I can't believe it!!!!

Kei

I cannot believe that I have not discovered the mortgage overpayment calculator before!!!!!!!!!!!

If I just overpay £200 per month I can knock nearly 9yrs off my mortgage and save over £19,000 in interest!!!!

I am seriously shocked!!! :eek::eek::eek::eek::eek::eek:

If I increase this to nearly £400 OP I will knock 14yrs off and save loads more interest - I could be mortgage free by 40!!!!!

Time to make a start on this I think!!!!

mummyofonechild

Good luck, you have just had your lightbulb moment

MOOC xx

Kei

Haha yes my second one in a year! First one was my 'stop using credit cards, car finance and overdraft' lightbulb which is going really well (4k out of 6k paid off so far this year!)

Little changes make a big difference!

SmileyG_2

Kei wrote: »

Haha yes my second one in a year! First one was my 'stop using credit cards, car finance and overdraft' lightbulb which is going really well (4k out of 6k paid off so far this year!)

Little changes make a big difference!

So many lightbulbs! Hope they're energy saving ones!;)

mummyofonechild

Indeed they do, I had mine 2 years ago and have just updated my signature too

Kei

Wow MOOC that is fantastic, you have paid off your mortgage in 2yrs!!!?? What are you going to do with all your spare cash?? Are you going to celebrate on the 31st??

Kei

SmileyG wrote: »

So many lightbulbs! Hope they're energy saving ones!;)

:rotfl::rotfl::rotfl: of course! x

brian_723

It is pretty obvious overpaying lowers your mortgage term and amount of interest considerably ,I cannot believe people need this pointed out to them .

mummyofonechild

Kei wrote: »

Wow MOOC that is fantastic, you have paid off your mortgage in 2yrs!!!?? What are you going to do with all your spare cash?? Are you going to celebrate on the 31st??

Build up some saving for a new car and go out for a meal to celebrate. The last mortgage payment has been ringfenced ready for payment on Tuesday

mummyofonechild

SmileyG wrote: »

So many lightbulbs! Hope they're energy saving ones!;)

Love it :rotfl:

Kei

brian_723 wrote: »

It is pretty obvious overpaying lowers your mortgage term and amount of interest considerably ,I cannot believe people need this pointed out to them .

Thanks Brian, but for those who are new to having a mortgage, believe it or not, the mortage companies don't make this little secret the first thing they tell you when you sign up.

Thanks for your input though, I hope you feel better for trying to make me look a bit dim

I think that if it was not for this site a lot of people would not be so well informed? If we all knew this stuff then perhaps there would not be a need for this site and hence this forum???