The "Mortgage-free in 2025-30" club!

Luckyinlife

Hey guys welcome to the club :]

I made a payment of £2300 saving me 1 year 11 months from term and 8k in interest yesterday :]

Good luck to anyone making any over payments this month :]

pinkteapot

I'm so excited (and I just can't hide it). We've been paying £250/month each into regular savers that run for a year and then pay 6% interest. They finish in early May, so we'll have a lump of £6k plus interest to pay off the mortgage.

It made sense to save as the rate is a lot higher than we're paying on the mortgage, but I've been itching to get that money into the mortgage account!

turtlemoose

oooh pinkteapot that does sound exciting!! Have you calculated months saved/interest saved yet?!

Luckyinlife

pinkteapot wrote: »

I'm so excited (and I just can't hide it). We've been paying £250/month each into regular savers that run for a year and then pay 6% interest. They finish in early May, so we'll have a lump of £6k plus interest to pay off the mortgage.

It made sense to save as the rate is a lot higher than we're paying on the mortgage, but I've been itching to get that money into the mortgage account!

wow sooo close as well woooooooooo :]

katep23

Wow some serious OPs going on.

Checking in to report my £7.20 OP scheduled for tomorrow :rotfl::rotfl::rotfl:

NorthernMonkey1

Still no mortgage here, although it's all been approved now. However £66 left in the current account the day before payday, so I've moved this to another account, and will be paid off the mortgage the day we get it

choccielover

Wow excellent OP luckyinlife, that's great work! Must be a great feeling to see such a significant chunk of time come off your mortgage.

How exciting Pinkteapot I would be so happy to see that amount paid off the mortgage too, what great discipline you have.

Katep23, every bit helps, and it doesn't matter about the size of the overpayment, you will still get a lively warm feeling from having done it

I wish I had been so clued up before we got our first mortgage. We could have made such progress!! No one ever seemed to talk about it though and we just didn't KNOW the money we could have saved ourselves.

I have such admiration northernmonkey, best of luck and hope the paperwork completes soon

Chocs

Chocs

pinkteapot

turtlemoose wrote: »

oooh pinkteapot that does sound exciting!! Have you calculated months saved/interest saved yet?!

Not yet - I've resisted the urge until I add that OP to my spreadsheet and see what it does.

Luckyinlife

choccielover thanks :]
Im know what you mean tho noone talks about it in person much at all even my dad has around 12years left and £50 a month would bring it down 5 years yet he dont pay the £50 extra a month not interested really

How are you getting on ?

Brokeattheminute

Hello folks have bit more info for u and advice on what i should do would be appreciated cos im trying to work out a plan on whats best to do,have 2 mortgages out on my property.I have the original 1 at 3.99% with 12yrs 10 mnths left on it, no fixed rate and no early repayment charge which costs me £330.04 per mnth.The 2nd 1 i took out for doing an extension on the house last yr has 6yrs 2 mnths left on it but its 4.54% fixed for 5yrs with an early repayment charge of £1013.99.I pay £301.34 per mnth on this.The closing bal at the end of last yr on 1st 1 was 40,490.89 and 2nd 1 was 20,317.65.
Option 1 Start overpaying on the 1st mortgage.
Option 2 Start overpaying on the 2nd mortgage but it says on the conditions that if i make over 10%overpayment in a 12mth period i will get charged the early repayment charge.
Option 3 Save up £6,000 and pay off the 2nd mortgage 2yrs early when the fixed period runs out in June 2019. Then overpay on Mortgage 1 and have it paid by August 2025.