Do you over pay your mortgage ?

[Lardlizard]

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

Yes, £100 a month.

We have an offset mortgage and currently savings balance is over what we owe so we are paying no interest at all, but still have the money there if we want it

Previously yes always overpaid when possible and have taken off 8 yeasts over the years (couple of remortgages in there for investment purposes)

Repayments should be complete in just under 10 years now

yes, but not so much this past year as things are tougher & less stable work wise.

Previous years we overpaid by £15K over the year but it's now a toss up between overpaying a larger amount each month or adding to savings so we have a decent buffer in case anything happens

I have done in the past, which meant that I was able to move up the ladder and invest in property. Dp and I have 4 properties but no mortgages now. We're in our early 50's. I always planned to pay off the first house I bought asap.

I do a tiny bit but I'm aware I have no savings and I don't pay into my pension so it's not the best thing to do in my situation. However it is tempting when you see how many years you can wipe off!

Yes, as much as we can. We aim to be mortgage free ASAP. We pay about 50% extra each month.

We overpaid from the start, to build up an overpayment buffer in case things went south. Our mortgages always allowed payment holidays using overpayment reserves, so every time DH got a raise we'd put half that raise onto overpaying the mortgage and half into the household budget.
Paid mortgage off in 15 years, giving us time to build savings for DCs as they fly the nest/go to university.

Nope, because despite being a high earner, I’m single and live in London so my mortgage is a high proportion of my household income, and it isn’t feasible or realistic unless I also want to be scrimping about like a miser. I imagine it’s much easier if you’re a dual-earning couple or also eligible for tax credits to boost your income.

I have a very laissez faire attitude towards finances generally, I suppose.

Yes. I pay the max annual overpayment (10%) in one hit to maximize interest savings. I then immediately start saving up for the next year's overpayment.

Surplus after that goes into other savings. I am naturally quite cautious and frugal so ending my mortgage is very important to me.

Yes by as much as possible every month otherwise my 35 year mortgage will still need paying when I am 75.

(Thanks to you, @CadburyFlake I am now sitting here craving your namesake. Seriously considering going to the shop purely for chocolate!)

I plan to but at the moment focussing on clearing my credit card debt. Should have that cleared in about 2-3 years which will save me about £200 a month, some of which will go towards overpaying the mortgage. I love the idea of paying it off early and being mortgage free by 45.

Sorry!

We used to and will again when I get a new job. It made me happy.

We overpay about £100 a month every month, when we remortgaged and the repayments dropped we just kept the amount we put to the mortgage the same for now as we can afford it at present. It's really satisfying to see the capital dropping quicker

No, because we needed to build our savings back up after buying a house and because we were planning to start a family.

Once our child is past the most expensive nursery years we will start to over-pay - we just can't afford it at the moment. I like the security of knowing we have savings first though.

We are because I like the security of thinking that if anything happens benefits would eat into savings but if the savings have already been use to pay off mortgage then they can't be touched. Fortunately mortgage isn't too bad as long as one of us has an income.

We’re not at the moment but we only bought 18 months ago (FTB) and the mortgage is pretty high. Our plan is to begin over payments in April when DH gets his pay rise (which is going to be £20k a year) 😆👍🥳🥳 Should bring it down nicely.

We’ve been paying £50pm extra for a while as DH is keen for mortgage to be gone by his 50th birthday. Although we’re really lucky with ours as it’s a staff perk and the interest rate is just the base rate so it’s comes down quickly anyway.
DD is at nursery so we pay a lot on her fees at the moment so can’t overpay huge amounts.

We overpay by a small enough amount each month that we don't miss it. With our mortgage, it goes into an "overpayment reserve" until the fixed term expires, so if we did get into trouble, it would be there for us to use to keep up payments as well. Will take a few years off the term ultimately with no impact on our lives now.

Yes, we did. Started at £80 a month then we upped that every time we got a pay rise or lowered a direct debit. Paid off the mortgage 6 months ago 👍

No,
It didn’t make financial sense for us. Interest rate was at 3%. Cheapest debt we’d ever have. Instead we put surplus into pension savings where we could earn 8-28% interest each year.
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Yes. As interest rates fell in the economic crisis (2008 or so), and fell a number of times, we could afford (JUST!) to continue to pay the previous amount that had been due. So we asked the BS to keep taking the same payment every month as before, and the extra went straight off the capital. It knocked more than 4 years off the term in the end by doing that - a combination of extra payments off the capital sum, and also reducing the interest being charged because the capital was getting smaller much faster than expected when we drew down the mortgage. I think it ended up, after all the rate cuts, being roughly €50 extra per month.

At the time, we were pragmatic because we had been used to being very frugal to get the deposit together and had just finished a lot of major renovations, so we were happy to continue being reasonably frugal. DH's job was somewhat under threat with the recession, so it made sense to keep getting the capital down as much as possible. But it also gave us a cushion to bargain with BS IF he lost his job - to reduce payments back to the required level for the interest rate, and also to potentially give us some breathing space by a payment freeze if necessary. (Which it wasn't, thankfully).

By a small amount - I round up to the nearest 50 pounds figuring I won’t miss the difference but it will add up over time.

Yes, we overpay by £500 a month. Hubby has 2 jobs at the moment though.