Now 4 Months to go.

hot-ice

Well after many years of maximum overpayments we are in our final 6 months of our mortgage. when the 6 months are up we would have paid the mortgage off 15 years early! At first my girlfriend moaned a little at the size of our payments (although we still have a social life and go on holidays). My main sacrifice has been a decent car, it's an 18 year old 4x4 that is now crumbling quicker than i can fix it. Not sure how to celebrate in June though.:D

A few facts and figures,

Mortgage in 2002 was £60,000 (we sold our two houses to move in together)

Approx value of house now about £220000

Our combined wage in 2011 is £30000 gross ( so we didn't pay the mortgage off early due to having a large disposable income)

there have been times when i felt like driving my car to the scrapyard (most recently the petrol pump has died £270 and thats if I fit it, Fortunately it also runs on LPG, it just doesn't like starting on LPG)and getting something much newer, the advantage of my older car though is it's very easy to work on even with my limited skills (well that and youtube on how to replace things like a waterpump) so i guess that 2012 I'll be getting something newer.

hot-ice

5 more payments as of today.

155 days remaining

total to pay off mortgage = £4077.29 :j

RosieTiger

Well done on getting it this far - hopefully the car can scrape through for you!

TwinnyD

Must feel great to be so close- congratulations :T

hot-ice

Thanks both. Several years ago quite a few of my friends at work said " why bother paying the mortgage off early get yourself a new/newer car live life for today etc etc " the same people are now asking how it feels to be so close to being mortgage free, the answer is great.

madeupname1

sigh ... I dream of the day I can start a thread like this. Well done!! You have done yourselves proud

misscousinitt

Well done...you must feel good.

I'd start planning that celebration........

The_Salad

Well done!! Too many people these days would go for the new car before paying off the debt. Excellent job.

pinkteapot

Congratulations!!

If it was me, the amount of the monthly mortgage payment (including overpayment) would go into a savings account for X months until it bought a new car.

Well, nearly new. Last year we bought a 1-year old car and you save a fortune compared to buying brand new.

hot-ice

I won't be getting a new car probably something 1 or 2 years old,
I do have some money saved towards a car (the ISA it's in pays about 0.1% more than my mortgage interest) I seriously doubt whether my current 4X4 will last much longer, I could spend several £100's doing what needs doing to it and it will still only be worth what it is worth now and spares are getting harder to come by. Looking to get something smaller and greener.

It maybe sometime before I stick my head under the bonnet of my own car again.

hot-ice

madeupname1 wrote: »

sigh ... I dream of the day I can start a thread like this. Well done!! You have done yourselves proud

Thanks, there have been times when I thought what the hell lets just go and buy what we want now, but now with the end in sight it all seems worth it. We now (almost) have a home that we really can call our own!

Any small amount of over payment will have some effect on the balance/time, we started off by paying £50 a month but as a loan ended a few pay rises, overtime etc we got to a point where we were paying of the maximum allowed.

A day or two after our overpayment we get a letter off the building society telling us how much the term has reduced at first it had no effect (paying £50 per month) but these accumulate and suddenly for one months payment you realise that your term has been reduced by two months, but now, one normal and one overpayment reduces the term by 4 months.