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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Over paying Mortgages

464 replies

Aquarius1234 · 05/04/2023 14:06

AIBU to find those that over pay their mortgages smug?
Moat people can just about afford or want to pay the standard monthly payments. Let alone want to use any more money/ savings on it !!
Why worry about paying off when in 20 years your probably get some form of lump sum anyway

OP posts:
QueenBeaver · 06/04/2023 17:39

We don’t even tell anyone. You’re just jealous.

Starseeking · 06/04/2023 17:45

I overpay my mortgage by a few hundred pounds every month because I want to reduce the term more quickly, and own the asset outright.

Nobody knows this except me and my mortgage provider, so I'm not sure how that could be classed as being smug.

Overthinker09 · 06/04/2023 17:53

Aquarius1234 · 05/04/2023 14:19

Most people don't over pay. Unless they are on a high salary and are those sort of people.

I'm not a high earner and am a single parent but i overpay my mortgage because I want to try to pay it off sooner as following my divorce I had to take out a new mortgage at 34. I'd rather forgo some things like expensive holidays and expensive clothes in order to do this so that I can hopefully have a better lifestyle when I'm too old to work full time. I think you are making some very big overgeneralisations OP.

Overthinker09 · 06/04/2023 17:55

PoppyFleur · 05/04/2023 14:23

Such an excellent grasp of money management. Is that you Liz Truss?

😂😂love this!!

Original poster
Aquarius1234 · 06/04/2023 19:36

Starseeking · 06/04/2023 17:45

I overpay my mortgage by a few hundred pounds every month because I want to reduce the term more quickly, and own the asset outright.

Nobody knows this except me and my mortgage provider, so I'm not sure how that could be classed as being smug.

Should have got a bigger mortgage with that much extra cash.. lol

OP posts:
Original poster
Aquarius1234 · 06/04/2023 19:41

Overthinker09 · 06/04/2023 17:53

I'm not a high earner and am a single parent but i overpay my mortgage because I want to try to pay it off sooner as following my divorce I had to take out a new mortgage at 34. I'd rather forgo some things like expensive holidays and expensive clothes in order to do this so that I can hopefully have a better lifestyle when I'm too old to work full time. I think you are making some very big overgeneralisations OP.

Show quote history

You probably earn a decent enough salary. No need to tell me. Its much harder being single I agree.

OP posts:
crepedupthestairs · 06/04/2023 19:48

Aquarius1234 · 06/04/2023 16:39

Some people do bang on about over paying though, that's the point.
Like the whole lifes ambition is about having no mortgage.

Never any thought about those that actually don't like paying the standard mortgage monthly payments itself let alone having spare hundreds to add in.
Or what about those that rent and are unlikely to buy without huge deposits.

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So what if they do? People brag about all sorts of things in life, some more than others. Are they annoying? Yes, but so what. You've clearly got a chip on your shoulder because someone you know has "banged" on about it.

Of course it's a "life's ambition" for many people to pay their mortgage off before they hit pension age or younger - you must be able to work out why, surely???

Why not just engage with many of the PP's on here you could probably learn from instead of the childish woe is me act. There's been some really good advice and explanations on this thread.

Starseeking · 06/04/2023 19:56

As I'm a single parent the fixed payment is what I was comfortable with; the overpayment is out of choice. It's surprising you don't appear to know how these things work @Aquarius1234.

BMW6 · 06/04/2023 20:02
Look Whos Talking Now Omg GIF

I picture OP .......

Rosieposy89 · 06/04/2023 20:05

You sound a bit jealous op.
We overpay our mortgage when we can. We borrowed enough money for a modest house so didn't overstretch ourselves to give us more disposable income. I'm disabled and worried I won't be well enough to work into my 40s/50s so overpaying now gives me peace of mind for later.

Overthinker09 · 06/04/2023 20:05

"You probably earn a decent enough salary. No need to tell me. Its much harder being single I agree."

Again your are making an assumption about my earning when up until 3 years ago I was on tax credits. I don't earn a high wage, I sacrifice in other areas to overpay on my mortgage. It's personal choice, not for everyone I agree, but I'm definitely not smug about it. I think we just prioritise different things.

