Mortgage Destruction. Beastmode Activated!

HitTheBeach

Hello everybody.
So, I'm starting my overpayment journey as of today! I'm very excited.

Over the last 12 months I've managed to save just on 26k. Today I will be overpaying by £21,000 and also setting up a standing order for £1500 every month to overpay and get this debt finally cleared! I'm really excited.

The details as of right now.

Mortgage remaining: £58430.63
Interest Rate: 4.74%
Standard repayment: £339.43
Time remaining at normal repayment: 24 Years.

I shall update this journal every time I make an overpayment. I hope it will be interesting to see the term drastically getting smaller.

I dream of living abroad by the beach and operating Exercise/Activity holidays. My daughter, assuming she goes to University will graduate in 8 years.
My goal is to pay off my mortgage in rapid time then save like mad to be in a position to move abroad after my daughter graduates.

I'm currently 34 and work full time in a sales role. My partner is 33 and runs a small business.

First update will be this evening after I make my first overpayment.

Wish me luck :-)

Hurdler

Good luck with your journey

welsh_mummy

Good luck with your mortgage free journey xx

Lois_E

Well done for getting started, and good luck for the journey. :wave:

HitTheBeach

Well, first payment made.
I know this is the right decision. Still feels really scary paying so much out of my bank account onto a debt. :eek:

So....The details.

Overpayment amount made today: £21,117.53 (GULP)
Mortgage remaining following overpayment: £37095.41
Interest Rate: 4.74% (No change)
Time remaining at normal repayment amount: 11 Years, 11 Months
Reduction in years due to today's payment: 12 Years
Total Months overpaying: 1 Month
Total Overpayment made: 1
Total amount overpaid: £21,117.53

Lois_E

Well done HitTheBeach. :T


Just keep thinking about those 12 years of freedom that you've just arranged for yourself to have in the future!


If you want to make yourself feel even better, you can keep track of your savings, and work out how long until you're "mortgage neutral" - ie when your savings are as big as your mortgage.

HitTheBeach

Another overpayment made. This time for £1201.19

Details:
Overpayment amount made today: £1201.19
Mortgage remaining following overpayment: £35782
Interest Rate: 4.74% (No change)
Time remaining at normal repayment amount: 11 Years, 4 Months
Reduction in years due to today's payment: 8 months
Total Months overpaying: 2 Months
Total Overpayment made: 2
Total amount overpaid: £22321.03

HitTheBeach

Another overpayment made. This time for £2200

Details:
Overpayment amount made today: £2200
Mortgage remaining following overpayment: £33385.06
Interest Rate: 4.74% (No change)
Time remaining at normal repayment amount: 10 Years, 5 Months
Reduction in term due to today's payment: 9 Months
Reduction in years since overpayments began: 13 years and 8 months.
Total Months overpaying: 3 Months
Total Overpayment made: 3
Total amount overpaid: £24521.03

HitTheBeach

Another overpayment made. This time for £3000

Details:
Overpayment amount made today: £3000
Mortgage remaining following overpayment: £30178.0
Interest Rate: 4.74% (No change)
Time remaining at normal repayment amount: 9 Years, 2 Months
Reduction in term due to today's payment: 1 Year, 3 Months
Reduction in years since overpayments began: 15
Total Months overpaying: 4 Months
Total Overpayment made: 4
Total amount overpaid: £27521.03

nellis10

Congrats on annihilating the mortgage to date!!

I'm hoping to join you soon...albeit with little and often amounts but as Tescimo would say "Every Little Helps" :rotfl:

wynnvegas

Beastmode is right! Fantastic effort, attitude and love your end goal as well. Best of luck.