Don't want to do this job for ever

fresh_cotton

you're doing great.

It can be hard at times to know what the right balance is in terms of investing into the house and making overpayments. We took on a project every two years so the house wouldn't be a complete mess by the time we were mortgage free.

In the end, I became addicted to overpaying and I actually enjoyed it. I found it liberating and it made me realise that I was genuinely happier spending less. I did spend money on other things, but my overpayments were always my priority.

there is no right or wrong way, you will soon find the balance that works for you, and you will probably find that it slightly changes over the years.

diggingdude

Wise words. I'm not very patient in my private life

diggingdude

So it seemed Skipton hadn't been applying the interest properly which has affected the LTV a little. Still keeping up the regular overpayment and currently have 18.1% LTV. Havent increased the overpayment yet but have £1k put aside to pay sometime if needed

diggingdude

Not updated for a while. Beginning of this month I paid my 12th installment. Can't believe how quick this year has gone. The overpayments over the last year covered all the interest and paid off additional capital. 
I am lucky enough to be in a fairly secure job, I am still a social worker but switched into another role which I enjoy more. That being said I have this week stopped my overpayments. Given what is happening in the world I feel money in the bank is more useful right now. Hopefully if I can save the overpayments I can make it up later in the year. 
I should say I was very impressed with Skipton when on the phone. They are a bit behind the times with it systems (ok maybe 10 years), but have never spoken to a miserable/unhelpful person yet 

diggingdude

Feel like I need to update to keep myself going.  Since stopping the automatic overpayments, I have been making manual ones and am about £100 short of where i would have been so quite happy as in that time I have changed my car, done plenty of DIY etc and continued building up savings.
My plan moving forward is to see if i can pay an additional 100% on what my standard mortgage should be.  Not sure if that will be doable but lets see

diggingdude

Forgot about this thread. Next month will be two and a half years in and it's showing now. I'm about £8k ahead on my statement to where I would have been. Didn't seem to be getting anywhere at the beginning, but now it feels great 

happymum37

Well done! Brilliant.  Every bit builds up.  What's your estimated end date?

diggingdude

Thank you. If I can maintain this it's predicting 2033 end having started 2019 on a 25 year term 

powerspowers

Wow that is an epic amount to knock off the term, stay motivated 😀

diggingdude

I keep forgetting about coming back to this.  Com March I will have been paying the mortgage for 3 years.  I have to say I am really now noticing the difference.  I currently owe just under £98k but should have been £108k.  According to the mortgage calculator, at the end of year 5 i should owe £99.3k so its now paying off, especially now i have reduced my hours in work.  If i can maintain this i should be at £80.1k at the end of 5 years, £19k ahead of myself.
Good luck to all those managing to overpay during these tough times