Does anyone over pay on there mortgage.??

[helloeveryone]

Hi, just wondering if anyone over pays on there mortgages ?, i have been for a few years now. just wondering if many people are doing so as well.
I feel bad if i don't pay extra some months. I also sell on ebay and put that money into mortgage...

I hate bills and i see my mortgage as a big bill to pay...
also if you do how much to you normally pay extra per month..?

 

[suzib76]

I don't but we only have a little over 3 years to pay on ours anyway

 

[topsy]

We used to, but dont now I am not working. Hope to in the future, the quicker that huge bill is paid the better!

xxxxx

 

[Sarahkka]

We do bi-weekly payments, so that accelerates it substantially over a year, and even more over the life of the mortgage. We probably won't be able to toss heaps onto it this year as moving into this new house came with significant extra costs, but it is definitely on the agenda for next year. It saves SO much money to put extra on.

 

[RachA]

We try to as much as possible. Before i left work we overpaid for nearly a year at the rate of an extra £500 per month. Now though we hardly do it at all because of me not earning and needing to save money up to do work to our house. When i go back to work what i earn will hopefully go on overpaying our mortgage. We have it set up so that when we overpay it brings down the term of the mortgage rather than the monthly cost.

 

[tasha41]

We also do accelerated bi-weekly. If we didn't have quite a bit of work to do on the house, which we plan to move from in less than 5 years, we'd spend that "improvement money" on paying it off faster I think. We're both pretty committed to living mortgage-free as young as possible, but we are only 23 & 24 yet.

 

[Panda_Ally]

No at the moment, but OH has just moved in so planning to over pay a little every month... I'm not sure if its worth it tho as planning to move in 2015...

 

[Bevziibubble]

When we can but something always seems to come up

 

[Lauren25]

I wish!!
We dont have the money to at the moment as we live off one wage, have another baby on the way and are getting married in the summer! Our payments should come down in January though so hopefully after the summer we'll be able too!!

 

[Mummy Bean]

God no, i only can only make extra payments in sums of £1500 a time. and can safely say i never have that much extra cash a month.

 

[bigbetty]

Once our fixed rate is up in a 2 years time we are going variable which will cut our montly payment by quite a bit then we will overpay as much as we can x

 

[lindseymw]

DH did for years. It's shaved years off his mortgage. We don't now as we only have a year left.

 

[Dizzy321]

No way! We even take 2 months break a year which is not good really but that frees up so much money that we need for other things so that break really helps us out! Wish we never had to but needs must!

 

[rebeccalouise]

we've just found out that we've been paying £10 more a month than we should've been!

 

[Eternal]

I wish, we have got to ay our debts first, this house was a renovation project, so it's costing a lot, a ways emergency work needed and we have a windows loan, when We pay all that back, hopefully, it will be a while though and will probably move before then.

 

[Cleo]

We do the accelerated biweekly as well and I seem to remember it cutting down the overall payment a lot!! We also have the option of doing one large lump sum a year but we've never been able to do it before. Hopefully we will have a little this year as DH gets a bonus in February...although some of that is going to pay off the yard renovation from last year, and we're also treating ourselves and going to Hawaii so oops! Sorry mortgage, looks like you'll have to wait another year for a lump sum!