23 + 38 = Far Too Long

I've been lurking here since back in April in preparation for my House Completion, which I finally did on the 26th September. Now i'm looking to start overpaying!

Some background, I'm a 23 year old Single Male with a mortgage of £139,545 over 38 years and a H2B loan of £37,999. Current plan is to try and overpay as much as possible and increase my income to absorb the H2B loan into the mortgage and then properly try and start paying that down.

I went for a 38 year mortgage to keep my guaranteed payments as low as possible, but then make up for it in overpayments.

I sent my first overpayment of a massive £1.57 over the weekend just to test the details i'm sending the money too. Still waiting for that to show on the mortgage account however!


  • edinburgheredinburgher Forumite
    12.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    38 years is very long, but congratulations on getting the housing ladder at a young age :)
  • beanieloubeanielou Forumite
    77.8K Posts
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    I dident know that you could get a mortgage for 38 years!
    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.
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  • beanielou wrote: »
    I dident know that you could get a mortgage for 38 years!

    All the way up to 40 apparently! Went for a high one just so that I can keep monthly payments low and overpay down as I get pay rises!

    My £1.57 test overpayment hit the account overnight, so at least I've got the details correct!
  • killerpeatykillerpeaty Forumite
    2K Posts
    Tenth Anniversary 1,000 Posts Name Dropper
    Congrats on your first overpayment!

    Also congrats on buying your property so young, amazing achievement.
  • LeighofMarLeighofMar Forumite
    459 Posts
    100 Posts Second Anniversary Name Dropper
    Welcome and good job. I know 30+ years is standard, but isn't it funny that once the paperwork and all the dust settles, the number hits you? This current house we bought 4 years ago when I was 38, and I realized, I'd be 68 if I paid it off normally. 68!!!!!! :eek:
    So I don't blame you for getting a nice long term and then overpaying as much as you can. That's awesome, and that's what we did too. Enjoy your new home.
    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 
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