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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
mayhew · 20/05/2018 21:07

We didn't know this was a thing and were astonished when some friends explained how much money we could save, one Sunday lunch.
We started small and increased once we stopped paying for nursery. We paid off a 25 year £70k debt in 12 years, saving lots of interest in a high interest era.
More recently, we borrowed £100k to buy a flat. We paid that off in 5 years.
We are not high earners but are thrifty with a goal in view.
Very grateful to those friends!

RhurbabAndCustard · 20/05/2018 21:51

If we don't overpay we will have the mortgage til we are 69 (we moved after having paid off our mortgage already once annoyingly). Hoping when we remortgage in 4 years time we will shave off a good couple of years. Thanks to this thread I have just gone through finances and upped the overpay to £270 a month so Every three months we will now ditch an extra month.

DuchyDuke · 20/05/2018 22:25

I overpay 10 percent every month.

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