10K in one year

tintoys

Well almost - I haven't posted before but have followed this thread for some time. We remortgaged 21 months ago and had to pay £3k exit fee but reduced rate from 5.49 to 3.39. We had 23 years left but remortgager would only offer 17 years, but set out figures for 14 and 12, so we decided to push ouselves and go for 12 years. They allow us to pay 20% of monthly amount extra, so by hook or by crook we've done it and the statement came today and we owe 90K with 10 yrs 6 months to go.

How- no foreign holidays, everyone takes luch box, homemade cakes, ebay etc.

And a great feeling of achievement, so everyone, keep up the hard work and support the thread gives

Emsky123

HI Tintoys,

Well done on your achievement, such a great feeling isnt it.

What are your targets for this year? My balance (88K) is not that far away from yours, I am hoping to try to OP by £8K this year.

Em

whatyadoinsucka

hey well done on the £10k repayment, but come on, no point having a nice mortgage free home if you can't enjoy life

have a holiday once in a while, your memories will far outshine your MFH

its not true about foreign holidays, for example, i've booked 6 or 7 trips into europe in the last few years for my mates munich, madrid, barcelona, tallinn, berlin, belgrade, bulgaria and i have got flights for £60 return and cheap accomodation. total £125 plus spends
My girlfriend is on a hen do in liverpool next month its £275 upfront before drinks or food is included

anyway just trying to get the point across that yes you should overpay, but live life as you wish to, having a good time doesn't always involve disposable income..

My mates take the mickey out of me for massively overpaying the mortgage, i spent the years of 15-30 getting drunk which looking back i wish i'd not done quite so much..
I'd be mortgage free now !

[Deleted User]

Great overpayments well done!!
Id echo the post about making sure you enjoy life as well- for you it may not mean foreign holidays but things that make you happy and create good memories!!
I am slowly learning about this balance....;)

tintoys

I totally agree with your comments, off to London by trainfor the day next week, 2 tickets for play (won on mse comp) 3 courses at Bella Pasta (with tesco vouchers) with large bottle of wine and some spends in London. You have to get the balance right or you'd go mad.

tintoys

We have just had this years statement and I am delighted to say we are down to £58k. We decided to withdraw the Isa funds to allow the maximum overpayment allowed this year.

I was sixty in December and received a £11.5 k pension lump sum. we used 2.6 k towards this years overpayment.

The fixed rate ends on 30/4 and they have offered a 3.49% rate. anyway I phoned and explained that I had a pension lump sum I wanted to pay and they have agreed that we could delay the fixed rate for 7 days from the end of the mortgage( if you don't ask you don't get) so were hoping to pay £15k reducing it to 43k then if we overpay for 2 years and still able to pay current payment (880 per month) potentially I estimate 22k left after 2 years . Optimistic you think - have a read next year!

tintoys

Well we paid the £15k and reduced the new amount outstanding to £42k , we've already overpaid the maximum allowable this year of 4.2k so I think we may be down to 35k .

Hoping to be MF in three years - watch this space!

Tahlullah

This is great progress, well done!

want_to_save

that is fabulous

GemDoll

whatyadoinsucka wrote: »

hey well done on the £10k repayment, but come on, no point having a nice mortgage free home if you can't enjoy life

have a holiday once in a while, your memories will far outshine your MFH

its not true about foreign holidays, for example, i've booked 6 or 7 trips into europe in the last few years for my mates munich, madrid, barcelona, tallinn, berlin, belgrade, bulgaria and i have got flights for £60 return and cheap accomodation. total £125 plus spends
My girlfriend is on a hen do in liverpool next month its £275 upfront before drinks or food is included

anyway just trying to get the point across that yes you should overpay, but live life as you wish to, having a good time doesn't always involve disposable income..

My mates take the mickey out of me for massively overpaying the mortgage, i spent the years of 15-30 getting drunk which looking back i wish i'd not done quite so much..
I'd be mortgage free now !

I wish I knew how to get cheap foreign holidays with a husband and two children during the holidays...any clues?!!! We just can't seem to afford anything with our two beautiful children in tow!

tintoys

Statement arrived last week - down to 31k - so phoned and explained my state pension starts in 18 months and they agreed to reduce the years to two upping the payments to £1300 - taking £300 from private pension now being paid.

Looking forward to a mortgage free retirement