Mortgage free in 10 years

Engeroosi

Thanks lexington, since October I have now overpaid 9500, and also kept my payment amount at the original amount.

Set off at blistering pace but will have to slow down as cannot maintain that amounts of overpayment. My minimum payment has came down 64 pounds per month.

Engeroosi

Now overpaid 9,777.77 since October. Look forward to being mortgage free by time Im 40. Looks easily achievable now.

Engeroosi

Ok people, this thread has been non existent over 2013 but I am now proud to say after ups and downs I am now in the position to attact this mortgage debt once again. This started today with an overpayment of £1800, this has brought my mortgage down to £99300 which I am over the moon with. Under 100k on a mortgage I took out last October for £118000. 13 years left on the original term although I am still paying the original amount so will be paid of sooner.

I must admit I miss the feeling when you are bringing the debt down little by little, it is also nice to know If I needed to I could pay less per month than I already do but I dont miss the £100 I am overpaying every month so no point in changing this. In fact I may increase my monthly payments!

ITS GOOD TO BE BACK IN THE GAME!

bownyboy

Just read your diary from start to finish and its certainly been a journey for you!

Congrats on breaking throughs the psychological barrier that is £100k bet it's a great feeling. I'm aiming to reach £99k by January and will definitely be having a drink to celebrate.

Sorry to hear about the change in circumstances, keep up the overpayments!

Engeroosi

Bownyboy thanks for the post. Sometimes life has its challenges and they can sometimes end up with a positive outcome.

Our mortgages have been similar amounts so I am sure we both will reach our goals although 2018 may be a bit soon for me although I can always try.

Engeroosi

Just paid another 980 off, starting to get the addiction again, although there isnt any immediate gain the thought of having no mortgage within 10 years is an attractive position to be in.

Engeroosi

ok no more OP until next payday but balance is looking very good, I think it should be around the 98500 mark by start of next month. Looks so much less the 6 figure sum!! Actually looks like I CAN pay it off sooner!

Engeroosi

Although not been posting I have been making small overpayments now and then, nothing major but all adds up. Also managed to remortgage again with HSBC to 1.49% above base rate, so another 0.6% less. It did come with a £99 fee but I feel its justified for savings made.

On top of small overpayments I have also set up a standing order for £250 each month. This means by my calculations I will be Mortgage free in 9years assuming I live in the same house that time. Which I doubt as already been looking at houses and eventually I think I will want to move on to something bigger.