Overpaying so match partner deposit?

[Sparkymoo]

We are looking to buy together. He has £80k and I have £40k for a deposit. We will be buying this year but I have got a better job meaning I can save £400-500 extra a month. If I used this to overpay the mortgage until I had put in an additional £40k (6-8 years depending on bonus and life), how could I work out how much this would reduce our mortgage term?

We are looking at a mortgage of around £200k.

Check first that you can overpay that much, a lot of mortgages only allow you to overpay by a certain % per year.

There's also a tool on the Martin Lewis website that help you calculate overpaying a mortgage.

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

Lenders normally only allow you to overpay by 10% each year before charging a penalty. So may be better just to overpay by this amount.

500 per month is 6k per year, which is much less than 10% of 200k, so OP that would be fine for lenders who have this cap.

was going to recommend the ML calculator but I see a PP has already

Fab, thanks all.

collect me if I’m wrong but can you put down as a deposit so your monthly payments is lower? When we bought our house we put down a very large deposit to lower our monthly payment.

That’s what they’re doing, but her partners deposit is higher.

With our mortgage we can over pay up to 3x the monthly payment per month AND in addition10% of the remaining total a year. I only mention it as I didn't know, nor did our IFA, and I wish I'd known years ago as we would have less of a mortgage now.