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Demoralised at halfway.
shsm
Posts: 3 Newbie
Hi guys,
First time poster, long time reader.
A bit about me. Me and the wife have two Young children. We have two properties, one we live in, the other BTL. I have never been concerned with trying to clear the mortgage on the BTL and we are happy letting this to pay its own way over time. We don't owe much on the BTL, probably about 63ish and that is on a tracker. Once the rates change we will find a fixed deal.
I have however wanted to pay off our family home off since we moved in in 2012. So the sums...
The property was a new build and we bought when the market was at Rock bottom for 92500. The mortgage we got was with nationwide 5 yr fix at 4.89 % which wasn't the best but all we could get at the time.
We put down a 15k deposit leaving 77500.
We have since been making a mixture of monthly OP and lump sums as and when.
The mortgage is now at 45000 and if we continue the way we are going then it should be gone in four yrs or so
HOWEVER
I know we have achieved a lot and are now at the halfway point. This is difficult as I am begging to get fed up with throwing so much money at the mortgage but on the flip side I still want it gone ASAP.
I can't have it both ways just feeling abit demoralised at the moment.
I'm sure once I see the balance continue to tumble and get over the next milestone things will improve. :T
First time poster, long time reader.
A bit about me. Me and the wife have two Young children. We have two properties, one we live in, the other BTL. I have never been concerned with trying to clear the mortgage on the BTL and we are happy letting this to pay its own way over time. We don't owe much on the BTL, probably about 63ish and that is on a tracker. Once the rates change we will find a fixed deal.
I have however wanted to pay off our family home off since we moved in in 2012. So the sums...
The property was a new build and we bought when the market was at Rock bottom for 92500. The mortgage we got was with nationwide 5 yr fix at 4.89 % which wasn't the best but all we could get at the time.
We put down a 15k deposit leaving 77500.
We have since been making a mixture of monthly OP and lump sums as and when.
The mortgage is now at 45000 and if we continue the way we are going then it should be gone in four yrs or so
HOWEVER
I know we have achieved a lot and are now at the halfway point. This is difficult as I am begging to get fed up with throwing so much money at the mortgage but on the flip side I still want it gone ASAP.
I can't have it both ways just feeling abit demoralised at the moment.
I'm sure once I see the balance continue to tumble and get over the next milestone things will improve. :T
0
Comments
-
Well done on everything you have achieved so far! You are very inspiring and I for one will be delighted when I only have four years to run on my mortgage! Keep going you can do it! I certainly believe in you.:laugh::money:;)
Emergency Fund £1000.00/£1500.00
Our home is lovely, and would feel even better if it were mortgage free:rotfl:
Life could be so much worse!0 -
I think its natural to feel that way, remind yourself how much you have achieved and that in four years it will be gone forever! Perhaps start a diary on here, if you feel too much is going into the mortgage that you aren't enjoying yourself perhaps look at overpaying a little less to get that balance.
Best of luck!
Jodles
MFW2020 #115 250/3000 J-250
1% challenge- /1525Save 1k in 2020- /3000
Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
0 -
Have a look at a switch to a lower rate, ERC and fees might make it unviable.
Have a break from overpayments and live a bit.
What do the wife and kids think0
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