Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Overpaying mortgage

79 replies

Livvyliv18 · 21/09/2022 07:47

If you overpay your mortgage every month how do you do it and how much do you over pay ?
Ive increased my DD by £100 and then I add the odd £50 when I have spare cash.I also round up my bank account every night.It works out Im probably overpaying about £250 pm.
Would it be better to pay larger amounts at a time or is it ok to trickle money in?
The balance never seems to go down!
My mortgage company allows up to 10%.
Ive looked at the overpayment calculators so I know it’s worth doing but I’m just unsure if I’m doing it the best way
TIA

OP posts:
iRun2eatCake · 02/10/2022 20:49

billycorn · 21/09/2022 21:52

I overpay £900 per month but have no idea whether this is going towards the interest or capital. Our mortgage is with Santander.

I'm with Santander and overpay each month
I phone up to do it and they ask if l want to reduce the capital or term.

I then receive a letter with the new mortgage amounts

MidnightMeltdown · 02/10/2022 20:57

I don't overpay as savings rates are higher than the interest rate on my mortgage now. I will pay lump sum when I remortgage in a few years time.

whereeverilaymycat · 02/10/2022 23:08

@iRun2eatCake if you have the Santander app you can overpay on there. Might save you the hassle of a call.

iRun2eatCake · 03/10/2022 00:49

whereeverilaymycat · 02/10/2022 23:08

@iRun2eatCake if you have the Santander app you can overpay on there. Might save you the hassle of a call.

Alas l have more then one part to my mortgage so it won't allow me too.

Would save me so much time if it did!

New posts on this thread. Refresh page