Breaking Free

Historybuff

I'm starting this new 'Breaking Free' of the mortgage diary to keep us focused on doing just that.
OH and I are aiming to start overpaying this month to bring our mortgage free date forward. We want to be FREE!

Historybuff

Overpayments were not feasible. Our current fixed deal comes to an end in August, so will look to increase payments then.

ourcornercottage

Why don't you create an offset yourself til then.

Historybuff

How do you do that?

ourcornercottage

Historybuff wrote: »

How do you do that?

Simply open an account with the highest interest rate available to you. See the section on here to find the best one for you.

Then put all the money in there that you intended to overpay until you are out of your fix then use that as your first op.

Works as an offset without being an official one

Historybuff

Oh, I see. Thanks.

Historybuff

So, have decided to start overpaying by the allowed £500 per month from February until August when the fixed deal ends. Then will up payments to as much as I can to reduce the term. Aiming for a mortgage free date of November 2018.

Historybuff

I've managed £1500 of overpayments up to now this year and today my mortgage amount remaining has gone down into the £50,000s. Still going strong.

LadyGnome

That's really good progress. Nov 2018 looks like a good target.


Congratulations on being in the 50's

Historybuff

Next target is to be below £50,000 by the end of April. Overpayments slowly being made. Have also decided to transfer any money left in current account at the end of the month into the mortgage to try to bring it down even quicker.

Historybuff

So, overpayments have been happening, but not at the rate I would like. Have to stay realistic. Next goal is to get below £40,000 before the end of the year. That means an additional £1,600. £550 a month.
Going to try to do it.