House Renovated now to Over Pay

Keith99Keith99 Forumite
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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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Replies

  • beanieloubeanielou Forumite
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    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
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    Wishing you well on your journey :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • killerpeatykillerpeaty Forumite
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    Hi there

    What renovations have you done?

    Good luck with your overpayments, £1,500 is massive!
  • Keith99Keith99 Forumite
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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
  • LeighofMarLeighofMar Forumite
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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 end of July 2021 - $28,550.00
    Hope to be mortgage-free by 2023 
  • Keith99Keith99 Forumite
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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.
  • edited 12 October 2019 at 7:57AM
    Keith99Keith99 Forumite
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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.
  • Mortgage_MinimiserMortgage_Minimiser Forumite
    241 Posts
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    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 - £3641.26
    2017 - £7779.28
    2018 - £11,515.16
    MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000
    Mortgage:
    01/2/2015 - £243,750
    31/12/15 - £235,906.71
    31/12/16 - £224,120.98
    31/12/17 - £210,224.06
    31/12/18 - £190,821.21
    Mortgage today £155,709.83
  • Keith99Keith99 Forumite
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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.
  • Keith99Keith99 Forumite
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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.
  • Keith99Keith99 Forumite
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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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