Planning to pay off small mortgage this week
in Mortgage-free wannabe
5 replies 183 views
I've never made an overpayment to my mortgage. I have two, the main one form the property purchase from 2003 and a second secured loan I took out in 2004 to help fund a new bathroom and kitchen. The balances are approx £48k and £2.7k. This week I plan to clear the smaller balance in full. Financially I've had to count the pennies since 2008, it was a real struggle till about 2015 which sore me working 2 jobs and also renting out my spare room to help ends meet, fortunately since 2015 promotions and salary increases have made things easier for me and I even stopped renting my spare room two years ago- although not my choice, I've adapted my finances as I've gone. This month I've already payed the last of my interest free credit card off and this week its mortgage time. Once done it will free up £155 pm which I plan to use to overpay my Santander mortgage, although not a huge amount I'm a firm believer in mighty oaks grow from small acorns. It may have taken me the best part of 12 years but I am (excluding mortgage) debt free with a healthy funded pension plan, some cash savings which increase every month and no big bills on the horizon. I am just waiting for my settlement figure to be confirmed in the post as I already called on Friday to discuss my plans and as soon as it drops I'll be making the call- will probably have a tear of Joy once paid. Feels good.
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