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Don't want to do this job for ever

edited 6 November 2019 at 12:43AM in Mortgage-Free Wannabe
25 replies 2.6K views
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  • fresh_cottonfresh_cotton Forumite
    40 posts
    Mortgage-free Glee!
    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.
  • diggingdudediggingdude Forumite
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    Wise words. I'm not very patient in my private life :)
    An answer isn't spam just because you don't like it......
  • diggingdudediggingdude Forumite
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    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
    An answer isn't spam just because you don't like it......
  • diggingdudediggingdude Forumite
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    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 
    An answer isn't spam just because you don't like it......
  • diggingdudediggingdude Forumite
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    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
    An answer isn't spam just because you don't like it......
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