An £80438 yoke around my neck - it's got to go!
PiggyBankShaker
Forumite 1.2K Posts
Hello fellow-MFWannabes!
DH and I took our current mortgage out in December 2007 with a 25 year term. It capital repayment. We were fixed at 6.5% for the first two years.
Today we owe £80438.38 at 2.5% (linked to the base rate) Our regular payment is £452.21 a month.
I started making small overpayments in 2012, not much really as we were quite skint. We managed to overpay only £219.22.
This year we were still skint, I was out of work for 7 months, but we managed to overpay £1287.67.
2014 is when we really start to kick this mortgage in the butt!
Now I'm back in work and we have learnt how to be 'good with money' after 3 year on the DFW boards, we have spare cash to play with!
For the first seven months of 2014 we plan to overpay a minimum of £248, supplemented by any extra cash we make from mystery shopping, freelance work etc.
Then we will review our finances as a whole and will increase overpayments to somewhere between £500 and £1000 a month.
My plan is to overpay by a minimum of £4000 in total in 2014.
Advice, support, tips, all needed and welcome.
Oh, and Happy New Year!
DH and I took our current mortgage out in December 2007 with a 25 year term. It capital repayment. We were fixed at 6.5% for the first two years.
Today we owe £80438.38 at 2.5% (linked to the base rate) Our regular payment is £452.21 a month.
I started making small overpayments in 2012, not much really as we were quite skint. We managed to overpay only £219.22.
This year we were still skint, I was out of work for 7 months, but we managed to overpay £1287.67.
2014 is when we really start to kick this mortgage in the butt!
Now I'm back in work and we have learnt how to be 'good with money' after 3 year on the DFW boards, we have spare cash to play with!
For the first seven months of 2014 we plan to overpay a minimum of £248, supplemented by any extra cash we make from mystery shopping, freelance work etc.
Then we will review our finances as a whole and will increase overpayments to somewhere between £500 and £1000 a month.
My plan is to overpay by a minimum of £4000 in total in 2014.
Advice, support, tips, all needed and welcome.
Oh, and Happy New Year!
Mortgage over-payments to date: = £16,498 Original redemption date: August 2043 Current redemption date: July 2041Petra holiday fund: £4,800 / £4,800 = 100%Iceland holiday fund: £3,814 / £4,800 = 79%
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Good luck with your overpayments.
I'm jealous of your daily interest, mine is more than double what you pay :eek:
The regular mortgage payment went out today and even though the balance hasn't updated yet it means that our mortgage now starts with a 7 instead of an 8! It'll only be for a few days, until the interest pushes it up again, but come the 20th (when I get paid) it'll be in the 7's for good.
A nice little psychological kick-start to the year. In an ideal world I'd like to go into next year with the balance starting with a 6, but I don't think we can manage that.
Checked all the mystery shopping and survey sites I'm registered with and nothing doing. Got a few bits to list on ebay, but I'm waiting until the Christmas lull has passed.
I have a similar mortgage size to you (£84k) so will be following your journey