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Another MFW newbie
OrpyDave
Posts: 4 Newbie
Hi All,
Thought I'd quickly introduce myself on here.
I've been wanting to cut the mortgage down (especially as I started off on a 30 year one in my early 30's 6 years ago). The previous 5 year fixed had more fees and charges for overpayments than you could count. A year ago, I switched over to a fee free tracker with one of the big banks, at a silly rate of interest, just managing to scrape the LTV they required. This slashed over £200 off the monthly minimum payment. But rather than squander it, I payed a little extra on top. I'm now over-paying by just over £300/month, and hope to increase this soon. Another thing that makes me happy is the current offer for the same mortgage is now over 3% rather than the just under that I have.
Officially, I'll be mortgage free in 2036. However, I'm hoping to get there MUCH sooner, hammering away at the overpayments whilst the interest rates are low.
Cheers,
Dave
Thought I'd quickly introduce myself on here.
I've been wanting to cut the mortgage down (especially as I started off on a 30 year one in my early 30's 6 years ago). The previous 5 year fixed had more fees and charges for overpayments than you could count. A year ago, I switched over to a fee free tracker with one of the big banks, at a silly rate of interest, just managing to scrape the LTV they required. This slashed over £200 off the monthly minimum payment. But rather than squander it, I payed a little extra on top. I'm now over-paying by just over £300/month, and hope to increase this soon. Another thing that makes me happy is the current offer for the same mortgage is now over 3% rather than the just under that I have.
Officially, I'll be mortgage free in 2036. However, I'm hoping to get there MUCH sooner, hammering away at the overpayments whilst the interest rates are low.
Cheers,
Dave
0
Comments
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Welcome aboard Dave - any pearls of wisdom for how you build up your overpyaments - or just regular savings after payday? 0
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Hello Dave and good luck with your goals.
Fortune xhttps://forums.moneysavingexpert.com/discussion/6623005/happy-days-in-our-golden-years/p1?new=1
Working at Living0 -
Many thanks for the welcome, Everyone.
Edinburgher, I'm quite fortunate that my mortgage is extremely flexible - it's almost as if they want me to pay it off quick! I simply called them up on day 1 and asked them to take out the additional money with the minimum payment each month. They agreed, so now I'm overpaying approx £3600/year. I don't miss the money as I was paying nearly the same before I took out the new mortgage. Essentially, I'm just overpaying an extra £100/month over what I was paying for the first 5 years.
It's a shame that they don't do 4-weekly payments, as that's how often I get paid, which would help me out even more. I've thought about changing the payment date every 3-4 months to keep in line with my pay, but it's too much messing around.
Cheers,
Dave0 -
it's almost as if they want me to pay it off quick!
Sounds like my kind of lender!0 -
Good luck Dave, I shall follow you and your journey and pick up some hints and tips along the way with you. Been here for a long time and don't often post0
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Good luck on your quest to become Mortgage Free. There's lots of useful advice on here to help you on your way. 0
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