House Renovated now to Over Pay

Keith99

That was a fun month and a half, i got put at risk at work.  Luckily, I still have a job, so I have just OP by another £1.1k.  Just the £145k to go and redemption date is currently Dec 2038.

Keith99

So a lot has changed in the last few months.  I've carried on making a few overpayments, however I'm now thinking that for the moment I will just carry on saving and then make an overpayment at a later date.

What is everyone else doing?

Keith99

Decided to overpay about half the pot I have built up, so another £7k overpaid.  So far it's just over £19k in overpayments, which gives a total of over 11% of the initial mortgage.

caeler

Great start with the overpayments, those letters from nationwide are such a joy to receive, I love getting mine! I also use MSE overpayment calculator so I know how much interest I’m saving. I totally get what you mean about unexpected issues and whether to over pay or save in case it is needed. This year has been full of that and I hope your job situation is ok. I’ve made sure I’ve got enough in the emergency fund but thankfully have been able to continue to over pay. 

Keith99

Yep agreed, some times I get two. One for the overpayment and then another when I make my regular payment, as they take the regular payment off the first one.

I've looked into it and I believe if anything happens in my job, I can use my overpayments as my payment at Nationwide anyway?

caeler

My nationwide terms say with their agreement I can underpay or no pay up to the overpayment reserve so that’s a nice bit of security. 

Keith99

Yeah I'm pretty sure mine is the same, which means it's not as much of a risk as I thought a few months ago 

Keith99

Another £4.5k overpaid, mortgage is down to £124k.  Total overpayments of c£24k, pretty happy with that but not sure I will be able to carry on at that pace.

Keith99

Long time no update, but my overpayments are now at £34k. Down to £107k and as I maxed out the overpayments in the new year I have already got £6-£7k to put in. Hoping to be mortgage free in the next 4 years, my fixed rate expires in Dec 23.

powerspowers

That’s brilliant progress Keith! Well done 👏