Let’s get this Monkey off my back

Baldyman1 Forumite Posts: 18
Sixth Anniversary 10 Posts Name Dropper Combo Breaker
edited 15 October 2020 at 8:32AM in Mortgage-free wannabe
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  :):smile:



  • Squirrelz92
    Squirrelz92 Forumite Posts: 708
    500 Posts Fourth Anniversary Debt-free and Proud! Photogenic
    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! 
    3 Month Emergency Fund: £500 / £3000
  • FtbDreaming
    FtbDreaming Forumite Posts: 1,113
    1,000 Posts Fourth Anniversary Name Dropper
    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. 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £61,300
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    Backup/ Neutral fund £1736/£1000

    Determined to make it! 
  • longway2go
    longway2go Forumite Posts: 1,006
    Part of the Furniture 1,000 Posts Name Dropper
    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. 
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
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