MF in 8 months time

neeryde

I thought I would share my current mortgage exploits, as i've been so motivated and inspired by following so many posts on this forum over the past 3-4 years.

We started with a mortgage of 84K in September 2003 and this was over a 20 year term.

We immediately started overpaying £60 per month from 2003 until 2006, at which point we increased the overpayments to £100 per month. Although it was a real struggle at times, we have overpaid the maximum possible of £500 per month since 2007.

Our current morgage is now down to £13k with the projection to make the final payment in August of this year. I am amazed that our mortgage will be paid off within 8 years instead of the original 20 years, and it has just proved the value of overpaying.

I don't think I would have been as motivated had I not followed so many others journeys through this site. Thanks to you all.

Neil

diable

Congratulations and carry on paying the money in to a savings account and treat yourselves to something nice once a year or more ;o))))

earthgirl

Congratulations, bet you can't wait!

RosieTiger

Well done. Just shows what can be done by regular over paying from the start.

originalmiscellany

I had done what you had done from the word go! I could have afforded to pay something, as you say just £50 a month in the long run makes a huge difference, even if at the time you find it hard to spare.
We're now fully embraced and signed up MFW and aiming to blast through our mortgage at record speed, although this year isn't a target that's achievable - maybe next year could be.

Well done to you though, proof that a little (overpaying) goes a long way

elliemoo

Well done you and good luck with the rest of it. It will be a great feeling when you are mortgage free and this is a great board.

cmills16

Well done you!