Moved to the "forever" home. Now to pay it off!

kazwookie

Well done

Do you really need a cleaner @ £60, could that money be diverted to the overpayments?

Good luck

powerspowers

Good luck caelor. We do a mix of approaches as well and may keep a small mortgage and divert for kids uni costs if needed or bumping up OHs pension. But paying down the mortgage now opens up those options 

pepperwand

@kazwookie our cleaner definitely isn't a necessity but I do love her. She comes every two weeks and was what I treated myself to when I increased my hours at work with a 2 year old and a baby. For sure if things were tighter financially she'd have to be the first thing to go but for now I am SO grateful for her.

shangaijimmy

Welcome aboard. I'll throw our approach whilst there's been talk of pensions. I started all gung ho with overpayments and at the time I was uncomfortable with the size of the debt. So for 4yrs we hammered the overpayments. My plan was to then ease of the OP's and start to divert more to pension & S&S Isa's whilst still knocking money off mortgage. After lots of research, learning and scenarios I now put 'all' of money that was previously for OP's into my S&S Isa and view this as a mortgage neutral pot. We may pay off the mortgage when we get to the total, but I would think the interest rates at that time will dictate that. Its taken a good while for me to become comfortable with the new approach, especially the mortgage balance only trickling down but I'm happy...for now...!

Account tidies and payment round ups will do for chipping away at the ice!

pepperwand

@shangaijimmy that's really interesting, thank you for sharing your approach.... lots to think about. I put a regular £100 into my S&S ISA each month with the aim that this should hopefully be a fund for early retirement. I know really that I'm not saving enough for my future on relatively low salary. Mr Pepper earns well but is very financially cautious.... haven't yet managed to convince him to open a S&S ISA or pay more into his pension. His dad lost a LOT of money playing the stock market and making some bad investment decisions so I can understand his reticence but I think I need to talk to him about managed funds/trackers

pepperwand

Some good news today, we received a letter from the council with a council tax rebate of £400 from our previous property. Not quite sure how we overpaid unless they charge you based on a whole year and we moved before the end? Whatever the reason it's going straight in the mortgage overpayment fund.

caeler

I’ve now finished paying my ctax for 2020-2021. If I moved now I would be owed. I pay over 10 months. Maybe that it? 

pepperwand

I think that is it @caeler. For some reason that wasn't on my radar at all. Oh well, a nice surprise! 

caeler

Unexpected money is lovely isn’t it! 

pepperwand

It most definitely is! The request form for claiming the refund is already in the post