Let’s get this Monkey off my back

Baldyman1

Hi guys , newish  to the board although I’ve been a lurker for many years - sorry.

Anyhow I want to clear my mortgage debt as soon as I can , I’m pretty clear on my goals but was wondering if I’m missing anything that you guys can help me out on . I’ve no personal debt or car finance so any spare cash can be ploughed into clearing it of . I have a small pension but three BTL  2 @50% LTV mortgages and one that is clear .

I’m with First Direct and have 2 years left on a fixed rate at 1.93% , current debt is £57,730 as of this morning and that it has 11 years remaining . I can overpay as much as I like whenever I like as long as I leave a balance within the 2 years .

During the last three years I have been overpaying £320 a month and now I’m in a positive position to be overpaying even more. Like a £1000 a month more so a total overpayment of around £1300 a month on top of the £596 a month minimum payment at 1.93% over 11 years .  

Yes as long as things go to plan I can probably clear it inside three years however my question is with this much surplus cash is there something I could be doing that might pay it off even quicker , lock it up , premium bonds , red black at the casino 

Thanks.

Squirrelz92

Hello and welcome to the MFW board! Congrats on starting your diary Sounds like you have a good plan and a decent amount of disposable income to overpay on top of what you have already been managing to pay so well done! 

FtbDreaming

Ooh good luck. I’m not that savvy so if it was me I would just pay off the mortgage then look into investing the money once the mortgage is cleared in a couple of years and you have loads of disposable income. 

longway2go

I would be thinking of pension provisions as if its all ploughed into the mortgage you could be missing some tax advantages which may be worth considering.