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Mortgage overpayments
stratdude
Posts: 49 Forumite
Well we have finally got our first house. We have a mortgage at £106k over 35 years at £539 month. This is fixed at 5.1% for two years.
We are overpaying now at £100 a month, I am so surprised that we will save:
£44049.96 and 11.3 years! :T
It's amazing how a few extra quid goes each month. I hope to overpay more as we can! :T
We are overpaying now at £100 a month, I am so surprised that we will save:
£44049.96 and 11.3 years! :T
It's amazing how a few extra quid goes each month. I hope to overpay more as we can! :T
Debts going!
Car £[strike]7000[/strike] Now £0
CC £[STRIKE]2100[/STRIKE] Now £0
0
Comments
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A textbook "lightbulb moment"!
Welcome to mfw!MFW Challenge: Mortgage free in 2008! ACHIEVED!
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Welcome, and yes it is eye-opening when you see what can be saved by small overpayments!0
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Good luck, I remember when we took our mortgage. I called the company to get the level of insterest and we paying something like £500 a month and £400 interest. I thought that we'll never manage to pay it for that long. The overpayment of 10% a year worked magic and cut years. We have 6 years to go now.
Well done good luckMFW on your mark0
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