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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

How much do you over pay on your mortgage

128 replies

Metoodear · 19/05/2018 21:22

We managed to scrape together some money and move not to for form London were we used to live

Our house was 190
We borrowed 160
It worth 280 now

We pay 800pm
we have been overpaying only £30 a month due to me not working but I have just got a pt job with nominal childcare costs so will bump the payments up to £130

Aibu to think anyovwpayment is better than none

OP posts:
HellenaHandbasket · 19/05/2018 21:23

About the same at the moment. Has varied though.

happypoobum · 19/05/2018 21:24

You own a house not far from London that is worth £280k? Confused

MyDcAreMarvel · 19/05/2018 21:25

Approx £2k a month , hate being in debt it really stresses me out.

LeoTimmyandVi · 19/05/2018 21:26

Definitely - any overpayment is good! Have you put the figures in to the moneysavingexpert mortgage overpayment calculator - you will be able to see the good effect of your £30 a month.

I overpayvmy mortgage by £500 a month. I am a lone parent and have no other debt - I am desperate to be mortgage free by the time my children are 19 and child maintenance stops (7 years ish) - things will be tight then so a very small or no mortgage will be very welcome!

Almostfifty · 19/05/2018 21:30

In the olden days, we had a mortgage that was 1% over the mortgage rate.

Mortgages then went down to the lowest level ever, so we kept on paying the same amount. We ended up paying it off about 10 years early, just brilliant.

Helpmeplan · 19/05/2018 21:31

Half my net bonus every month. It varies a lot but we want to be debt free asap so we can save for our retirement.

MellyPapa · 19/05/2018 21:37

If you over pay regularly does the bank contact you about increasing your monthly payment?

I deliberately told them I wasn't prepared to pay more than X amount so that they would give me a longer term and give me some wiggle room in my budget. However, things are going well and I'd like to pay an extra £50 or so a month but I wonder if the bank will ask me to increase my payments going forward?

Original poster
Metoodear · 19/05/2018 21:38

Yes we have the same plan as well but we can’t put as much as £500 but as soon as my oldest moves out we will wack another 200 on it

In laws gave us 5k last month we put 1k on it

OP posts:
lookingforbutterflies · 19/05/2018 21:39

£300. I moved last year to a much bigger house and mortgage but hopefully our forever home. I want to get the mortgage paid off as quickly as possible as I'm a lone parent and always worry about anything happening with a single income. According to the MSE website, I'm taking almost 8 years off my term.

Original poster
Metoodear · 19/05/2018 21:41

Mellypepa
Know we have a direct debit they ask if we want a shorter term of reduced payments

We always opt for shorter term

OP posts:
ThePinkOcelot · 19/05/2018 21:42

SFA!

SuperLoudPoppingAction · 19/05/2018 21:45

£100 at the moment.
It will take 2 years off the term if I keep it up.
It's a struggle tbh

AntiHop · 19/05/2018 21:47

Nothing because we can't afford to.

pitterpatterrain · 19/05/2018 21:48

We overpay about £100 per month

Have fixed our monthly payment else they would reduce it automatically when they do the annual statement

Should probably increase it - we have an offset mortgage so tend to chuck spare money in there instead

KanielOutis · 19/05/2018 21:58

We live less than an hour from London and our flat is worth less than £200k. There are pockets of the SE that are still affordable. We overpay £170pm and will have the mortgage paid off before I'm 40.

Cheeseislife · 19/05/2018 22:01

How is this an AIBU when there are money and property threads? Hmm

Cheeseislife · 19/05/2018 22:01

Boards even....

dontbesillyhenry · 19/05/2018 22:13

Again Mumsnet is a parallel universe it would seem...

Bentlie · 19/05/2018 22:16

£60 over at the moment. Would love to pay more but with baby on the way we are a little worried about finances!

ConciseandNice · 19/05/2018 22:19

This is on AIBU so that people can humble brag to as many people as possible that they have more disposable income maybe?

MagentaRocks · 19/05/2018 22:20

Just under £400 a month extra. I also save 1k a month in an isa and use that to pay a chunk off now and then. Want to be mortgage free before dh retires in just under 5 years. We are due to remortgage at the end of the year so will massively increase the payment and knocka lot of years off.

CurlsandCurves · 19/05/2018 22:23

This must be the third mortgage thread I’ve seen today....

But yes, I do overpay by about £180 a month. We remortgaged and reduced the term but asked for the repayments to be kept the same.

Imchlibob · 19/05/2018 22:26

I wish I had known about how sensible it us to overpay back when I first got a mortgage. We didn't even do a penny of overpayment for the first 8 years - and those are when overpayments can make a huge difference while so much of the regular payment is interest - even £30 extra each month can have a huge impact.

Nowadays we are overpaying by £300 per month.

JeezYouLoon · 19/05/2018 22:27

YANBU, obviously. But why don't you just reduce the term of your mortgage Confused

We redo the mortgage every two to three years and knock off one or two years from the term however it depends on the deal we can get.

Twistofanxiety · 19/05/2018 22:28

House worth £380k borrowed £120k now mostly paid off and we pay £10 pm.

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