Mortgage overpayment calculator
Increasing monthly repayments can reduce your mortgage term. Simply add your details to see the impact below.
What are mortgage overpayments?
Mortgage overpayments refer to the act of paying off a lump sums, or increasing your monthly mortgage payments in order to reduce your debt, and get mortgage free sooner.
How can I overpay my mortgage?
There are two ways to overpay your mortgage.
Using a mortgage overpayment calculator can help you determine how much to overpay.
Your overpayments are deducted by your lender and put towards paying off your mortgage balance.
Pay off a lump sum
You could choose to pay a lump off your mortgage in one payment. Note that early repayment charge (ERC) may apply.
Reduce your term
You arrange a new deal which is spread over fewer years, meaning your monthly repayments are higher and you pay off your mortgage sooner.
Mortgage overpayments FAQ
There are pros and cons to how you overpay your mortgage, and you might be restricted depending on your lender.
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Can I overpay my mortgage?
When on a variable rate you can overpay as you choose.
If you are on a fixed rate overpayment will depend on a lenders policy re overpayment. Some lenders allow overpayment of up to 10% of the capital balance annually. Others do not allow overpayment while on fixed. If you did want to overpay when fixed over and above the allowable percentage or where your lender does not allow overpayment then you could incur a penalty as you would effectively be breaking out of the fixed rate to overpay. Calculation for penalty will be set out in your loan offer letter.
You can also opt for a split rate with some lenders, part fixed and part variable and overpay on the variable element.
There are lots of different options available, please be sure to ask your doddl advisor who can explain the best option to be meet your needs.
Is there a benefit to overpaying my mortgage?
When overpaying you will be reducing the capital balance and can decide to reduce your mortgage repayments or keep your repayments the same as prior to overpayment. The former option would mean a reduced monthly repayment, the latter option would mean that you would have a new effective term as you would be overpaying monthly and will clear the mortgage off earlier.
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