Must remember to keep it up to date !

Paulpen
Paulpen Forumite Posts: 63
Part of the Furniture 10 Posts Combo Breaker
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Where to start ?!
Well we purched our house just over 5 years ago and completed on my birthday. Back then it was just me and the wife !
We spent the first couple of years on a full renovation and it got to the point where we nearly burnt out as we both work 6 days a week so it was getting done in all our free time and we were living in pretty much a building site all the time.
After that we decided to take it a bit slower as its only the kitchen that is left to be done but its fully functional (just an odd layout and about 40 years old).
We added a furry friend to the family in year 4 and then a baby at in year 5 so targets changed alot !

Currently we have just remortgaged (July) and first payment is due in August.

Im not sure how much we will overpay yet or how its calculated etc so might need some help with the best time of the month etc to do it !

Initial debt - £184,000
Current debt - £162,500
Currently end date - Q4 2045
Initial debt - £184,000
Current debt - £150,163
Currently end date - Q4 2045

Comments

  • Squirrelz92
    Squirrelz92 Forumite Posts: 708
    500 Posts Fourth Anniversary Debt-free and Proud! Photogenic
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    Hellooooo and welcome! Best of luck on your mortgage free journey :) Looking forward to reading your progress!
    DEBT FREE DATE: 24TH OCTOBER 2023! £7402.10 PAID OFF IN 6 MONTHS!
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  • Paulpen
    Paulpen Forumite Posts: 63
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    Not going well so far (on the updating front) !
    Payments have been going out as standard but no overpayments mainly due to work dropping with covid, two birthdays in Novemer and now Christmas looming.

    I have managed to sell a good amount of things so the money is in the bank but im a bit stuck with working out the best overpayment strategy. All the calculators seem to show it over the life of the mortgage and not the introductory term (5 year fixed). Am I better off doing a small monthly overpayment and a biannual larger lump ?
    Initial debt - £184,000
    Current debt - £150,163
    Currently end date - Q4 2045
  • Paulpen
    Paulpen Forumite Posts: 63
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    Another long time since an update but still meeting the standard payments.

    We had a baby this month so the last 9 months have been focused more on holding on to money than chucking it all at overpayments. The extra addition also means that we are planning an extension so the debt is going to go up befoe it goes down !
    Initial debt - £184,000
    Current debt - £150,163
    Currently end date - Q4 2045
  • LadyWithAPlan
    LadyWithAPlan Forumite Posts: 1,419
    1,000 Posts Second Anniversary Name Dropper
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    Congrats on the new addition to the family and happy savings for that extension
     I am choosing to be frugal to support some fabulous life changing and affirming financial goals

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