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Original poster

How do I work out how overpayments will reduce my mortgage?

6 replies

HolidaysQueen · 13/02/2009 10:38

We're one of the fortunate families who happen to be on a base rate tracker so our mortgage payments have dropped a lot in recent months. This has been great while I've been on mat leave and money tight, but I'm back to work in 3 weeks so we might be able to overpay a bit on our mortgage. How can I work out how overpayments will affect the term of our mortgage (without having to have a ridiculous discussion with some bank employee in a call centre who doesn't know what i'm talking about)?

OP posts:
thisisyesterday · 13/02/2009 10:40

any overpayment will help reduce it. If I were in your position I'd be paying as much off as I could

georgiemum · 13/02/2009 10:41

Try looking at your mortgage company's website. If they don't have a calculator try First Direct - they have one that you can put in the amount and it works out the sums for you.

yama · 13/02/2009 10:46

I'm ashamed to admit that I leave all the working out to my partner. However, I do know that we are making overpayments of about £400 per month and if we keep doing this we'll save £10,000.

yama · 13/02/2009 10:47

Of course, I may be wrong as I am guilty of not listening properly.

Original poster
HolidaysQueen · 13/02/2009 22:21

That calc is great ZZMum - exactly what I was looking for! Thanks

OP posts:
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