House Renovated now to Over Pay

Keith99

Just had the OP letter and it gives me a new redemption date of June 2039, so this month's OP has reduced it by three months.

Got some new railway sleepers to put in if the weather stays dry... Not likely though.

Keith99

Another overpayment of £1,300, might have to reduce my OP next month as it's not even black friday and I've already spent a fair bit... ah well. I will have to wait for the OP letter to tell me the updated redemption date.

Keith99

It's just updated online and I've now knocked a year off my mortgage. just the Feb 2039 now... so just the 20 years to go

Keith99

Another month another OP. Not quite as much this month due to Xmas, car service. c£600 OP and a total of £5.5k this year, which has taken off over a year off my mortgage.

It seems like I'm not getting very far, just the 19 years left... I'm sure it's worth it in the end?

jodles16

Hi Keith,



Well done on your massive OPs so far! I think when we are OP the mortgage it is easy to loose sight of the end as it is a marathon. It might help to set up smaller goals, I get very excited everytime I drop into another 1k slot, whenever I get into the next bracket etc. Work out the interest you would have paid vs saved due to your OPs- the calculators on this website are great, work out the daily interest rates so you can visually see what every OP does!



Best of luck!


Jodles

Keith99

Thanks Jodles - I always like to see each £1k off the morgage. I will have a look at the interest per day, is their a calculator on here for that?

Moneyfordreams

I think knocking a year off is fantastic.. as time goes on the reduction in interest will make those years come more quickly

Keith99

Yep you are right, will try to break it down a bit into smaller goals. Thanks for the kind words

Keith99

Finally got round to doing a few bits of DIY over Xmas. Plastered around my new window in the bedroom, turns out it was letting in quite a draft. Which has made the room a bit warmer, should have done it a while ago!

Keith99

Another £1k overpayment done for this month, waiting for my letter to drop through to update the redemption date