Getting Mortgage Free Again

pinthetail

So I have done it once before, I was mortgage free for a grand total of 3 months 😂

Our first mortgage was £82,500 originally over a 25 year term. We made regular overpayments of £50 per month from the second payment and overpaid when we could. A couple of lump sums helped along the way too and after 123 payments our santander mortgage was paid off. Our own version of the santander 123 😂 when I get chance I will share more details of our overpayments. I am a fan of spreadsheets and I have a document with every payment we made showing each months interest too 😁

The house we lived in was nice enough but we moved there with no kids and now we are married with 2 children. We really needed separate bedrooms for the kids and hoped for a shorter walk to school. So 2 weeks ago we moved into our new house. Now we have exactly what we want, 5 mins walk from school and a good size bedrooms for both kids. We had to take out another mortgage of an eye watering £140,000 over 30 years.

So after paying the last mortgage off early I have already set to paying this one off early too. Before our first £510 monthly payment comes out in the beginning of December I have set up a £90 regular over payment bringing the term down to 24 years 4 months. I can't wait to make more headway with it and I'm hoping to pay it off in 15 years or less.
I have enjoyed reading a few mfw diaries and I'd like to share mine with you, join me if you will 😆

LeighofMar

Welcome with your new diary. And congratulations on the house. A 5 min walk sounds wonderful. I also round up the mortgage payment as one of my tactics to overpay painlessly. It's amazing what a difference it makes.