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September 2014, £104,000 to go!
JeffUK_2
Posts: 27 Forumite
Seeing as savings rates are shocking, I've maxed the matched contributions on my company pension, AND I'm too chicken to get into the stock market; Paying the mortgage off seems to be the best bet by far.. Would appreciate any feedback
Current situation
Mortgage £104,000
Budget excess circa £1,000 per month
Savings £50,000
So, we're planning to overpay roughly £10,000 per year;
being on a fixed-rate/term mortgages means we're limited to 10% overpayments, so some of the money in the first 3 years will be in savings until the next re-mortgage comes up, but not a huge percentage for the majority of the time.
2014 104,000
2015 91,000
2016 77,500
2017 63,500
2018 49,000
2019 34,000
So before the end of 2018 our mortgage should be lower than our total savings; at which point we'll make the call about what to do.
If life gets in the way, at every step we're protecting ourselves from interest rate rises and reducing our minimum monthly repayments.
Current situation
Mortgage £104,000
Budget excess circa £1,000 per month
Savings £50,000
So, we're planning to overpay roughly £10,000 per year;
being on a fixed-rate/term mortgages means we're limited to 10% overpayments, so some of the money in the first 3 years will be in savings until the next re-mortgage comes up, but not a huge percentage for the majority of the time.
2014 104,000
2015 91,000
2016 77,500
2017 63,500
2018 49,000
2019 34,000
So before the end of 2018 our mortgage should be lower than our total savings; at which point we'll make the call about what to do.
If life gets in the way, at every step we're protecting ourselves from interest rate rises and reducing our minimum monthly repayments.
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