25yrs I don't think so!

drewwa

Best of luck!

We started with a £202k mortgage in 2005, we're now down to £52k. Hope to be done by mid 2013.

If we manage that we will have saved over £100k in interest payments.

Cheers,

Drew.

BaconandEggs

Great stuff - looking forward to reading your diary.
Make sure you keep a emergency fund.
Why not post an SOA to see where you might be able to make savings/overpay more.
I had some great suggestions after doing the same.

I can empathise with the fact that you've had negative comments. I think alot of people would question the logic of overpaying.
This is for a number of reasons I think. Many people would say life is too short and is worth living in the now. Many people mark mortgage payments down as being an inescapable expense that you pay for a couple of decades. Additionally, many people will not realise the savings you can make - in time or money paid.

However, most people who see the hard figures would struggle to deny the benefits of overpaying.

originalmiscellany

drewwa, that's some pretty cool stats to be honest. To clear it to 8 years and to save 100k in interest is pretty inspiring to say the least
I have found that the closer you get to clearing your mortgage the more driven you are to clear it totally - we're constantly eroding what is to be paid and really can't wait to get the mortgage to 0 - If we play our cards right, we'll have gone from an 18 year mortgage cleared in a year and a half... Anyway, to the OP, keep up the good work and may the encouragement from here be like water to your soul!

originalmiscellany

And only our family (immediate) know how much we're paying, as we are frugal but don't want to appear rich as we're not, but choose to overpay rather than go on expensive holidays. Most people feel they've bought into 25 years of mortgage and that's what they're going to get - I feel that they lack the foresight to see economising now pays dividends in the medium to long term.

lady1964

OP, well done & good luck to you in your quest.

Have you looked at getting an offset mortgage? You mentioned that you have 12 months mortgage payments + a bit extra in savings, they could be offset on your mortgage.

We have just sent off the redemption to pay off our mortgage :j
Withotg going into all the details, we went offset about 11 years ago, had a £112k mortgage, were able to increase our savings, I went back to work and hubby's salary increases funded overpayments to the point we were paying £1k a month which were very big over-payments.

By March this year, our remaining mortgage was around £49k, so we looked into cashing in our endowments, which we've now done and were around £3.7k short. We've now sold hubby's car for a bit more than that so the shortfall will come from that.

We decided to cash in the endowments as we're moving overseas in January so wanted to be able to be clear of all debt. Our daughters are staying in our house so to know that we outright own our property is fabulous. Hopefully in a few years time, my daughters will be able to move into homes of their own/Uni so we can sell our biggest asset and downsize

Go for it, it's such a fabulous feeling, we're both under 50 and mortgage free :j