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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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There's an old Chinese Proverb.
"A man who wishes to move a mountain, starts with the smallest stones first".
Helps keep matters in perspective.
If you've just moved house then it's understandable, but you attitude towards it does you credit.
But really, that's very poor planning. If you just saved and waited a month before your next house, you could pay for it in cash. All those mortgage arrangement fees and solicitor's fees and early repayment charges and that first month's interest you're paying - not to mention the damage all those searches must be doing to your credit rating. And all completely unnecessary...
Mortgage: £27,535 (49% paid) Aim £25,000 by December 2015
New House Mortgage £197,836 (4% Paid) Aim £194,000 by December 2015
#153 Save 12k in 2015 Challenge: £15,697£12,000
i rearly injoy paying more of our mortgage than we should be .
And can't wait till it's paid of should be between 4 to 6 years,,
In 2008 we overpayed by a total of £3664, 2009 by £4992, 2010 will be £6897.
£250 to £800 last few months
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
#81 save 2018£4200
It means that whilst we were paying our mortgage off on a normal tracker rate we squirrelled away for a rainy day, then we have made a down payment and I hope to pay in a decent amount - £500 - £1000 a month to help the mortgage go down.
But it's interesting to see what and how much other people overpay, and you're right, getting the letters saying your monthly mortgage has decreased is fun
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037