Meandering to mortgage free

Luckyinlife · 27 February 2015 at 1:21PM

Thing is with a mortgage a lot is interest but always less than rent that 30k could off all been on rent and now you own 15k of your home or more :]

I guess its the only way it can be done these days for the normal folk

Any more plans for overpayments ?

TimmySaver · 5 March 2015 at 4:24PM

Hi Luckyinlife,

Sorry for the delay in replying. I feel like I blink and a week has gone!

I know what you mean. At least later in the mortgage the ratio will change and each payment will be less interest and more capital.

We make a monthly overpayment of £109.73 at the moment. I'm hoping to make some additional overpayments soon, but will wait until the baby has arrived and see what our monthly outgoings are after that!

I've just subscribed to your mortgage thread

TimmySaver · 12 March 2015 at 2:35PM

I recently had a PIP assessment after waiting for about a year. I have been given financial support. This means that I will get some money each month and they will back pay from when my wife put in the application form.

This has meant that I've been able to put in an overpayment of £780. This means that our mortgage has gone from £62,654.94 to £61,874.94.

It feels so amazing to have been able to do this before the baby is born. It also means that I have money to get things that will make my life a bit easier and hopefully decrease my daily pain levels.

We're hoping to be comfortably being in the £50,000s by the end of the year and this overpayment is looking like it will be able to happen.

sweetdaisy · 13 March 2015 at 9:08PM

Great news about the PIP application

.

TimmySaver · 14 March 2015 at 9:08AM

Thanks sweetdaisy.

TimmySaver · 24 March 2015 at 2:19PM

Ever since we managed to get the mortgage down into the £60,000s, we've been desperate to reach the £50,000s. Well, the opportunity came for use to make that happen last week - so we went for it and made our biggest single overpayment.

Our mortgage is now down to £59,999.94. :j
It will bounce back up when the bank add the £170ish interest on the last day of the month, but then we'll never see the £60,000s ever again! (fingers crossed).

It feels amazing to have done this before the baby is due. It'll take us years before we can get the mortgage down into the £40,000s, but we're now below 50% loan to value ratio. This is important because as I'm not able to work, we've been stuck with the same provider. Now that we've been able to make some big overpayments, when our fixed mortgage ends in around 3 years, we should be able to choose the provider and package we want.

Hope you're all doing awesome on your own MFW adventures.