Let’s get this Monkey off my back

edited 15 October 2020 at 9:32AM in Mortgage-free wannabe
3 replies 111 views
Baldyman1Baldyman1 Forumite
18 Posts
Sixth Anniversary 10 Posts Name Dropper Combo Breaker
edited 15 October 2020 at 9:32AM 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:



  • Squirrelz92Squirrelz92 Forumite
    662 Posts
    500 Posts Third Anniversary Photogenic Name Dropper
    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! 
    Mortgage Overpayments £0 || Halifax CC1 - £3013.80/£2657 Paid Off 11.8% Tesco CC2 - £1853.13/£0 Paid Off 0% DWP - £766.56/£606.86 Paid Off 20.83% Mum - £1300 Paid Off 0% Emergency Fund: £404/£1000 Aim To Be Debt Free By Dec 2024
  • FtbDreamingFtbDreaming Forumite
    1.1K Posts
    1,000 Posts Third 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: £63,450
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    Backup/ Neutral fund £920/£1000

    Determined to make it! 
  • longway2golongway2go Forumite
    1K Posts
    Part of the Furniture 500 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
Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android


Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools