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Powers’s mortgage free thread
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This might seem like a stupid question but I'm not great at finance
I have an outstanding mortgage of about £13000
It is a flexible mortgage and I have overpaid regularly so I now have about £10k I can draw down
Does this mean that I can pay the mortgage off entirely by just paying another £3K
Thanks for any replies
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Hello Volsung37, if you had a mortgage of £13k and you are now in a position to draw down £10k, because you have overpaid, then yes, you only need to pay another £3k and you should have paid off the mortgage. But only you know if you have paid back £10k or not. Certainly, I have an Offset mortgage with FD which allows me to borrow and pay down within the lifetime of the mortgage and eventually, I will have paid it off, assuming I don't spend what I have already paid. Good luck.What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park0 -
Thanks Kay! We’re planning to chuck a bit more at it by the end of the year and should get to 100k towards the end of next year if we keep up the OPskaycastle said:Good luck with the application and wow the mortgage is getting so close to the big 100k milestone!MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,350 /£5,0001 -
Plans for the weekend-
proof read and submit job application
decorate living room
10k race tomorrow- instead of a medal you get a Xmas pud!A bit full on, I best get on with it 😂MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,350 /£5,0002 -
Good luck with the race! The Christmas Pud is so much more practical this time of year! Great idea!!What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park1 -
Very successful weekend!
living room looks lush, I’m really pleased with it. ✅ Next job is to get the curtains up to block out the cold from the conservatory.Job application submitted ✅
10ks run ✅ we got 2pbs and 2 puds plus some trees from the woodland trust to go into the front garden.Plus I’ve bought a reflective cycling coat which has half price (£60) and delivered nephews birthday present and transferred him some birthday money. All in all a productive weekend, followed up by Chinese - well deserved I think!MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,350 /£5,0003 -
£10 end of the month tidied onto mortgage 😃MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,350 /£5,0002 -
Woohoo I got the job!! So pay rise from next month, a permanent contract (I’ve been on secondment for years) and less of what I don’t like at work and more of what I do 😃MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,350 /£5,0005 -
Congratulations on the job!!What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park2 -
That's great news, congratulations!!MFW
Starting debt :£287,410 -11/2020
2022 Closing balance £271,402.45
2023 closing balance £263140
Original end 11/2045
New end date :.......
Overpayments to date £574.4 (1/26)2
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