personal finance

Mortgage UK: Homeowner reveals how overpaying saw them become mortgage free 14 YEARS early


When it comes to a mortgage, getting accepted can sometimes seem like a challenge. But, having signed the agreement, it’ll be repaying the amount which becomes the focus. Some people will be prepared to repay the amount in the long-term, however it may be that others look to clear their mortgage sooner rather than later. A homeowner has shared their experience on a Mumsnet thread which was centred on the topic of overpayments.

The online user goes by the name of “Wellieswithaholein”.

And, it seems that while they’ve been mortgage free in the past, buying a different home has meant they’re now paying off another mortgage.

Rather than just paying the required repayment amount, the borrower has opted to make overpayments.

They wrote: “We’re overpaying by £120 p/m an will be raising this to £260 soon, plus paying off a lump sum this month to be mortgage free in a couple of years.

“It was easy I just rang up and it was set up there and then.”(sic)

The Mumsnet user also explained that they had paid off their mortgage around 14 years earlier than expected – via cash lump sums.

“We got rid of our first mortgage 14 or so years early by paying off lump sums, whenever we had some spare available,” they penned.

Another homeowner also shared some insight into how they repaid their mortgage.

The user “adora1985” explained that they had had a 25-year mortgage, but having landed a mortgage with repayments lower than the monthly rent they used to pay, they upped their repayment amounts.

“We got our first mortgage last March, a 25 year one, and immediately set up online to start overpaying from the first mortgage payment,” they explained.

“Our mortgage is less than our old rent was, so we overpay £130 to bring the mortgage up to the same cost as our rent was.

“By doing so we’ll save almost 16k [£16,000] in interest and pay the mortgage off in 18 years, seven years earlier than without the overpayment.”

The Money Advice Service offers a guide which asks questions which may help a mortgage-holder to think about what’s the right option for them when it comes to their mortgage.



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