We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage overpayments

chillibum
Posts: 11 Forumite

How do peeps.
sorry to sound a bit wooden about this question.
I am intending on moving in with my girlfriend who has recently committed to a 7 year fixed mortgage at £90000 over 20years. £416pcm
I am going to be giving her £400 towards paying off the mortgage and being mortgage free asap.
Her bank says limit overpayments to 10% of the balance
So once her regular amount is paid in is it then 10% of the balance were allowed overpay or hers and my money together making it 10%.
Again apologies
sorry to sound a bit wooden about this question.
I am intending on moving in with my girlfriend who has recently committed to a 7 year fixed mortgage at £90000 over 20years. £416pcm
I am going to be giving her £400 towards paying off the mortgage and being mortgage free asap.
Her bank says limit overpayments to 10% of the balance
So once her regular amount is paid in is it then 10% of the balance were allowed overpay or hers and my money together making it 10%.
Again apologies
0
Comments
-
Good Afternoon,
If the mortgage is 90,000 then 10% is 9,000 you can make overpayments of 9K, extra. Excluding the monthly payments.
Steve1 -
Go here www.santander.co.uk/personal/mortgages/mortgage-calculators/overpayment-calculator
for an overpayment calculator.1 -
Which lender?
Some have rules that allow well over the 10% a year even if they say 10%.
You are ok for a bit with £400pm but will hit the 10% before the 7 years are up
edit
Just checked and looks like ~1.35% with £816m payment you hit the 10% limit Y5
.1 -
Thanks all. Will maximize as much as possible to be mortgage free as early as possible 😁0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards