Chip away

5erge

I've been on the site since Christmas, I'd considered mortgage over payments but never actually went ahead and followed my good intentions through to completion.

Our mortgage is with Nationwide (repayment) 2.89% fixed till May 2016 and I made a measly £50 overpayment last month, start small I say. Our mortgage isn't massive at all, 59k left @ £372 per month and our place is worth approx 450k.

I should be over paying on a regular basis but just haven't. We had existing CC debt and I concentrated on paying that off first, so our only debt now is our mortgage.

We are making the most of Santander, Lloyds and TSB current accounts so financially I think we are in an okay situation. I'm going to overpay as much as I can between now and next May, put down a 10k deposit then move our Mortgage to Santander (making the most of 123 cashback) a 2 year fixed at 1.64%. This should drastically reduce our term and bring us closer to mortgage freedom, if I can clear it in under 8 years I'll be happy.

Unfortunately I'm driving the missus mad with all my money saving tips, new accounts and mulitple S/O's to cover the four current accounts we have between us. I need to also get in on the mini money saving threads for Christmas, emergency funds, car funds etc...

So I've set my mortgage free date @ 2023 - even that sounds a million miles away

Des

abouttimetoo

Hi 5erge and welcome to the board


Sounds like you have a plan so best wishes. Every small amount you can overpay can make a real difference


2023 might feel like forever but it's 8 years. I've been overpaying for 7 and I can't believe it's that long already, it really has flashed by, can remember making my own first post and being so pleased with myself. I did £50 too and it felt like my first committed step


Regards
ATT

zootie

I agree, it sounds like you have a firm plan. Good luck with the overpayments.

5erge

Another £50 paid off today, again not massive but £50 closer to freedom

Des

dave8204

That £50 is not "just" £50.With the years of compound interest you'd have paid otherwise you've saved much,much more than that.
I started with £50 and got there,good luck and well done.