Mortgage Free Diary!

MeenaM · 15 September 2019 at 6:20PM

Hi all
This month we became debt free! next we are building up an EF of 3 months expenses , that should be finished in next 4 -6 months and thereafter we are going to be over paying towards the mortgage.

We currently owe £100,643 with term of 14 years left , fixed rate until April 2022 at 2.19 % payments are £682.00 Would love to re pay this in next 7 years instead although we do plan on moving when the fixed rate is up , hope to not have to buy anything that is that much more than what we pay at the moment but our third bedroom is tiny and daughter being 9 at the moment is just about coping in it but wont be fair to her when she gets older, we are in the one bedroom and our teenage son in the other( 3 bed house) but he wont be moving out due to health issues, likely to be with us for the foreseeable future.

will at the same time be paying into daughter's college fund, i have a child trust fund for her which atm only pay in £26 per month but it has done very well and already has £4100 in it , hope to pay in £300 per month once EF fully funded, that should leave £300 -£500 extra to pay on mortgage, with Santander and can pay up to 10% of outstanding balance each year without penalty. I have already asked them to reduce the term if we make over payments.

any tips etc would be appreciate :j