AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Sort of following from the % mortgage thread, wondered how many people are overpaying their mortgage to clear it quicker, by how much and how much sooner you expect to be mortgage free compared to just paying the regular payments.
Length of time overpaying: 2 years
Amount overpaid: £2000
Interest Saved over term: £1900
Term reduction: 9 months
Calculator here if you want to try and work it out - http://www.drcalculator.com/mortgage/
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_Allan_
Member
Registered: 24th Mar 04
User status: Offline
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Length of overpaying: 3 Years
Amount overpaid: 31K
Interest saved over term: 68K
Term reduction: 18 Years
We are limited with Santander to 10% per year, however upping the monthly payments is seen as a renegotiation of terms and is not included in the 10%. So one off payment aside of 10% or less can be gained each month without penalty. Overypaying by about £180 each month now.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Can't wait to have a bit more spare to overpay at that rate
Unlimited overpayments here 
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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We only pay an extra £50 a month off at the moment, but at the same time we are paying £500 a month into the ISA to build up the Builder Loan we entered into to get the house in the first place. When that is cleared (18k to go  ) no doubt that money will be diverted to the mortgage properly, but we are modest earners and both 24 years old in a company with very few prospects and no pay rises for the last 2 years
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