Original poster
Aquarius1234 · 06/04/2023 20:05

Starseeking · 06/04/2023 19:56

As I'm a single parent the fixed payment is what I was comfortable with; the overpayment is out of choice. It's surprising you don't appear to know how these things work @Aquarius1234.

I know it's a choice.

OP posts:
Original poster
Aquarius1234 · 06/04/2023 20:09

crepedupthestairs · 06/04/2023 19:48

So what if they do? People brag about all sorts of things in life, some more than others. Are they annoying? Yes, but so what. You've clearly got a chip on your shoulder because someone you know has "banged" on about it.

Of course it's a "life's ambition" for many people to pay their mortgage off before they hit pension age or younger - you must be able to work out why, surely???

Why not just engage with many of the PP's on here you could probably learn from instead of the childish woe is me act. There's been some really good advice and explanations on this thread.

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Indeed I'm still a bit confused, but it is what it is. Thank you.

OP posts:
Newmumatlast · 06/04/2023 20:11

Aquarius1234 · 05/04/2023 14:11

Your just giving the bank more money.

No... you're giving the bank less money in the long run because you pay less interest. We cut our mortgage term by about 15 years so 15 years less interest

Original poster
Aquarius1234 · 06/04/2023 20:12

Oh and why?? So they have some extra money in the bank ... so what.

OP posts:
Original poster
Aquarius1234 · 06/04/2023 20:13

Newmumatlast · 06/04/2023 20:11

No... you're giving the bank less money in the long run because you pay less interest. We cut our mortgage term by about 15 years so 15 years less interest

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Is it better to that before interest rates rise by a lot. Or only when they are low like 2%

OP posts:
Albiboba · 06/04/2023 20:18

Aquarius1234 · 06/04/2023 16:52

I'm of the generation where houses are expensive and mortgages are very long term and expensive. Unless you have a huge deposit.
Therefore over paying doesn't come into it.

The main thing is to to able to afford the re payments and hope they don't get much higher. But if they do, know you can afford it. Some small savings put by. Or not spending everything each month.

Don’t trying and make yourself feel better by pretending other people are like you 😂

DashboardConfessional · 06/04/2023 20:20

Aquarius1234 · 06/04/2023 19:36

Should have got a bigger mortgage with that much extra cash.. lol

Show quote history

Odd comment from someone who is against "giving the bank more money" as you put it.

Emigratingimmigrant · 06/04/2023 20:26

I think op is on wind up but anyway. I am assuming we are about a same or smiliar gen and no. Not all of us are just about affording mortgages. Mega prices are not everywhere in UK. Even if I had to drop to NMW I could still afford mortgage, holidays, bills and food. Fewer holidays but still some.

There are large parts of country which are still really affordable

Original poster
Aquarius1234 · 06/04/2023 20:33

Emigratingimmigrant · 06/04/2023 20:26

I think op is on wind up but anyway. I am assuming we are about a same or smiliar gen and no. Not all of us are just about affording mortgages. Mega prices are not everywhere in UK. Even if I had to drop to NMW I could still afford mortgage, holidays, bills and food. Fewer holidays but still some.

There are large parts of country which are still really affordable

Wow. You must have the best deals. 👌

OP posts:
Original poster
Aquarius1234 · 06/04/2023 20:35

I'm talking about those on 25k to 35k. Single.

OP posts:
Original poster
Aquarius1234 · 06/04/2023 20:36

Or less previously of course.

OP posts:
Overthinker09 · 06/04/2023 20:37

Aquarius1234 · 06/04/2023 20:35

I'm talking about those on 25k to 35k. Single.

I am in this wage category and a single parent and and I overpay on my mortgage

Emigratingimmigrant · 06/04/2023 20:45

Aquarius1234 · 06/04/2023 20:35

I'm talking about those on 25k to 35k. Single.

I mean like i just said even if i dropped to NMW, but keep going.
I know people who bought by themselves in last 6 years on under 30k. Again, because there are many cheap areas outside of the megabucks ones.

Saniflo · 06/04/2023 20:46

It all depends where you live doesn't it? 25k a year and single in London is different to 25k a year with a partner in the North East. Comparison is the the thief of joy. Just try and be happy with what you have.