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I know I really should but....
OP2011
Posts: 34 Forumite
I can pay a lump off the mortgage this Jan and have done for the last 5 years but soon the rate will be so low it wont be worth doing as the interest is better in a savings account when we move from fixed to tracker in March.
Thing is I cant help myself wanting to pay the lump off of the mortgage!
Its a bit mad really as I can lock up the money so I wont touch it but since following these forums for a couple of months now I am becoming increasingly consumed with paying off the mortgage
The lump is £10k this year so a fairly hefty one for us.
Does anyone else have the urge to do this and loose money from savings interest just to see the balance come down???
Obviously not the MSE way but I'm not sure I am going to be able to help myself!!
Happy New Overpaying year!!
Hope this is in the right place - first one.
:beer:
(Background, 4.79% fixed ending end of Feb this year then on to BofE +0.99% for term. £133k / LTV 45%)
Thing is I cant help myself wanting to pay the lump off of the mortgage!
Its a bit mad really as I can lock up the money so I wont touch it but since following these forums for a couple of months now I am becoming increasingly consumed with paying off the mortgage
The lump is £10k this year so a fairly hefty one for us.
Does anyone else have the urge to do this and loose money from savings interest just to see the balance come down???
Obviously not the MSE way but I'm not sure I am going to be able to help myself!!
Happy New Overpaying year!!
Hope this is in the right place - first one.
:beer:
(Background, 4.79% fixed ending end of Feb this year then on to BofE +0.99% for term. £133k / LTV 45%)
0
Comments
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Very much so! I prefer in my mind to get it down, and I feel the mortgage "chains" loosen every time I overpay. You should sign up to some overpaying threads here, and set up a diary of your overpayments, it certainly is a decent community here with lots of friendly advice and support.
And welcome aboard.Feb 2012 - onwards MF achieved
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 - 20370 -
I feel that way too! So if you do
find a remedy, I'm all ears 0 -
It just seems so much more rewarding to know it has come off of the debt!
And dare I say it with the danger of sounding like a real money nerd - more exciting to be closer to that magic day!!
0 -
Yes, just make sure you leave enough to cover emergencies!RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130
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