£170000 in 10 years

try_harder

I have just paid my mortgage and the interest was added on this morning ,my £170,000 mortgage has now become £166,511.89 minus my savings puts me at £149,583 i have gone from £170,000 to £149,583 in approximately 18 months i make this out to be a saving of £1134 per month i am now left with eight and a half years or 102 months to pay £149,583 so dividing that number by 102 months means making an overpayment or savings of £1466.50 for the next 102 months ,tell me if im right Busy Mee1.
Thanks toadhouse ,you will find so much positive support here and it definitely would be good to start your own diary i find it so helpful getting numbers especially down in black and white

daisy_1571

Your figures are most likely correct but as you pay more off and there is less interest it does get marginally faster as you pay more and more off. Maybe keep concentrating on your 1200 a month (as you have almost made that a monthly amount in reality) and keep adding it all up every year or so to keep you on track. You are great TH

Daisy xx

try_harder

Ah daisy 1571 thank you so much for your lovely support .Yes that what i thought ,there will be less interest if i overpay and more interest if i save and if i can manage to save at least £1200 a month combined with the interest on or off i should stay on target fingers crossed .Thank you Daisy as always

Busy_Mee1

Hi Try Harder that is right by my calculations too. You have been doing brilliantly well.

I have started setting myself targets in £10k chunks - so for example you probably will hit the £20k mark in January, and if you set yourself a target of £30k by September 2018 (8 months at £1250) and then see if you can achieve ahead of time....works for me but I love round numbers and a bit of a challenge !

try_harder

Oh what lovely numbers Busy Mee1 £20,000 sounds amazing ,i will definitely strive for between £1200 and £1500 a month with £1200-£1250 as my main target .Thank you .
I have paid off my sub account 1 -i have /had 4 sub accounts i paid off sub account 1 last year so now have 3 .With sub account 2 i owe £10,715.75 and this costs me £144.31 a month at the moment ,this is the only part of my mortgage on a repayment basis the rest is all interest only so i am thinking i will try really hard to get this down /pay it off over the next 14 months ,i think we are at 3.79 on our interest rate which is very high but not allowed to change as cant pass the affordability criteria and this will of course now rise .25 adding £50 a month more to our mortgage ,yes i think thats what i will do carry on saving but also try to clear that sub account starting with a payment now of £15.75 leaving £10,700 today 3rd November with 14 months to work on it.Thanks Busy Mee1

themadvix

They're really great figures TH - and you know that if you've managed it so far, you can keep at it!

Sounds like a plan to get rid of that bit that's on 3.79% - I feel your pain, and I thought 2.99% was bad!

try_harder

Thanks themadvix ,sadly all the rest of it is on 3.79% too but i thought i would make a start on the smallest balance as its very small compared to the other two sub accounts.

Busy_Mee1

I am loving the payment of £15.75 to make a nice round number of your mortgage. These small amounts really do make a difference don't they. I guess you will need to make a decision soon about where it makes more financial sense to pay the mortgage off rather than put spare money into savings...depends whether you get more than 3.79% on all your savings.

I am getting to the point where I think some of the savings will need to be paid off the mortgage because I can't earn any more in interest anywhere else. A decision for next year I think when some of the regular savers come to an end.

Have a great weekend Try Harder - are you going to a bonfire ?

try_harder

Morning Busy Mee1.I have most of my savings in 2 ISAs ,i should say our ISAs really as we have one each ,one with Hargreaves Lansdowne and invested in 4 or 5 companies and one with Fidelity ,we have gained around 11 - 15 % overall so approx £1700 on the money we have invested ,of course this could drop at any time but not bad for around 18 months ,i pay in DD monthly on a savings plan .
We are going to two firework parties this weekend with two barbecues attached so we will save on dinners but have had to buy lots of fireworks and drink plus cakes to take with us but i did budget for that .How about you ?

Busy_Mee1

Sounds fab - I don't think we will go to any bonfires, we are out on Sunday anyway. We live on a hill and get to see the fireworks for miles around so we won't miss out.