Don't want to do this job for ever

LeighofMar

Great job. It's really coming down. 

diggingdude

Thank you, the decision now is whether I'm moving in a year or so 

diggingdude

£88771, really with I could get one of those "bank error payments" from monopoly to knock another £10k or so off it

savingholmes

Great progress.

diggingdude

£84700. Somehow it feels like it should have been less than that but clearly not. Mind you since I last remembered to update this, interest rates have gone to pot, I've settled into a new job which pays less but gives a better work/life balance, I'm 3 months into a new positive relationship and still wondering if I will move next year. 

I've managed to maintain the overpayments despite everything which is mainly going to pay off with the remortgage next year and the new stupid rates. 

Oh and as a memory for myself, my dogs now on slimming world 

diggingdude

£84123. Should have been around £101000 so not going to complain. Small amounts do make a difference.  Will be nice to see it go under £84k this month. Dogs still on slimming world..... 

Coffeekup

You're doing really well, keep the posts up these notes will be nice to look back on.

When I was overpaying mine I played with amortization spreadsheets to see where I should be and what I should be roughly paying in interest on this date or that date etc etc.

I broke it down into stages instead of endlessly waiting for the amount owed to be lower, I would set goals to get the interest under £7 a day then £6 a day and then maybe under the "next 10k" then back onto £5 a day interest, or 65% of the mortgage payment is coming of the capital. It took my eye off the total amount owed for a bit and made me think about how much it really is costing.
I had a Fixed 10 year mortgage, it really started snowballing around year 4/5. I never got to see how it all panned out tho as i had inherited some money and paid it early.

diggingdude

Blimey can't believe it's been a year since I've updated. Stopped the larger overpayments at the beginning of this year due to having a bit of a life with the new Misses and also to build up the savings with the hope of purchasing a ring in the not too distant future etc. these days I just round the monthly amount to the nearest £50. The savings goals are complete now and with the mortgage at a rate comparable to savings rates I might start overpaying again properly. The mortgage is at £78450bl but I think there's some interest due. Not bad for 5.5 years though from £117k. The new mortgage rates are a pain but thanks to the overpayments when I renewed in June my monthly payments actually decreased by £5 a month. 
The hope next year is to sell and move in with the future Mrs Diggingude. Thanks to the overpayments I'm over 50% LTV despite prices dropping in my area so it's totally worth it. 

Whilst writing this I sent a token £50 overpayment to relive the thrill. 

diggingdude

Gosh I miss those days when I was overpaying a decent amount. Amount now owing is £76700, but savings are nice and healthy again, engagement ring is bought/paid for in anticipation of a proposal the end of next month and house goes on the market the end of the week. Exciting times. 

beanielou

Exciting times ahead.