25yrs I don't think so!

lawbee

Thank you for the positive comments!
Have not really managed much on the overpaying front, christmas is coming and the bank is getting empty!
Why do banks make it so hard to overpay, I decided to up my payments only by about £15 but it makes it a nice round figure, but had to go through lots of different people on the phone to get it sorted. Was hoping getting a mortgage with my bank would make things easier but that is so wrong!
Anways put my increased monthy payments into the calculators and it will save over 4k and my term will be now down to 23.8!!:j Still and long way to go to get to my aim of 15 year term!! But am sure once christmas and the sales are out the way I can throw much more money to the mortgage!!:T

Peonie

Hi Lawbee, welcome to the MFW dream.

It's a shame more people aren't more positive about your plan, I've mentioned the MFW dream to some colleagues and they thought the idea was interesting and want to do it themselves when funds allow.

We're still saving for our rainy day and so have put our MFW dream on hold for the time being. We're also playing the interest rates game, at the moment we can save at a higher interest rate than our mortgage interest rate, so we'll save more money in the long run.

Good luck,
P.

Twiddy

Hi lawbee, welcome to the club!!

I haven't even mentioned my overpayment plans to anybody but my OH, and that's mainly because of the negative comments most of the people on these boards have received in doing so. My advice is for you to crack on and get it down as much as you can, as quickly as you can, without going without!!

All the Best
T

Daryl_S_2

I don't understand negative views on it, unless its coming from a banker.

Our current term is 32 years, i was only 32 when we made the application and my wife 29. Thinking of effectively doubling my life until its paid off and my wife realising its the equivalent of her life and 3 years before she was born seemed unfathomable. No way is this burden hanging around our necks for that long!
Good on you and best of luck

Tony_R

Good luck, ignore the negative comments and stick with it.
Our mortage started in July 2010, at £209,999. We didn't start on the overpayments until March 2011, but in the last 8 months we have so far overpaid by approximately £3600. We plan to keep it up at this rate if we can and cut around 10 years of the mortgage, if not more. The interest savings will be huge.

Oh ignore my signature, I've made another overpayment since then and I'm waiting for the confirmation to update the balance.

Jock_Tight

Like yourselves we had our head in the sand for the first 4 years before the light bulb moment to overpay and get rid of the mortgage early. See my diary : https://forums.moneysavingexpert.com/discussion/2101757

We have been fortunate to have had nothing but positive comments from friends and family, my parents were mortgage free in their 40's and my Dad retired at 52! Anyone with 1/2 a functioning brain cell will see the benefit of overpaying (assuming mortgage rate > interest rate) and reducing the term.

All the best.

Jock

Twiddy

Jock_Tight wrote: »

Anyone with 1/2 a functioning brain cell will see the benefit of overpaying (assuming mortgage rate > interest rate) and reducing the term.

Well said!! :rotfl:

miss_corerupted

i've been lucky, i've told quite a few people in work i'm over paying and i haven't had one negative comment.

even if i had it wouldn't bother me

good luck

beth111

Welcome. I Don't tell anyone about overpaying. The only people who know are my dad ( he is also overpaying but in his 60's :eek:), oh & myself. My mum wouldn't understand, she would try and talk me out of it so haven't mentioned it.

Good luck

Charliec45

Hello!!!
Just wanted to say good luck in you MF challenge!

I seem to be in a similar situation as you and some others on here - bought a house a couple of years ago, wanted to see how the payments would work out financially so didn't over pay for the first year but after playing around with numerous calculators decided to bite the bullet - upped monthly payments and I am slowly chipping away at it wherever I can!

I am sure you won't get such a negative reaction when you have X amount spare every month from not having a mortgage to pay for!!! I think a lot of people don't treat it as a debt as such so are in no rush to pay it off!

All the best!! Do you have a date/age that you would like to be mortgage free by?