First step, in the long road to being mortgage free.

fertyskids

Tony i am impressed !

i was mortgage free until feb this year !me and hubby had cleared a 84k mortgage in 8yrs on our old house We enjoyed 2 yrs of being mortgage free.

BUT then i fell for baby no 4 and we had to move ...... so we then took out a 160k morgage in feb this year (Would be paid off by 2036). paid 10k off out of savings ... as we speak its about 147k im not working and would love to be able to make regular overpayements but its going to be a very very long time till this mortgage is paid off. not sure when now though.

so i was really inspired to see your thread and how well you have done thankyou

Tilly_MFW_in_6_YRS

Hi Tony, what a fantastic achievement in such a short time. Good luck with your journey and I will keep checking for helpful tips.

Best wishes, Tilly

Tony_R

Thanks, to be fair though it's approaching nearly 10k paid off the mortgage only £3.5k of that is from overpayment, the rest would have come off anyway.

I just found £90 I didn't know I had. I saw in the MSE ISA board that that the YBS have a 4% fixed rate ISA which I was going to transfer my ISA to. I then remembered I had an YBS account when I had my regular saver a few years ago when saving for the house.

I just logged in and found nearly £90 from which was an interest payment, paid after I'd withdrawn all my money to pay the deposit on the house.

Well, that's another £90 towards overpayments

Also, 4-5 months ago I started doing one evening a week at work which was just staying at work till 8pm instead of leaving at 5:30pm. It's just to be there in case something happens, which it rarely does. That works out to 8% extra a month, which all goes towards to overpayments.

From January I'm also going to be on call at work for this same thing. 24-7, One week on, one week off. Nothing ever happens, maybe two incidents a year which take 10 minutes to resolve.

But that works out to about another 6% on my salary, so all in all a 14% pay rise for not really having to do too much.

Tilly_MFW_in_6_YRS

There are a few of us about. Check out the >100k mortgage thread. I am on a journey to clear by 2018, now aiming for 2017.

Good luck to you all

Tilly

Tony_R

Tilly_MFW_in_6_YRS wrote: »

There are a few of us about. Check out the >100k mortgage thread. I am on a journey to clear by 2018, now aiming for 2017.

Good luck to you all

Tilly

I created the £100k+ thread

Tilly_MFW_in_6_YRS

Just goes to show I need an early night! I knew your name was familiar.......

Right, off to bury my head in shame, but very glad your started it.

Best wishes Tilly x

Twiddy

Hi Tony

Another 6-figure job here - you're doing great on hammering away at the mortgage, keep up the good work.

Cheers
T

Daryl_S_2

Keep up the good work

Tony_R

I was planning on skipping an overpayment this month, but I haven't. Another £552 overpayment has been made.

That means we've overpaid by £4,091 in the 10 months since we made the first overpayment. Not too bad. Now I just have to wait for the confirmation letter with the new balance.

Tony_R

I got the confirmation letter last week and forgot to post the new balance. It's now £192,150.81, which didn't bring it down much from the last overpayment. But as the two overpayments were so close together, a normal months mortgage payment hadn't been taken into account. So it should be around £191,700 at a guess.

EDIT- actually i've just noticed the balance has gone up, not down. But again that will be paying interest, which would hopefully mean more of my standard mortgage payment will come of the balance