Givens doesn't want to be giving it away

Givens

I've enjoyed reading peoples stories on here so thought I'd join in and make regular posts about reducing our mortgage.

Current mortgage only began on a 25 year term earlier this year. We currently pay £780.69 a month and have £156,459.45 left after yesterdays payment. The interest rate is 3.29%, we were both self employed at the time which vastly reduced our options. The property is worth more than what we paid for it but this is no use to us in the short term as we are tied into our rate until Feb 2018 with an an early repayment charge of over £5000.

We're likely to extend our home but whether we stay here once we've done the work I'm not so sure.

We're not as frugal as others on here but we're not paying any more for our necessity's than we should be. Our internet can be cheaper and will look at it when our contract ends.

We haven't set ourselves any targets at all and I'm not sure how much of an overpayment we'll make each month.

Luckyinlife

Good luck any plans for OP ? can you regularly overpay ?

sounds ok tho im self employed and had a rate of 6% for 6 months while i got sorted

Givens

Luckyinlife wrote: »

Good luck any plans for OP ? can you regularly overpay ?

sounds ok tho im self employed and had a rate of 6% for 6 months while i got sorted

Thanks, I will be able to regularly overpay. I'll aim to make overpayments on average of at least £200 a month over the next 12 months which would reduce our mortgage by 2 years even if we reverted back to our original payment.

The rate is frustrating, Virgins rate now for a 3 year fixed on 85% LTV is 2.48%. I'm kicking myself for not going opting for a tracker, I listened to my mortgage advisor when I was convinced that rates wouldn't go up enough for me to be financially out of pocket; I won't grumble too much as we were very lucky to get a bargain, we were lucky enough to be the first people to view the house after the previous sale agreed on it had fallen through after 10 months.

Givens

First overpayment of £100 made yesterday, mortgage down to £156359.20.

I'm aiming to make another payment sometime later this month.