Pay Off £200k in 100 months!

SwitchyChick

Hi all :wave:

Its been a while ...

We have been regularly OPing our mortgage by around £2000/month since we took it out in October 2008. To date we have reduced it from £130,400 to £99,999 (yes, I did take off the extra £1 to get it to go under £100,000, how sad am I?)

However, we are now in the process of helping 3 elderly relatives move closer to us & are about to use up all the overpayments plus more besides to enable them to move without having to sell their properties.

Yes, its stressful for all involved, but it will be worth it in the long run.

It may be a while before I'm back on here & overpaying again!

Switchy

SwitchyChick

Can't believe it's almost exactly a year to the day since I last posted.

We added a 2nd mortgage to help the relatives buy without selling their old houses, hence the revised signature. We bought the house last summer & spent some time (& money) doing it up. Rellies moved in in Nov 2010, having sold 1 house. The 2nd sold in March this year so we finally got back everything we had paid out in the meantime. Phew.

Our original mortgage now costs around £90/mth, having been about £560. The 2nd mortgage is almost entirely offset, give or take £5k and interest is about £10/mth after offsetting.

Now I just need to get back to overpaying!

:j

kingster2069

Well done on reducing your mortgage, looks like you have really broken the back of it now. Amazing that you have managed to do it in such a short time. I'm sure your name will be on the roll of honour in no time.:beer:
Keep posting how your getting on.

SwitchyChick

Just a quick update to say that we managed to get our mortgage completely offset just before Christmas.

Can't quite believe that we've got there but the figures don't lie.

Many thanks to :money:and to all those on this Forum who inspired me to take up this challenge; especially Financial Bliss - THANK YOU!

Sepa74

Wow! Congratulations! That's wonderful.

What are your plans now?

Sepa74

Wow! Congratulations! That's wonderful.

What are your plans now?

SwitchyChick

Plans now are to try to invest our income wisely. But also to use some to travel whilst we are still fit enough to do so.
I like to plan for the future as as possible. Our children are 14 & 18 and will be leaving home within the next 5yrs. At that point we plan to downsize, again whilst still being active enough to 'embrace' it (something my parents never felt able to do).
My OH is 11yrs older than me and has elderly relatives so I have to bear those factors in mind too...
Life is never straightforward but paying off the mortgage earlier than expected is a definite bonus!