NOW MORTGAGE FREE! In the big house - here we go again !

Flower1976

Happy 2020!
Balance now sits at around 17100. Just waiting until we are allowed to pay another £9000 on 1 May. Balance will then be around £6500. That seems like such a tiny figure and so tempting to pay it all off then and take the hit of the £65 ERC. Something to consider although I know we won't be saving that much in interest so probably more sensible to leave it until it expires the following year.
Good luck everyone.Flower

Cariad71

Well done! That’s amazing! Yes I’d be tempted to take the hit too and clear it. Happy New Year!

Flower1976

Today we entered a new overpayment year so transferred the full allowance of £9000 across. Balance at the end of this month will be less than £6500.

Plan to clear the balance in August taking a hit on the ERC of approx £50. The end is in sight! 

Flower1976

Well we decided not to clear the balance in August but instead chose to continue to pay our normal monthly payment until the end of our fixed rate and repay the balance on 1 May next year.
Balance currently stands at around £3800 so almost there!

Flower1976

Nearly there, the end is in sight!
Less than £2100 remaining. 

Another payment of £444 on 1 April then we will be repaying the full balance on 1 May when our fixed rate and ERC has expired
Once done, we have lots of work that we want to do on the house - refurb of the living room, decorating the hall and new front door just for a start. 

Can’t help but think of what we could have done to the house if we hadn’t have overpaid our mortgage but know that security for our family was the right thing to do first.

Coffeekup

Nice work on your overpaying. I hope to be where u are in 7.5 years (if I make it to then).

I wish I did a bit more research before I took my 10 year out with TSB, as I can only overpay 10% of the balance of that year. Where nationwide as you know you can o/p 10% of the starting balance.
I'm also in the same boat where I need a new kitchen, bathroom and 4 other rooms bringing up to date. When I say need I mean need (late 80's style kitchen and navy blue bathroom suite) It's embarrassing having people round. But I plan to do these in 3 year's time when I hit the lower over payment cap's, I just hope they'll hold out that long. 
Family and friends tell me on a regular basis I should get a new bathroom/kitchen, when I say I'm overpaying to them I come across as barmy and going against the grain. I hope to be the one in 10 year's with no mortgage whilst they still struggle in the daily grind (in a nice way of course).

Good read and well done.

Flower1976

So I phoned Nationwide to request a figure to repay our mortgage on 1 May and was told I could pay anytime now without an ERC! So we have just transferred the final payment of £1655.12 to them and consider ourselves ‘MORTGAGE FREE!’

Obviously the money still needs to be applied and they need to do their bit to close it down but it’s paid! Mortgage free for a second time at age 44. 

Keep going everyone :-)

bubblycrazy

Woohoo congratulations! 🍾🎉

Tartan_Mum

Every time I read about someone becoming “mortgage free” it makes me so happy. 

Well done and enjoy this feeling 🎉