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House Renovated now to Over Pay
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Keith99
Posts: 764 Forumite
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.
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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Comments
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Wishing you well on your journey
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
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One debt remaining. Home improvement loan.1 -
Hi there
What renovations have you done?
Good luck with your overpayments, £1,500 is massive!1 -
killerpeaty wrote: »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 away1 -
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 20231 -
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.0 -
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 2040.1 -
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!
MMMortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000
01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41
Debt at highest point in 24 -£21,344
Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!1 -
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.1
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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.1
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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.1
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