Woohoo!

edinburgher

It's nice to have options 

L9XSS

Ok 13 months left to go till MF date, I’ve finished my Fixed rate and am now on a variable rate.........but makes sense as I can make unlimited payments rather than 10% only and a 2% ERC if I took out a fixed rate.
SO......plan to make an overpayment of £16000 in May of this year which will reduce my mortgage down to £16000 with 2 years and 8 months remaining. Then 12 months later in May 2023 I will make the last overpayment of circa £8000 which will close the mortgage fully. All things being equal I will have paid off the mortgage 10 years early. (I took out a 25 year term in 2008 borrowing £195,000. 
I plan to update monthly my progress along the way for the last “thirteen steps”.
im glad I made the first big step in 2008 to overpay.

savingholmes

That sounds phenomenal.

L9XSS

Spent yesterday in the garden and at the tip clearing and revitalising areas. It’s looking better but much more to do. The weather was glorious so didn’t feel like hard work and it’s great seeing the improvements take shape. At least next year I will have more disposable income to get it hw I want it. Working at the allotment today helping my DP (two full days of fresh air!)

savingholmes

Well done on the garden and allotment

L9XSS

Down to my last £200 of savings.........eeek. I’ve thrown so much into mortgage overpayments and pension the last 2 years. It’s become an obsession to some degree. Just got to hold my nerve now. The next 13 months will see me have a small increase to Savings (an extra £1100 this May but won’t grow any further, so about £1300 in total for any unexpected bills.) but I will continue to be frugal from May 2022 to May 2023. Mortgage payments will drop June 2022 due to the overpayment and should mean that I can just about get by each month, we will see. Thankfully our second car passed its MOT on Friday last week.....it’s 13 years old so another year hopefully of cost effective motoring. Touch wood I’m on track to clear the mortgage in May 2023. Then starts the rebuilding of savings particularly EF. Have some bits and bobs I need to get on Gumtree or FB marketplace to nudge the savings up. Next mortgage payment end of April.

savingholmes

Good luck with selling. Definitely will be good to nudge the savings back up. £200 doesn't go far...

caeler

I remember that feeling. Hold your nerve! About a year ago that was me, throwing everything I could against the mortgage and I had hardly any buffer, but a few months on and my savings are all replenished. 

L9XSS

So good day yesterday spent sorting out diy rust on the car, weather was kind so made a start on it, all primed now and ready to be painted. OH working today, I’m back at work tomorrow. Been busy reviewing finances and speaking to pension providers about releasing some pension under “the small pots rule”. This effectively is my gateway to paying off my pension in May 2023. I could do it in May 2022 but it would be tax inefficient to do it this way. I’m looking forward to my payments reducing substantially this May. Can’t believe it’s coming up to easter already. Overdrawn this month as had to insure the car for another year, however I’ve switched insurer and saved some money (around £40) for the yearly premium. Payday soon so should be back into the black soon. My mortgage payment should drop by about 50% from next months payment so should be able to manage better. Savings won’t start building till May 2023 arrives. At the moment I don’t have any EF so it’s a bit of a tightrope walk.........

savingholmes

Nearly there. Be careful on the pension that it doesn't limit how much you can put into your pension moving forward unless you are absolutely certain you won't be.. The question you need to check is whether it will trigger your max input into your pension per year of around £4K or not... Some people who 'retire' end up returning...