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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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Any spare cash I have now is being divided between savings and OPing the mortgage. As I have the mortage solely in my name I like to keep a good cushion of savings in case of emergency, but I am also still enjoying life by taking holidays etc.
No, not for me anyway - still in fixed rate deal at 3.65% until July 2011...
Mine is fixed !
We paid out nearly £2K in ERCs (last month) to get out of our previous mortgage which had 6 years to run.
This has more than halved the interest we pay and we can make unlimited overpayments.
We hope to have cleared the remainder of the mortgage within the next 3 to 4 years.
At £113K in 2006 (over 25 years) when we took out the loan, it was the largest amount we had ever borrowed and we were determined to get rid of it within 10 years.
We have revised that figure to 7 (we hope), since using all the hints and tips from this site.
Approximately £150 per month of our overpayments comes directly from reductions in our monthly outgoings (eg electricity bill in 2008 was £73 per month and is currently £38).
Our household budget includes a standing order for holidays, so although we do live a moderately MSE lifestyle we still manage to go abroad at least twice a year.
We are not prepared cut out all nice things until the mortgage is paid off.
We are a couple with no kids.
At the moment we're on target to repay in early 2018 I'd like to shave another 22 months off this if I can for a couple of reasons - but wouldn't be unhappy with 2018 as opposed to our original end date of late 2025