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Zippeh's Diary
Zippeh
Posts: 108 Forumite
We currently have ~88k outstanding on our mortgage with roughly 19yrs left to pay it. When we took the mortgage out in 2009, we borrowed 129k. I'm very pleased with our progress so far, but for the past two years we've not been overpaying as we had a daughter, so we decided to stop for a while to reevaluate our finances.
We have now decided to restart paying some extra off the mortgage as and when we can, up to a maximum of 10% per annum. We have 4yrs remaining on our fixed deal at 3.19%. I've done some calculations, and we're better off staying with the current deal than paying the early repayment charge and moving to a lower interest rate.
It was my birthday yesterday, and I was given about £200 in cash which has gone straight off the mortgage!
Its a small start. But a start nonetheless! We don't have a target for when to be mortgage free, because we'll probably move house at some point and that will mean we'll have to borrow more as we're in a good value area at the moment. Every penny we overpay though, is a penny less to be borrowed for moving up the ladder!
We have now decided to restart paying some extra off the mortgage as and when we can, up to a maximum of 10% per annum. We have 4yrs remaining on our fixed deal at 3.19%. I've done some calculations, and we're better off staying with the current deal than paying the early repayment charge and moving to a lower interest rate.
It was my birthday yesterday, and I was given about £200 in cash which has gone straight off the mortgage!
Its a small start. But a start nonetheless! We don't have a target for when to be mortgage free, because we'll probably move house at some point and that will mean we'll have to borrow more as we're in a good value area at the moment. Every penny we overpay though, is a penny less to be borrowed for moving up the ladder!
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Comments
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I just logged in to see how much was left on my mortgage and it was 87204, so I paid off £204 to get a nice round number!0
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well done it does help to save/pay off any amount you can no matter how big or small
Im sure youll smash it if you keep at it its a long road but we are on the right track :]Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
Emergency fund 23k0 -
Well we've decided to proper hit the mortgage now. We will attempt to overpay 10% a year! To get this started I've paid off £1500 in a chunk this morning, and will try to do so each month until we hit our limit.
With that payment, we're down to ~85.5k!0 -
Haven't updated this for a while! We're down to £72k now.0
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Go you.
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We now owe a shade over £70k but have more than that in savings. So pretty happy that we could pay it off if we decided to! We're due a remortgage in 2019, so will look at paying off more then 0
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Paid off an extra £7000 this week. We now owe a shade over £62k. Thos equates to roughly 25% LTV. Happy days!0
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Wow, impressive amounts paid off!0
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