MSE Mortgage calculator overpayment

sgc21

Hi, how does the mortgage overpayment calculator work with anyone who has a mortgage with the 10% overpayment rule applied?
Am I right in thinking the overpayment amount entered into the calculator may exceed 10% of the decreasing balance as the principal mortgage reduces which may incur additional fees?

I have a new 12yr remortgage fixed for 5 yrs starting June 23 going to try hard to get it paid off within the 5 yr fixed term, I have the over payments on a spreadsheet that i knocked together and as the mortgage decreases with overpayments I find that I can't pay as much as I'd like due to the 10% overpayment rule, so thinking I need to put the rest of the overpayment in a savings account so I can use it to pay off the balance after 5 yrs.

Anyone know of any good spreadsheets templates to calculate overpayments accurately ? 

Thanks

Sncjw

You put in the monthly amount you would pay and then it works out how long it would take. 

Just take the overpayment budget you have and divide it by 12. It will tell you how long it would take to clear mortgage if you pay this a month. 

Also if you have less time left before the new 12 month period you could save the difference between overpayment and the amount remaining and pay it near the end of the 12 months period.

Sp for example my 12 month period starts on April and I have 75150 I can over pay. I can overpay 620 if I did it by 12 months and be just under. Then say I waited until I had 8 months left I still do the 620 and then save aside the extra to pay when it comes to march payment as it makes it easier to work out term left on the calculator if you did it in 12 months and divide it equally. 

dimbo61

Your right to consider the 10% overpayment limit if you hope to clear a mortgage in 5 years rather than 12.
The rate is fixed so just search for the best savings account you can find once you have overpayed by 10%