Do you over pay your mortgage ?

[Lardlizard]

We have Done at times but I honestly somethings think should we be less sensible

Yes, always have. Even just £10/£20 (I'm a lone parent so can't afford much). It's taken over a year off so far.

I have that same debate. I always over pay a bit, at the expense of having much savings.

We fully intended to but my pt job on min wage makes it impossible DH is a ft student so not coming from him either. We can't even afford to service our heating system.

Yes but with interest rates so low I also try to up my pension contributions.

I have a separate account specifically for overpayments. Each time it gets to £1k I will throw it in full against the mortgage. In the meantime if I need it for emergency bills it's still there, but when it has reached the target I'll hopefully have also built up enough in my main savings to fall back on.

Yes, but we could over pay even more - I try to keep a balance between being prudent and having some fun. No point scrimping and saving just to knock a few years off the mortgage - it’s still going to be bloody long anyway

Yes, I over pay the maximum amount my mortgage allows, it saves a huge amount of interest in the long run and if I carry on and interest rates don’t significantly change I will be mortgage free four years earlier.

Yes, by quite a lot. It’s taken 10 years off our mortgage so far...

Yes we overpay by a large amount, means our 25 year mortgage will be done in 10 years.

Yes we did and ours was paid off years early. We intended to move and so would be starting afresh with a new mortgage but haven't got around to doing so yet. OH has been made redundant now so I'm very glad we don't have mortgage pmts to worry about.

No, the interest on our mortgage is less than the interest that we get on our savings.

Underpaying, would make more sense.

Ignore the extraneous comma.

I have an offset mortgage so I put what I can in the savings account to lay less interest.

We deliberately took out a mortgage that you can overpay as much as you like. We overpay when we can and have knocked off a few years already.

Yes I overpaid by a relatively small amount every month. It's money that I would otherwise be saving and I think it's better going off the mortgage. I'm going to be paying the mortgage right up until retirement so anything I can pay earlier the better really.

Yes, we overpay by quite a bit. It’s taken the mortgage term from 25 years to 14 so far. I only started overpaying after 3 years as I was on mat leave when we moved in.

We will need another mortgage when we move which will be larger - no chance of overpaying that.

Yup we are overpaying. It was a smaller mortgage as we put a large deposit down so if I carry on overpaying the amount we are. It'll be gone in 15 years instead of 25. Currently it pays the interest.

My bank reduced their savings rates again yesterday so although I'm still saving too I feel we are doing the right thing In overpaying. Its not megabucks we save anyway but for things for the house and holidays etc. I don't like owing the mortgage and I like the idea of a secure home by the time we are 53. We both have nhs and government pensions but then can concentrate on saving more if life allows.

I don't know what will happen in years to come but while we can overpay we will.

I always intend to but never do, there is always something we need to save for.

We did, and ended up paying it off ten years early. However, we could afford to overpay it and t didn't impact our lifestyle, I think you have to strike a balance.

Never overpaid. We wanted to enjoy our life in the now and not put every penny we had towards something that is fairly low rate debt.

I've always played anything "extra" like overtime and bonuses into the mortgage and then increased the monthly payments as they became more affordable with time.

Our mortgage was paid off by the time DC1 started secondary school which gives as wonderful freedom, although others would say it would have been more sensible to move to a more expensive properly for the investment.

Hi I'm interested in doing this. I'm wondering how much a month did you over pay?

Yes, we were first time buyers 2 years ago with a 25yr mortgage, now down to 17years to pay because of overpayment and the reduction in interest rates that's allowed us for the following couple of years.

We tend to save into normal savings account, which is used for holidays etc and pay off the mortgage at the end of the year with what's left/what we can afford rather than monthly amounts. This means I don't feel like we're missing out by doing so because the money is there during the year if it's really needed or wanted for something else iyswim

Should mention it's not at the expense of daily living and life experience. As previous PP stated their is a balance and we like to enjoy life too. But we have no children so probably more free budget. Not high earners though.

No but we reduce the term every time we remortgage which amounts to the same thing.