How to factor 10% mortgage overpayment allowance into overpayment calculator?

As the title says why isn't there an option to put how much you can overpay by to get an accurate overpayment amount if you pay up to the maximum per year. I get this goes down as the debt goes down but is there a calculator to make it easier to see? I did pit 1000 into the calculator as an overpayment per month but this would breach the allowance from the second year do the final figures are misleading. Trying to work out how much I can pay over the five years of my fixed deal

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  • diystarter7
    diystarter7 Posts: 5,202 Forumite
    First Anniversary First Post Name Dropper
    Sorry to hijack, but why a limit of 10% on over payments? Our son has got that on his several hundred k mortgage and he is paying plus 10% and putting extra to one side so when he takes out a new mortgage when this one reaches the end of the 5 years hopefully he'd get a slighly smaller mortgage than what was left at the end of 5 year agreement
  • isadreamalie
    isadreamalie Posts: 54 Forumite
    First Anniversary First Post
    edited 23 June 2022 at 10:25AM
    Sorry to hijack, but why a limit of 10% on over payments? Our son has got that on his several hundred k mortgage and he is paying plus 10% and putting extra to one side so when he takes out a new mortgage when this one reaches the end of the 5 years hopefully he'd get a slighly smaller mortgage than what was left at the end of 5 year agreement
    You're asking why the bank does it? They want to earn more money!

    I know some trackers don't have caps but they will have far higher interest now

    Yeah obviously I can still save the money I would have chucked at it had there been no limits. Not had this problem.before as I had more debt 
  • diystarter7
    diystarter7 Posts: 5,202 Forumite
    First Anniversary First Post Name Dropper
    Sorry to hijack, but why a limit of 10% on over payments? Our son has got that on his several hundred k mortgage and he is paying plus 10% and putting extra to one side so when he takes out a new mortgage when this one reaches the end of the 5 years hopefully he'd get a slighly smaller mortgage than what was left at the end of 5 year agreement
    You're asking why the bank does it? They want to earn more money!

    I know some trackers don't have caps but they will have far higher interest now

    Yeah obviously I can still save the money I would have chucked at it had there been no limits. Not had this problem.before as I had more debt 
    silly me, thanks. :)
  • Parkyp
    Parkyp Posts: 883 Forumite
    First Anniversary First Post Name Dropper
    As the title says why isn't there an option to put how much you can overpay by to get an accurate overpayment amount if you pay up to the maximum per year. I get this goes down as the debt goes down but is there a calculator to make it easier to see? I did pit 1000 into the calculator as an overpayment per month but this would breach the allowance from the second year do the final figures are misleading. Trying to work out how much I can pay over the five years of my fixed deal
    My mortgage states that I can pay 10% of the balance as of January each year.  Not sure if that is the same way all banks work it out. 

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