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The last £20k...

As of yesterday, my remaining mortgage balance has finally dropped under £20k :j (£19843.70 to be precise). If I leave it to tick along as-is it will run to January 2025, and i'll pay about £2200 in interest between now and then. Currently monthly payment is £290.06
Obviously I'd rather pay it off quicker and save some money in interest, so this post is as a diary / motivation to do that!

Background: I previously had 2 mortgages on my house, following porting the mortgage from a previous property when I moved 6 years ago. However following a share in a BTL I had being sold earlier in the year, I was able to pay off the larger mortgage, and save over £8k in interest in the process.
I've not yet overpaid the remaining mortgage much because I need to set aside enough for the CGT payment at the end of the year and for a kitchen overhaul, which is about to start.
I'm hoping to be in a position in January to start seriously overpaying, hopefully between £500 and £1000 per month, depending what else is going on at the time. There are no over-payment limits on my mortgage.
I've not set any particular time-goal to pay it off by, but before I reach 45 would be nice (23 months...). We'll see how that goes!
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Comments

  • Good luck Alan.

    Loads of inspiration on here

    Bexster :)
  • beanielou
    beanielou Posts: 95,870 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Happy shiny new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • alan_d
    alan_d Posts: 364 Forumite
    Sixth Anniversary 100 Posts Mortgage-free Glee!
    beanielou wrote: »
    Happy shiny new diary :)
    Yep, however I suspect it will be fairly quiet until early next year!
  • alan_d
    alan_d Posts: 364 Forumite
    Sixth Anniversary 100 Posts Mortgage-free Glee!
    October update, mortgage now £19608.
    Kitchen overhaul almost complete, done most of it myself to keep costs down - still cost more than expected!
    I'll be paying off kitchen related costs for the remainder of the year I think.
  • alan_d
    alan_d Posts: 364 Forumite
    Sixth Anniversary 100 Posts Mortgage-free Glee!
    January update, mortgage now £18901.
    CGT paid (ouch!).
    Kitchen project all complete, went over-budget (surprise surprise) so still have a few months left of paying for that, and had an unplanned car purchase recently (!), so not ready to start overpaying the mortgage yet, but should be by April.
  • alan_d
    alan_d Posts: 364 Forumite
    Sixth Anniversary 100 Posts Mortgage-free Glee!
    April update, just in case anyone actually reads this!
    Mortgage now £18184 - will be under £18k next month :)
    The unplanned car purchase has since been sold for exactly what I bought it for.
    However we're in the process of buying another to replace my wife's 19-year-old Toyota which has zero chance of passing the next MOT, and is no longer cost effective to repair. Should manage this without borrowing anything so the debt situation shouldn't change. About £2k remaining on 0% - I expect that to be gone in a few months.
    Reading other posts I should consider upping my pension contribution a bit, currently 15% + 10% company contribution... but i'd like to retire at 60 latest, preferably 55.... which is 12 years away...
  • beanielou
    beanielou Posts: 95,870 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Still reading :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • alan_d
    alan_d Posts: 364 Forumite
    Sixth Anniversary 100 Posts Mortgage-free Glee!
    Update... almost a year after starting this thread, the mortgage is gone! :j
    I received some inheritance money, which was enough to pay off the remaining mortgage - balance was down to £17255. That's saved me about £1600 in interest :)

    I had hoped to pay it off before I reached 45... and did it a few weeks after my 44th.. although feel I cheated a bit!

    Going forward i'll save a bit more and increase my pension contribution - hardly exciting but fairly sensible.

    Thanks for the support everyone!
  • Congrats :T:T:T
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Congratulations
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
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