Let’s get this Monkey off my back

Baldyman1
Forumite Posts: 18
Forumite

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
Comments
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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!
DEBT FREE DATE: 24TH OCTOBER 2023! £7402.10 PAID OFF IN 6 MONTHS!
3 Month Emergency Fund: £500 / £30000 -
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/£1000Determined to make it!0 -
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 swimming0
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