The UK's independent property information site

Go Back   Home Move: property forum > Property Forums > Mortgages

Mortgages Discussions on choosing a mortgages and mortgage options available.

LinkBack Thread Tools
  #1 (permalink)  
Old 20-05-2016, 03:30 PM
crE crE is offline
Junior Member
Join Date: May 2016
Posts: 1
Question Pay off mortgage early?

Hi all,

I have a 30 year mortgage for £69,000. I have 23 years left and the balance is £60,000. With Alliance and Leicester.

I'm on a tracker (I think) and paying £345 per month.

I've started doing some freelance work since January (whilst still maintaining my full time job) which is going quite well. I've made £4,000 (ish) up until now.

As much as a "Round the world" cruise would be lovely! I'm trying to keep my sensible hat on.

My questions are - should I overpay on my mortgage? If so - are there any penalties? Should I overpay as and when I can? Or should I save it up off and pay it off in bulk?

This is new to me, any advice would be most appreciated!
Reply With Quote
  #2 (permalink)  
Old 24-05-2016, 02:50 PM
Junior Member
Join Date: May 2016
Posts: 1
Default Re: Pay off mortgage early?

Hi if you are looking to overpay to reduce your mortgage balance it is worth looking at your mortgage paperwork to see if there are any penalties for overpayments. Some lenders allow you to make a 10% overpayment of the o/s loan amount every year without incurring any penalties.
Reply With Quote
  #3 (permalink)  
Old 26-05-2016, 07:45 AM
Senior Member
Join Date: Nov 2013
Location: Hong Kong
Posts: 154
Default Re: Pay off mortgage early?

Hi there,

If you can pay more on a monthly basis that will be better providing there are no penalties for overpaying.

Reply With Quote

mortgage advice, overpayment

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


» Property Boards
Buying Property Selling Property Estate Agents Solicitors & Legal Builders & Developments
Property Development Home Improvements Buying Property Abroad

All times are GMT +1. The time now is 08:16 PM.

Powered by vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO ©2011, Crawlability, Inc.

Important Notice: does not provide professional advice on any aspect of buying, selling, developing or investing property. All posts are provided as lay opinions and not personal professional guidance. You should always seek a qualified professional for professional advice in relation to your personal circumstances. The forums are not monitored, and the site administrators cannot be held liable for the content of the forum. If you have any objection to any post on the forums, please either use the Report Post feature, or else Contact Us to ensure such content is properly dealt with. We are not responsible for third party links on the site.