Mort's mortgage muzzling mission 2 August 2014 at 10:59AM in Mortgage-free wannabe 3 replies 645 views

Mort

The Mortgage.
Mortgage balance £21,230, approximately 12 years to run on a repayment basis.

About us.
I am 53 and in full time work, Mrs. Mort is younger and has been out of work for a long time because of depression. My job is currently steady but in about 18 months when a current project is set to deliver I may possibly have to compete for my job again. This is not new as it has happened 3 times since 2007 but I am getting older.
We have had a rocky financial past and finished a Debt Management Plan in November 2011 . This mortgage is actually the remnant of the last failed consolidation attempt (first time I have admitted to that in type ).

Since finishing the DMP we have been treading water to a certain extent, catching up on some house repair work, replacing items and having some treats.

The goal.
It's now time to address the mortgage. In the past we have twice seen the benefits of overpaying a mortgage so this is not entirely new to us. Overpayments have started at an easy £50 PCM which according to the MSE calculator will shave 3 years from the term. My aim is to get to £150 PCM fairly soon which should reduce the term to around 6 years. Higher payments should be attainable but Mrs. Mort will need convincing.

giblet1979

Lots of luck with the overpayments - I look forward to hearing more

Gib x

jodles16

Hello! Sounds like you have already done really well!

Good luck with the overpayments, every little helps!

Jodles :j

Mort

This might just qualify as one of the shortest threads, it will certainly qualify as a neglected one . To be honest I had forgotten it until today when I noticed a link to it in my profile.

The good news is that I am officially mortgage free and have been since the end of October 2019 when with the help of an inheritance I paid of the last 6k on the mortgage. I never got to the hoped for £150 overpayment per month but the overpayments made sure did help.