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how much does anyone overpay on there mortgage?
edited 15 September 2010 at 11:27AM in Mortgage-free wannabe
69 replies 6.4K views
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You must be earning some serious money then.
Any surplus going into savings until I can pay off completely.
The only thing I can think of is that a lot of you guys have come out of fixed mortgage deals and are currently reaping the rewards of a low SVR.
Am I right?
I am. mortgage sub 50k now 2 adults, 2 kids typical regular family average wages but both earn. We could fling 1k+ overpayment at it but we would have no life, no treats etc etc and TBH I would not want that. Different people have different priorities, some take a 2nd (or 3rd) job and pay over 100% of that earnings, others trim SOA back to the bare minimum. Some people have had their mortgages for 15+ years already so have paid off ulk of interest already. Each thing is right for that individual and mortgage won't nessesarilly e right for you.
I imagineyour not doing anything wrong its just your circumstances are different to some who have posted here.
But we still want to enjoy life while we are here to live it and living a life totally devoid of all luxuries is too depressing to bear (believe me we have tried it!!)
So a happy medium as far as we are concerned is to pay into our respective pensions, overpay the mortgage which is now interest only and arrears free after three years and clear all our debts by snowballing and within 11 years, I still have five years to work after that so can save for the five years left of my working life for any mopping up or extras we'd like to have.
So to return the original question we are overpaying by 40-50 quid a month at the moment but starting in the new year will overpaying by 400-500 quid per month. (We want to save enough for a reasonable emergency fund in case anything major goes wrong eg boiler, car etc!!)
Life is for living and these boards have helped us to achieve that despite some very dark times. We hope that by taking on the best bits of MSE advice that we feel will help us that we can have the best of both worlds. Which is to be debt and mortgage free before we both retire but still living life as it should be lived which is ... here and now!
well to explain my numbers they're for a young-ish professional working in London without kids yet.... -I hear those things can be expensive so keen to put as big a dent in the mortgage as I can now so it's a more managable size for when there might be less free cash sloshing around a few years down the line
Lol - same here!
I'm in the process of reviewing all my accounts (in fact, sitting down with the missus tonight as Eastenders isn't on ) as i just got rid of a personal loan. Looking at £300 per month.
Good work on whoever pays off £1k a month. :T
Wisdom is knowing not to put it in a fruit salad. :doh: