Teeny tiny mortgage overpayments?

always29

Ooh, balance update from Mr Always - £117,925, that £120 paid a couple of weeks ago has brought us under £118k as I expected Aim for end of year is another £1k barrier, our normal monthly payment is just shy of of £685 so after interest charges, means a £441 overpayment between now and 31st Dec, :eek: No, be positive it can be done. Our original end date is Feb '33, I must try and work out what I've knocked off if we do this.

always29

Using http://locostfireblade.co.uk/spreadsheet/Index.html this calculator, I've worked out we've knocked off 5 months from our mortgage so far - original end date March 2033, now Oct 2032. It's not perfectly tying in with the HSBC statement by about fiver but I can live with that! In the 21 months we've had the mortgage, I've overpaid just over £91pm on average. Continuing at £100 and that's 3 years off altogether or another 15 years to go, oh my I'll be practically double my "29" by then. Right need to do more than £100pm.


edit: £240 pm gives us 12 years to go, I'll still be in my early 50's, that seems a tad more realistic. To give us 10 years left from now, overpayments would need to be £400pm, bit too aspirational me thinks!

always29

Oops, don't know what happened to the last couple of months but certainly no overpayments! Just received our annual statement and including the payment made this week we've definitely broken the £117k barrier. I need to recalculate payments for this year but we have a pile of niggling maintenance we need to sort too, am determined we're going to get properly organised this year, after all I am not 29 anymore!

jodles16

Hi Always29! Glad that you havent had to add onto your mortgage and can carry on OP! Moving bits of money here and there really makes a huge difference, a quote I read on here was a pound payed is a pound you will never pay interest on again!

Jodles

always29

Right, husband's old rose's jar has been sorted and £75 of full bags of change have been paid into the mortgage, I've set up a standing order overpayment for £100 per month and he's agreed (again!) to set one up for £150 per month - must keep nagging him until he does this time. My current aim is to be mf by the time alwaysjnr#2 is 16 although we still have the family financial problem hanging over us so with that and the repairs we need to do to the house could be a tight year.

always29

Oops, it's been a while! Over the last year, I have averaged about £100 a month of overpayments. Our balance is now £115,132, and I am 100% confident by the end of this year that number should easily start with a 1 and a 0 which will be lovely And so the journey continues!

Busy_Mee1

Well done - you are doing really well. It just goes to show how small amounts can make a big difference:T

always29

I must try and work out how much actual interest we've saved, :money: calculator on a simple £100 per month over the life of the mortgage saves about £23 per month which is better in our pockets than HSBC's!