Let’s get this Monkey off my back

18 Posts

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 .
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.


Thanks.
3
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Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £63,450
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023
Backup/ Neutral fund £920/£1000