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115,000 New Mortgage in July 2018 - 5 Year Target

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
5 replies 863 views
NeonitrixNeonitrix Forumite
29 Posts
Fourth Anniversary 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hi Guys/Girls,

Myself (40) and my other half (47) purchased our first house in the UK in July of this year for a purchase price of 145,000. We paid a 30,000 deposit and took mortage over 15 years with initial 2 year fixed payments. We emigrated to the UK in October 2014 with empty pockets and too many suitcases and came up with a plan to have our forever zero.

Firstly a wedding (2016)
Secondly a Visa for my better half (2019)
Thirdly a home to call ours (2019++)

Well best made plans and all but we got tired sending our landlord on holidays and decided we should buy now and work towards a visa with some mortgage payments under our belts.

We purchased a house in July this year we can make 10% of our outstanding mortgage, Calculated January each year without penalty until our fixed term ends.

We make our first overpayement in 2 weeks time, 11,500 meaning we are sub 101,000 by Jan 2019

and our plan into the future is:
10,100 extra payment July 2019 after visa
8,500 extra payment January 2020
Remortgage for 65,000 at end of Aug 2021 paying off 15,000 mortgage and doing some house repairs (re-roof, pointing)

Best of luck everyone


  • kitjoskitjos Forumite
    215 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Congratulations on your new home :). Been a few exciting years for you! Good luck on the mortgage OP'ing, you certainly seem to have your heads screwed on :beer:.

    All the best on your mortgage free journey xx
    "Don't underestimate the value of financial security"

    Wanting to be mortgage free by 45. £155,000 start / £89,700 currently

  • beanieloubeanielou Forumite
    76.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • NeonitrixNeonitrix Forumite
    29 Posts
    Fourth Anniversary 10 Posts Combo Breaker
    Update first overpayment made to the bank amounting to £11,500 (10 % our our origional £115,000 mortgage taken out in July 2018) we made the payment during November and as of 1st December we now owe £100,856, reducing our term by approx 2 years. Our intention is to make a further payment next August / Sept of the 10% of the oustanding mortgage amount as of Jan 2019.

    We wish everyone a happy christmas and all the very best for 2019.
  • edited 26 June 2020 at 8:05AM
    NeonitrixNeonitrix Forumite
    29 Posts
    Fourth Anniversary 10 Posts Combo Breaker
    edited 26 June 2020 at 8:05AM
    Fast forward to today, update almost 2 years in.
    End of fixed term 31st August 2020
    Purchase Price £145,000 July 2018, Deposit £30,000, Started out Mortgage owing £115,000 on a 15 Year Term
    26th June 2020 Currently Owe: £79,400
    Remortgage Secured with Coventry Building Society for £80,000 a 10 Year Term with 5 Year Fixed @ 1.7 with no cap on over-payments and a early repayment charge of £125.00 

    Just want to thank the people of the forum for giving us the willpower to go over-payment heavy and Covid aside we are on target to have the mortgage cleared by end of 2023 or at very least continue chipping away as we have been doing.

    Im not sure overall what interest we have saved thus far but do know that even if we take 10 years to clear it we started with 15 year mortgage term and in switching will end up with 10 Remortgage + 2 years Fixed so have knocked 3 years off original plan.
  • LeighofMarLeighofMar Forumite
    454 Posts
    100 Posts Second Anniversary Name Dropper
    Well done. Wonderful progress.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of February 2021 - $32,130.82
    Hope to be mortgage-free by 2023 
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