Mortgage term .

Sncjw

So I took out my mortgage in 29th April 2020 and payments are the 1st of the month..

When I looked at the time remaining it says 16 years and 10 months. 

So if I didn't do overpayments would it be 17 years 1 month as I didn't take it out until the end of April? 

Thank you 

dimbo61

So have you made any overpayments ?
If so it might well reduce the term 

Sncjw

I have made overpayments. The question I'm asking what would be the term of I hadnt made them as I feel it's not dropping as much as I thought it would 

housebuyer143

The term would have been what you initially agreed to when you took out the loan. Check your paperwork if you can't remember. 

Sncjw

housebuyer143 said:

The term would have been what you initially agreed to when you took out the loan. Check your paperwork if you can't remember. 

I know this. I'm asking if I hadn't done the overpayments would I still have 17 years 1 month left or not. 

I just want to see if it's making an impact yet? 

BikingBud

Sncjw said:

housebuyer143 said:

The term would have been what you initially agreed to when you took out the loan. Check your paperwork if you can't remember. 

I know this. I'm asking if I hadn't done the overpayments would I still have 17 years 1 month left or not. 

I just want to see if it's making an impact yet? 

We can't see your paperwork so we all have absolutely no idea.

Perhaps if you phrased your "question" slightly differently people may be able to assist eg:

Start date - Month/Year
Original term - 25/30/35 years?
Nominal payment - £xxx

You have some info in your sig block about overpayment but from this:

• Starting balance £66,565.45
• Current balance £64,673.55

Without further information it is difficult to deduce anything other than that you have paid nearly £1900 since deciding to overpay, I take that as being only one month ago. How much was overpaid 

I take it you have tried this https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/ or other similar calculators to ensure you understand the full implications and benefits of overpaying.

Try this to play with differing scenarios:

http://excelworks.co.uk/default.aspx?page=30100&alias=Download%20Excel%20Mortgage%20Calculator%20Spreadsheet

Sncjw

My term was 20 years when I took it out end of April 2020.