Our MFW journey part 1

We're 4 yrs 7 months into our 35 year mortgage which has a fixed rate until July 2014 of 6.14%.

We currently have £86700 left to pay.

We've started making overpayments of £95 which would mean we will pay off our mortgage in 21 years.

Today we decided we can afford to pay off £195 overpayment per month. This will bring our mortgage down to 16 years :eek: can't believe this has nearly halved the amount of time it will take us.

I'm hoping our interest rate will drop after the fixed rate ends.

Currently, thinking of ways to pay off more.
Planning to be debt free by 11/20. MFW Jan 2028 - [STRIKE]86700[/STRIKE] [STRIKE]83057.20[/STRIKE]
[STRIKE]81629.13[/STRIKE] 78761.29 mortgage should end August 2045 now 04/2041
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Comments

  • teabody
    teabody Posts: 208 Forumite
    First Anniversary First Post
    Hi,
    We have similar amounts/time left. Ouch on the rate though! I am sure you will get a much lower rate in July. Good Luck and hope to see the figure fall quickly for you x
  • Lotti1982
    Lotti1982 Posts: 153 Forumite
    Thanks teabody, going to ring the bank today to up our monthly overpayment.
    Planning to be debt free by 11/20. MFW Jan 2028 - [STRIKE]86700[/STRIKE] [STRIKE]83057.20[/STRIKE]
    [STRIKE]81629.13[/STRIKE] 78761.29 mortgage should end August 2045 now 04/2041
  • Good luck. I was told by a mortgage co last week that you can fix a rate up to 6 months in advance if you pay. But I don't know if this applies to all companies.
    Lgp
    Mortgage value was £135,000 now £43,218
    TCB total £1200
  • Lotti1982
    Lotti1982 Posts: 153 Forumite
    Thanks Lgp I'm stuck until our fixed rate ends
    Planning to be debt free by 11/20. MFW Jan 2028 - [STRIKE]86700[/STRIKE] [STRIKE]83057.20[/STRIKE]
    [STRIKE]81629.13[/STRIKE] 78761.29 mortgage should end August 2045 now 04/2041
  • Lotti1982
    Lotti1982 Posts: 153 Forumite
    Hoping to do a ppi claim from the mortgage protection so if that's successful that will become an overpayment too, monthly overpayment is now at £220 per month.
    Planning to be debt free by 11/20. MFW Jan 2028 - [STRIKE]86700[/STRIKE] [STRIKE]83057.20[/STRIKE]
    [STRIKE]81629.13[/STRIKE] 78761.29 mortgage should end August 2045 now 04/2041
  • Lotti1982
    Lotti1982 Posts: 153 Forumite
    1065.85 overpayment made today! Looking at end of financial year savings etc it seems silly to keep it in a low interest account so now it's earning us 6.14% by coming off our mortgage but in the long run has knocked £6000 ish off or a whole year! Will update signature amount when I've had it confirmed by halifax
    Planning to be debt free by 11/20. MFW Jan 2028 - [STRIKE]86700[/STRIKE] [STRIKE]83057.20[/STRIKE]
    [STRIKE]81629.13[/STRIKE] 78761.29 mortgage should end August 2045 now 04/2041
  • teabody
    teabody Posts: 208 Forumite
    First Anniversary First Post
    Yayyy on the Overpayment!!!
  • Lotti1982
    Lotti1982 Posts: 153 Forumite
    Based on what we're paying off etc we should be mortgage free by the time I'm 47 but I'm desperate for 45 because that sounds nicer. I'm 31 at the moment so I'd best get cracking!
    Planning to be debt free by 11/20. MFW Jan 2028 - [STRIKE]86700[/STRIKE] [STRIKE]83057.20[/STRIKE]
    [STRIKE]81629.13[/STRIKE] 78761.29 mortgage should end August 2045 now 04/2041
  • Hey Lotti and welcome. Good luck and 45 dues have w nice ring to it. I know what you mean about saving rates compared to mortgage rates. I look forward to reading your journey.
    House purchased November 2013
    Original MF Date: January 2045 - £104,400
    Current MF Date: April 2030- £48,719. 75
  • Muser1
    Muser1 Posts: 795 Forumite
    We were on a high rate 6.87 :eek: even with the erp fee we were still better off swapping early.

    Good luck on your journey :T:T
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
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