Have you ever thought about overpaying your monthly mortgage repayments? Most people haven’t but it’s worth considering even if you only have a small amount of money spare that you can use for your overpayments. There can be massive benefits to making mortgage overpayments, not only will the payments you make reduce the future interest on your mortgage, they should also mean that you will end up repaying your mortgage earlier.
There are plenty of mortgage over payment calculators online but I used this one here and was surprised to find out that if we could afford to increase our monthly mortgage repayment by £50 a month, we’d save more than £11500 and finish paying our mortgage a full four years early! An overpayment of £100 each month would save us more than £20000 and would mean that our mortgage term would reduce by seven whole years.
I haven’t done my January budget yet so I’m not sure how much we’re going to be able to afford as an overpayment but even if we can only afford a small over payment of £10 a month at the moment, we’ll still save just over £2000 over the course of the mortgage and will finish paying it 11 months sooner than we would have done without the overpayment.
Obviously, I should say that I’m not a financial advisor so you don’t have to take my word for it but a quick Google should tell you all you need to know if you want to look into this a bit more before deciding if overpayments will work for you or not 
When I went to uni (far too long ago) my parents gave me a 'money for students' book and the tip I remember most was this one. The author advised that from the minute you buy your first house, every spare penny you get, every unexpected cheque or lottery win etc should go towards your mortgage. Tiny things make a big difference on a debt like that.
That's the thing, the little bits on their own don't feel like they're making a big difference but when you add them all together they really do. I wish I was so disciplined that I could put all my extra money to our mortgage but I'm getting better ;-D
We've been overpaying for the last four years. We took out a 20 year mortgage in 2006. , but now have just 9 years left. The aim is to have it all paid off before the children go to university or leave home – then we can use the monthly payments to sustain them there.
While you have got a mortgage it makes more sense to me to pour any surplus in there than to set up a savings account- although again, I am not a financial adviser, it is a personal opinion…
That's fantastic – you must have saved a fortune in interest as well as reducing your mortgage length by so much. You have a great motivation for doing it as well x x
great) liked everything very much) keep it up and dont stop)
Thanks very much
I send the mortgage company at least £1 every day via online banking ontop of normal payment.
That's a good idea x
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We're in the process of trying to find a first house to buy and surprised to see how much of a difference overpaying can make. Great tip!
Good luck with finding a house x x