Bit of a progress update

quantic · 10 August 2017 at 9:42AM

Bit of an update, our original 3 year deal just finished so was able to make an overpayment of 23k to reduce our mortgage balance which now stands at just under 90k and has knocked 6 years off our 19 year mortgage term. Signed up for a new 2 year deal at 1.69% which has the same monthly payment roughly as before.

After our two years our balance should be around £78k, we still have 31k saved up which I plan to use to pay off more of the mortgage bringing the total down to 47k. Allowing me to reduce the term further to 6 years while maintaining the same monthly payment. Which would mean we are mortgage free in 8 years from now.

I realise I could pay off all 54k today but feel more comfortable doing it in chunks incase anything unexpected happens.

quantic · 21 August 2019 at 5:32PM

Another update... not made the progress I hoped to as we had a baby 2 years ago and some of our plans went out of the window.

Mortgage balance stands at £52k, paid a chunk off the mortgage and used some for child related expenses over the last year.

Term is now down to 8 years but don’t think we will be able to overpay much over the next couple years as my wife is off full time with our son so down to one wage.