Lilly's journey to be mortgage free

lilly_of_the_valley_2

Hi There

I have been getting inspiration from this website for 2 years and thought it was time I joined!

We bought property in 2008 part of it on a fixed rate of 5.99% just before the interest rates were reduced to an all time low!! Who knew that would happen...We decided to overpay each month and over the past year have been looking to reduce the large part of the mortgage at the higher interest rate. We are chipping away and the balance is coming down yipee!!!!:rotfl:

Any tips you have to reduce it further would be appreciated.

viola_brandywine

Welcome lilly, I also read the forums for a while before I started my diary. It definitely gets addictive! How long until your fixed rate ends?

yukkibear

Hi Lilly, good luck on your journey

juicygirl

Good luck! X

Phelpsie001

A tip I have, is don't be embarrassed to even OP by £5 or £10 a month!! Every little helps

lilly_of_the_valley_2

Thanks for the replies and welcome folks. The fixed rate finishes in july 2013 so overpaying to reduce it by then! Thanks for the encouragement of paying just £5.00, every amount helps!!

I have read so many inspiring stories on this board so hopefull of taking some hints and tips to reduce the mortgage each year. Does anyone have a spreadsheet that I can use to calculate the interest? My bank does not allow online banking at the minute...

BaconandEggs

Hi Lilly,

Welcome. It does become addictive! How come part of your mortgage is at a different rate?

lilly_of_the_valley_2

Hi Folks

The mortgage is at a different rate as we ported the old rate into the new mortgage , these are now at 2.5% as the fixed finished 2009/2010. It is just the larger part that is fixed now until June 2013 at 5.99% so putting most of the overpaments to that account to bring the balance down and reduce the interest payments. I just wish my bank would allow us to view the mortgage online, think the mortgage will be paid by the time it becomes available!

Working on painting the house and tidying up the garden for autumn. Will continue to overpay until December then review how much we aim to pay for 2012. Would really like to have the mortgage clear by the next 8 to 10 years. It is important to get the balance of living and overpaying to.. anybody got any suggestions?

Have a great weekend
Lilly:)

lilly_of_the_valley_2

Small overpament of 21.56 this week. Each amount helps:j even if the bank gets upset when I pay small amounts!!!