3 extra mortgage payments per year

[SWS17]

Hi there, I have a 25 year mortgage. I’m now in the fortunate position to be able to make 3 full extra payments per year. So say, for example, our mortgage is£3,000 per month, I’m now able to overpay by £9,000 per year. My goal is to shorten the term of the mortgage rather than reduce future payments. I have checked and we are definitely able to overpay on our mortgage. I was just wondering what the overall reduction in term would be likely to be? We are currently 80% LTV

www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator

There are online overpayment calculators, HSBC does a good one - you can put in rate, term, amount etc

Check when the overpayment will be credited, we had a mortgage that allowed overpayment but they only credited the total once a year. They basically sat on the overpayments until their "settlement" date. Once we found this out, we put the overpayments into a savings scheme and made the transfer to the mortgage holder 48 hours before the magic date. How overpayment was handled became an item high on the priorities list when we moved to another provider!

If you've money spare every month and it onto you monthly payment.
Our mortgage was interest added daily so paying extra each month reduced the monthly interest as opposed to yearly.
We took 4 1/2 years off our 15 yr mortgage. After about 2 years youl see less interest going on..keep at it

Rather than 1, or 3 extra payments we chose monthly. And simply rounded up to an even number. It was a painless way to take years off in the long run.
Ex: 869.12 per month to 900.