Hello all just about to start.

Bigadd_2

Hello all just be reading loads of posts on this Forum and it has made my mind up to start overpaying our mortgage. We currently owe a total of £90413 over 21 years and 5 months. Our mortgage is split into two parts.....

Part 1 £59639 5.69% FIXED until 31/7/2019

Part 2 £30774 5.59% FIXED until 31/7/2016

On part 1 we can overpay by 99% and on part 2 we can only overpay by 10% per year. We at the moment pay £604 per month but i have just increased that to £1000 per month so we are going to overpaying by £396.00 per month.

I have tried to work out how this will affect our term but cant, i have phoned Yorkshire who the mortgage is with but have been told 3 different times, one at 14 years one at 12.6 years and finally one at 11.2 can anyone please help.

Kaz2904

Go to www.whatsthecost.com and enter your debts and how much you can pay per month. It will then tell you how much you will owe at the end of your tie in.

kezza12

hi bigadd come and join us all on the 2008 mortgage freewannabe thread you can join it at any time and it's good for support and adviceand it only started 3 months ago people are still joining:D

Bigadd_2

Hi all just recieved a letter from my mortgage company (Yorkshire Building Society) saying that if i over pay by £396.00 per month my orginal term of 21.5 months will come down to.............


9.9 months !!!!!

Im very happy with that and to be honest im totally amazed i have instructed them to go ahead and and we are going to be starting to overpay from next month. The plan will be when we can afford it to up the payments even more, we still will be saving £150 each month for our holiday fund and £150 for our "house" account which we use for car tax,heating oil, and money for car repairs.

What an exciting time.

setmefree2

Good Luck and keep us posted:T