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New Forum User! Mortgage overpayment advice please
Rising_Sun
Posts: 2 Newbie
Hi,
Firstly may I say this site is fantastic, I have used it to save a lot of money, the best result so far was getting my house re-banded, even though the local authority were very robust in their defence, in the end the evidence I was able to provide, courtesy of the links on this site, was just to much to argue with and they conceded.
I have a mortgage, part endowmwnt and part repayment and I'm after some advice as I'm looking to be as smart as possible when making overpayments, this is the picture as of April 2008:
34000 Repayment (term left 7y 10m) 5.15% fixed until April 2009
41000 Interest Only (Term left 10y 0m) fixed the same
In the 2007/2008 year I just made the maximim capital repayment allowable without penalty, £8000, and have elected to keep the monthly payments the same, total £622 per month. The overpayment came off the repayment mortgage sum. My interest is calculated on a daily basis.
Firstly I juat want to confirm this sounds correct, ie did I pay in to the correct part of the mortgage?
Secondly I can now, in the 2008/2009 year pay another £8000 in to this mortgage, do I do the exact same again?
My fixed term comes to an end in 2009, I intend then to assess what I can pay in to reduce the mortgage further, fingers crossed I can afford to pay another lump sum, then shop for the best deal then.
I'd really apreciate any comments or advice... :j
Firstly may I say this site is fantastic, I have used it to save a lot of money, the best result so far was getting my house re-banded, even though the local authority were very robust in their defence, in the end the evidence I was able to provide, courtesy of the links on this site, was just to much to argue with and they conceded.
I have a mortgage, part endowmwnt and part repayment and I'm after some advice as I'm looking to be as smart as possible when making overpayments, this is the picture as of April 2008:
34000 Repayment (term left 7y 10m) 5.15% fixed until April 2009
41000 Interest Only (Term left 10y 0m) fixed the same
In the 2007/2008 year I just made the maximim capital repayment allowable without penalty, £8000, and have elected to keep the monthly payments the same, total £622 per month. The overpayment came off the repayment mortgage sum. My interest is calculated on a daily basis.
Firstly I juat want to confirm this sounds correct, ie did I pay in to the correct part of the mortgage?
Secondly I can now, in the 2008/2009 year pay another £8000 in to this mortgage, do I do the exact same again?
My fixed term comes to an end in 2009, I intend then to assess what I can pay in to reduce the mortgage further, fingers crossed I can afford to pay another lump sum, then shop for the best deal then.
I'd really apreciate any comments or advice... :j
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