House Renovated now to Over Pay

So I've finally finished the major renovations and paid off all debts apart from the Mortgage, so now it's time to tame the mortgage beast.



I currently have around 21 years left with £153k at a rate of 2.19%, around 4 years left on my fixed mortgage product.


For the last 6 months I have been OP around £200 a month, my aim is to bring down the term to 10 years, so by 2029 (that feels like a long time).



This means I will need to up the OP quite a bit, I did my first big overpayment of £1,500 this month and hope to continue to OP a bigger amount each month.
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  • beanielou
    beanielou Posts: 89,384
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    Wishing you well on your journey :)
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  • killerpeaty
    killerpeaty Posts: 2,627
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    Hi there

    What renovations have you done?

    Good luck with your overpayments, £1,500 is massive!
  • Keith99
    Keith99 Posts: 760
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    Hi there

    What renovations have you done?

    Good luck with your overpayments, £1,500 is massive!


    Thanks - it's been a total renovation. Single story extension on the back, new kitchen, bathroom, all new windows/doors, replaster the whole house, new driveway and patio.


    I'm hoping to make some good overpayments, targetting 10 years to pay it off, which seems like such a long time away
  • LeighofMar
    LeighofMar Posts: 672
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    Welcome. Sounds like a great renovation. Wishing you well on your overpayment goals.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • Keith99
    Keith99 Posts: 760
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    LeighofMar wrote: »
    Welcome. Sounds like a great renovation. Wishing you well on your overpayment goals.


    Thanks, still got the odd bit to do but all the expensive stuff is done. This OP is an even longer term project. I have a feeling it will be hard to keep motivated.
  • Keith99
    Keith99 Posts: 760
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    edited 12 October 2019 at 7:57AM
    After my overpayment this month, I received an overpayment letter from Nationwide stating they are reducing the term, so keeping my payments the same (which I'm happy with).



    However, once my normal payment went out I got another overpayment letter. Is this something I should expect after every overpayment?


    Just checked my redemption date - Sept 2039, it started as Feb 2040.
  • HI

    I am with Nationwide. I get 1 OP letter each month (I OP more than £500 each month) highlight the OP and the impact.

    Keep going... it'll be done in no time!

    MM
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • Keith99
    Keith99 Posts: 760
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    Another sizeable overpayment done - £1,300, thank god it's payday. I will have to see if I can pay anymore off early next month, depends how much I spend.
  • Keith99
    Keith99 Posts: 760
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    Got the rest of the week off, so decided to try and finish a few of the small jobs I've got left. Luckily they are all pretty cheap jobs or I've already got the stuff I need.
  • Keith99
    Keith99 Posts: 760
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    Been quite a productive day, managed to get a window changed as it was fitted with one that wouldnt fully open, its only taken 2 months!



    Then I decided to fit the lounge door myself, it's now hung but with no handle, think that's tomorrows job. I'm waiting for my normal monthly payment to come out in a few days and then I will see what my redeption date has moved to.
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