Help on overpayments please to be mortgage free asap

10 Posts


Hi there, I’d like to overpay my mortgage by the maximum allowed but I don’t understand the wording.
If I can OVERPAY 10% does that mean I can pay 10% over and above my agreed mortgage payments please?
If I can OVERPAY 10% does that mean I can pay 10% over and above my agreed mortgage payments please?
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Int Rate: 1.19% fixed until Nov 2026 (6.75% follow on rate?) Cap+Int Repaid: £65100 (32%) £80,704 (40%) £82468 (40.48%)
Target MF date: Nov 2026 Current MF date: Dec 2029, Nov 2029, Apr 2029
Target Int Saving: £21,709 Current Int Saved: £12,350, £13,421, £16,991
It’s hard to explain what I mean but I just wondered if it’s usually 10% on top of my mortgage payments or 10% including them.
So if my mortgage is £100,000 and I pay £500 a month as my fixed mortgage payment, can I over pay £10,000 ON TOP OF my £6000 a year mortgage payments?
I would say if you start with 100k you can pay off 10k as overpayment and then 6k as 12*£500 and then next year £8400 and 12*£500. Those early lump sums smash into the total interest payable but also consider if saving might be the better option.
But check your agreement to see if it is calendar or mortgage anniversary.
Int Rate: 1.19% fixed until Nov 2026 (6.75% follow on rate?) Cap+Int Repaid: £65100 (32%) £80,704 (40%) £82468 (40.48%)
Target MF date: Nov 2026 Current MF date: Dec 2029, Nov 2029, Apr 2029
Target Int Saving: £21,709 Current Int Saved: £12,350, £13,421, £16,991