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Mortgage FREE by 2018
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can you change your term to allow you to get around paying for overpaying. I have done this successfully with nationwide on many occasions.Mortgage Start jun 2007 £88500 Outstanding Balance £51000
Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!0 -
You need to ring up your lender and ask them can you reduce your term ( and also increase it up to the original length if needed)
The next question you need to discuss with your OH is can you afford to overpay every single month by £500 !
Now if you can you could reduce the term to 14 years and your NEW monthly mortgage payment would be Approx £1346 a month IE the £840 interest only payment plus £500 and no ERC fees from your lender.
ONLY consider this if you can afford the payment EVERY month
Good Luck0 -
Work has stopped most of the overtime for march:( Nightmare as my girlfriend works with me. The good news is we are renting out our basement for £325 a month so this will come off the mortgage every month as well. We managed to work overtime every day for the month before and have paid £1240 off the mortgage today:jMortgage was £144,308.70 (12.1.10):eek:
Mortgage now £79,046.09 (30.11.15):money:0 -
Well done on that OP :T:T:T0
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Well done on your OPs and the renting out of your basement. That extra £325 is a boon!!
QB0 -
Collected the rent this morning and paid £325 off the mortgage. Trying to cut our shopping bill down as well using the sainsburys feed your family for a £5er recipes. Some of them are very tasty indeed.Mortgage was £144,308.70 (12.1.10):eek:
Mortgage now £79,046.09 (30.11.15):money:0 -
Managed to pay £325 off last week. It's going to be tight this month as I managed to get Glastonbury tickets for my girlfriend and I this morning. :beer:Mortgage was £144,308.70 (12.1.10):eek:
Mortgage now £79,046.09 (30.11.15):money:0 -
Hi all quick update. I'm into the 130k's :j and feeling positive even though I have a long way to go. I've also started growing my own veg to save money and now I'm obsessed with potatoes, carrots etc. I would just like to thank everyone for their advice and diary's as i've found them very inspiring. Now to the 120k's:T Speak soonMortgage was £144,308.70 (12.1.10):eek:
Mortgage now £79,046.09 (30.11.15):money:0 -
Well done on the progress Justin :j, we would love to be in the 130'sCredit card £4461.15Home mortgage £137117Buy to let mortgage £83,0000
nice one :T:T 
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