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Never to early to start looking at being mortgage free
soupy600
Posts: 174 Forumite
Hi Everyone,
So after spilting up with my wife a few years back and renting for the last few years i've finally saved up enought to get back on the property ladder and hopefully hearing this week about a moving/complention date at long last. Some of the good things i've learnt from saving the depoist is keeping an excel spreed sheet of my finances to help keep track of my savings. So thought i would be good to keep this going and see what i can do to reduce and pay my mortgage off as soon as i can.
I was lucky enough to have my mortgage sent off before the lockdown and extended my term from the planned 21 years to 27 when this was all just kicking off, 21 years i felt was comfortable and playing it safe but with the unknown ahead and still to come i extended the term to 27 years to reduce my payment and give me that extra cushion as such. It's a 5 year fixed so my plan is for the first year to bank the only difference between the 21 and 27 year payments and if everything is ok with my job etc and things have settle i would pay the save money off at the end of the first year and with the remaining 4 years of the 5 year fixed term over pay what the 21 years would have been at least. (hope that makes sense.)
So i guess why am on here is asking for a bit of help on how a record all this what what difference it will make when i over pay.
Also any tips people have to what they found worked for them?
So after spilting up with my wife a few years back and renting for the last few years i've finally saved up enought to get back on the property ladder and hopefully hearing this week about a moving/complention date at long last. Some of the good things i've learnt from saving the depoist is keeping an excel spreed sheet of my finances to help keep track of my savings. So thought i would be good to keep this going and see what i can do to reduce and pay my mortgage off as soon as i can.
I was lucky enough to have my mortgage sent off before the lockdown and extended my term from the planned 21 years to 27 when this was all just kicking off, 21 years i felt was comfortable and playing it safe but with the unknown ahead and still to come i extended the term to 27 years to reduce my payment and give me that extra cushion as such. It's a 5 year fixed so my plan is for the first year to bank the only difference between the 21 and 27 year payments and if everything is ok with my job etc and things have settle i would pay the save money off at the end of the first year and with the remaining 4 years of the 5 year fixed term over pay what the 21 years would have been at least. (hope that makes sense.)
So i guess why am on here is asking for a bit of help on how a record all this what what difference it will make when i over pay.
Also any tips people have to what they found worked for them?
0
Comments
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Think I my have got my head round this, does think look right? ( I know you can't see the working out ). Its a 5 year fixed so I've recorded the total values if I don't over pay and then the table to record overpayments and the difference in the total.0
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Never posted for some reason0
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