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Overpayment - When is the 10% calculated from?
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Bobby_Peel
Posts: 56 Forumite
Hi, my mortgage is currently at 0.99% rate so I want to overpay as much as I can until the deal runs out in December.
Current monthly amount is £475.99
I’ve been paying £600.99 for around 18 months then in November 22 I started paying £700.99.
On December 22 my balance was £96.753.10
it currently stands at £93018.75
How do I work out what my 10% is? Is it from December 22 as I had a year left so would be £9675?
Many thanks 😊
Current monthly amount is £475.99
I’ve been paying £600.99 for around 18 months then in November 22 I started paying £700.99.
On December 22 my balance was £96.753.10
it currently stands at £93018.75
How do I work out what my 10% is? Is it from December 22 as I had a year left so would be £9675?
Many thanks 😊
0
Comments
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Why not put all overpayments into a savings account and then pay it off in a lump sum once the deal expires? At whatever rate of tax you pay you will likely be better off and you can then ignore the overpayment limit.1
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