary 1,000 Posts Name Dropper
    edited 14 October 2019 at 2:51PM
    rossplym wrote: »
    would be is that correct it seem very low.

    What is the interest rate? How much is the amount you have to pay a month (without any overpayments)?
    70K over 14 years isn't that unreasonable, if anything 35 years seems like an incredibly long time.

    You should be able to just enter the amount, interest rate & number of years into a mortgage calculator and compare the monthly payment with what they are taking.

    If it doesn't match then adjust the term until you the repayment matches, that should be how long you'll keep paying.
  • I had to go for a 35 year term because I was buying on my own and it was easier to get the mortgage I needed. Ok the standard monthly payment is 264 and I think the interest rate is 1.35 I would have to go dig the paper work out. I have made a lot of over payments I just thought in one year that's crazy going from 35 years to just under 15.
  • sorry i got the interest rate wrong its 2.01%
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