Time to stop (over)thinking and time to start doing!!

Throwaway1

Super speedy update: After a few months away from looking at the mortgage, we decided it was probably time to make overpayments again and so paid £2500 today. If we were to make no more OPs, that's 8 years 10 months off the term and £32,575.17 in interest saved.

powerspowers

That’s fantastic!! 

Don’t stop now though 😆 

Throwaway1

powerspowers said:

That’s fantastic!! 

Don’t stop now though 😆 

Thank you! We are still plugging away and another £1000 has just gone into the pot. I’ve still got the concern of my car packing in at the back of my mind so we’re not paying in as quickly but still aiming for the 10% by the end of the year. Husband inherited his nan’s (even older) car though so hopefully we’ll have a back up ancient car for a while if my main one does fail so it wouldn’t be a complete emergency to replace it.

Obligatory line:
If we were to make no more OPs, that's 9 years 1 month off the term and £33,209.15 in interest saved.

Throwaway1

£500 in this morning.

Obligatory line:
If we were to make no more OPs, that's 9 years 3 month off the term and £33,521.31 in interest saved.

South_coast

£5k to go to hit this year's target 😀! It must be great seeing that the amount each year is coming down and giving you a little more breathing space

Throwaway1

South_coast said:

£5k to go to hit this year's target 😀! It must be great seeing that the amount each year is coming down and giving you a little more breathing space

£2,000 to go now! We're a bit behind this year as we left quite a chunk of the payment for the last half of the year, rather than splitting it over 12 months, but we wanted to make sure we had cash to hand with the uncertainties the pandemic has brought. My husband's wage has been reduced by over £200 a month for the last year and a half as he longer gets out-of-hours payments with companies not needing out-of-hours support.

It's nice to see the daily interest rate come down and to know that each year the amount we have to overpay gets smaller by about £2000.

Standard line:

If we were to make no more OPs, that's 9 years 10 months off the term and £35,328.73 in interest saved.

Throwaway1

I didn't realise I hadn't been updated the diary. Thankfully, we have still been paying though! We went for the opposite strategy this year and paid it pretty much all at the start of the year to try and mitigate for the years where we have paid it near the end. I'm not sure I like paying it off at once. Yes, it's by far the best way for lowering the interest but it is really boring the rest of the year, knowing that you can't do anything for 10 months.

Standard line:

If we were to make no more OPs, that's 12 years 3 months off the term and £41,966.61 in interest saved.