Little big milestones

enthusiasticsaver

I am seriously impressed you are managing to make those sorts of overpayments on your mortgage in particular if your family is young and presumably your partner on maternity leave.

We started making overpayments on our mortgage in our twenties back in the 80s/90s but interest rates were then much higher (although mortgages smaller) and we also focussed on overpaying pensions. Presumably you are also considering that in your fortunate position? Eventually we repaid our mortgage in 2007 when I was 47 and my husband 49.

It will be a great feeling once it is gone. Also you will have so much disposable income once your children are at the age for university, houses, weddings etc (that put our retirement plans back a bit ) We will both be retired by 58 though so we managed our dream.

Lexi-lu

Hello dark^knight,

You are making excellent progress, enjoy your well deserved celebration.

LL

EatingTheElephant

Congratulations on the milestone, what options are you thinking of for the celebration?

dark^knight

Lexi-lu wrote: »

Hello dark^knight,

You are making excellent progress, enjoy your well deserved celebration.

LL

Thanks Lexi...appreciate your support!

dark^knight

enthusiasticsaver wrote: »

I am seriously impressed you are managing to make those sorts of overpayments on your mortgage in particular if your family is young and presumably your partner on maternity leave.

We started making overpayments on our mortgage in our twenties back in the 80s/90s but interest rates were then much higher (although mortgages smaller) and we also focussed on overpaying pensions. Presumably you are also considering that in your fortunate position? Eventually we repaid our mortgage in 2007 when I was 47 and my husband 49.

It will be a great feeling once it is gone. Also you will have so much disposable income once your children are at the age for university, houses, weddings etc (that put our retirement plans back a bit ) We will both be retired by 58 though so we managed our dream.

Thanks enthusiasticsaver,

Yes, it has been a balancing act between enjoying life and trying to pay down the mortgage...however, as you say it will be worth it in the end and should allow us to prepare for helping the kids down the line.

And congratulations on paying off your mortgage and realising your dream :T

dark^knight

EatingTheElephant wrote: »

Congratulations on the milestone, what options are you thinking of for the celebration?

Thanks ETE...we normally have a meal to celebrate.

dark^knight

Hi all,

Apologies I am a bit late for the September monthly update...have been away from home for a work event this week...

So in September, we managed to OP £1900 in total, which was the budgeted amount...so very happy.

The balance stands at £67600.

15 months to go...

dark^knight

Hi all,

The update for this month...

This month I decided to dip into the savings, as the interest I am getting on the savings is much less than the interest I'm paying for the mortgage.

So with about £3k from the savings plus the budgeted monthly OP meant I was able to OP £4,500 this month.

The balance stands at £63100.

14 months to go...

dark^knight

Hi all,

The update for Nov...

I raided some more savings this month, and added to the budgeted monthly amount, we made a total OP this month of £4400.

Which leaves the balance at £58,700...and we are in the fifties...time for another mini celebration :j

13 months to go...

dark^knight

Hi everyone,

Hope you've enjoyed all the festivities.

So this is the final updated for this year.

This month we have been able to OP by 1700, which is slightly less than budgeted, as the car insurance has been renewed and another large unexpected expense came up.

So for the year, we have overpaid 25,700

The balance stands at around 57000, so hoping that in the next 12 months we can try and throw everything at the mortgage and see how close we get.

12 months to go...