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/mortgagecalculators/overpaymentcalculator
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
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