Paying off mortgage advice needed

[notacooldad]

I'm not mortgage Davy so I could do with some opinions and knowledge.
My mortgage company don't charge fro overpayments or early settlements. I have been chipping away at my mortgage for the last couple of years. Officially I have 53 months left.
The other week my balance was £12,801 and the capital balance was £13,387.
I have paid of £2801 and now my balance is £10,000 capital balance is £13387 still 53 months to pay and my monthly payment hasn't changed from.£267.11
I was going to pay another £6000 this weekend but I miss not sure what to do for the best and how much I actually owe!
I have emailed the company bu not had a response.

I'm just looking for an insight here as I know none can offer financial advice as such.

I’m just confused that this week you paid £500 and £281 and £2000 - instead of £2781 grin
I confuse my self sometimes!
Initially I thought I d pay £500 off. Then when I looked at the figures I thought ud pay off £281 to make it a round number to £12k.
Then that was bugging me I wanted to get it to £10k. I was a bit hesitant but thought why not and paid £2000.
I have clearly had to much time by myself in the evenings this week!🤣🤣

Could you give Dave a ring and ask for his advice?

Could you give Dave a ring and ask for his advice?
Thought I'd get opinions, possible options and other peoples experiences on the money matters page.
Its been helpful.

Do you mind my asking where you get all this money from?! It's really intriguing.

HollowTalk
From my savings account.
i work full time and all of my salary goes into my savings.
Over lockdown we hardly spent anything so all the money in the joint account went into savings.
About six years ago I lent my step sister £8k on the proviso pay me when you can and I didnt expect to see any money back. She gave me the full amount in April so that was good news.
I get £1000 from mum and dad every Christmas and birthday so that gets saved.

All of your salary goes into savings? Are you married and you both live off one wage? I always thought that would be a really good idea if it was affordable.

Yes HollowTalk
I've been married for years.
Its only in the last few years we've been able to do this.
We've had a few lean years when the kids were young, like a lot of people but things are easier now.

Thought I'd get opinions, possible options and other peoples experiences on the money matters page.
Its been helpful.
@notacooldad glad it was helpful , you know I was joking?

@notacooldad glad it was helpful , you know I was joking?
Hey its MN so who knows°🤷‍♀️🤣
I have know idea why I used the word ' opinions twice. I must have lost my point!!

I've made overpayments on mine. The monthly payments remained the same with the portion of that which goes to paying the interest being less and the portion going to repaying the capital being greater. Even when the annual statement came, there was no change in the amount I was repaying each month. It was only when there was a change in base rate that I saw them make an adjustment downwards on my monthly payment to keep the mortgage end date the same.

1LondonSE
This is exactly what was happening to me before my mortgage got passed on to another company.

No need to really worry about being mortgage free or keep a mortgage on a property in case of fraudulent applications just register with property alert service by the land registry for free for England properties (not sure if Scotland has anything similar), most deeds are now electronic as well so again there is no need to leave small amount on a mortgage so the deeds are looked after by the mortgage company. OP I think you should request a redemption statement from rooftop it will provide a true figure of the outstanding amount and should hopefully answer why you have two figures capital and outstanding balance.

It sounds like you are only 3 months of finishing the mortgage. I would check all the recent payments have been correctly credited and then get a settlement figure when you have the rest of the balance.

I overpay my mortgage every time I have spare money so it goes in in random amounts. The bank continue to take the same monthly payment and the overpayment reduces the balance to the full amount I paid off.

Interest is calculated monthly Accor to the outstanding balance.