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Mortgage Received to Mortgage Free in 6 years!

Hi All,
Been a big MSE fan for over a decade now - all that time reading every newsletter and using the site frequently for most things financial - what a great site!  I've only dipped into the forum occasionally when I've been looking for something and it's come up in Google.  This is about to change!  Discovered the diaries here and seemed about time I share mine - I've also become a bit stuck and hope some clever folks here can advise.

My wife and I purchased our first house in October and we're finally settling in!  Without waffling too much - we took out a mortgage for £74,800 and as of today we have got that down to £60060.49! We've been very fortunate to make 10% overpayment last calendar year and another 10% overpayment this year.

I've been trawling the internet for days (i can usually find what I want hidden away somewhere) for a way to work out, if we continue to overpay 10% for another 3 calendar years as well as our regular payments - how quickly we can get this mortgage gone!  I've done very rough calculations and I'm hoping 6 years will be a push but possible!

The issue I'm having is that I can only find calculators that cater to regular monthly overpayments - where as these don't cover our situation in terms of we're seeing huge reductions in interest etc.  In the absence of a calculator I've had a go at the maths but my wife and I are really struggling to work out the formulas/calculations we need to apple to work out how long it will take to clear the rest of the balance, considering our monthly payments and 10% overpayments at the start of each year.

Thanks for reading - thanks in advance for any advice!


  • Loan_soldier
    I used "Mortgage Analyser Free" from the App Store which allows you to add ad hoc payments as well as regular payments.

    Best of luck on your mortgage free journey.
    2017 £4231.40/£4231.40 (100%)
    2018 £3483.18/£3483.18 (100%)
    2019 £2663/£2841.70 (94.65%)
    2020 £2290.17/£2290.17 (100%)
    2021 £1787.98/£1787.98 (100%)
    2022 Mortgage settled
    Mortgage neutral since 02/06/20
    Mortgage free since 10/05/22 🎉
  • topperstuf
    Thanks for that - I will have a look this evening.
    I'm getting very confused and I'm not sure if perhaps my OP is a bit confussing too!
    To try and clarify what we're struggling with... I'm not exactly sure how to work out what the 10% overpayment would be each year and then factor that in!
  • caeler
    caeler Posts: 2,606 Forumite
    Mortgage-free Glee! Photogenic Name Dropper First Post
    Good luck on your journey! I used this: https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/
    Which eventually led to a spreadsheet of my own creation which I use to calculate daily interest, regular payments and over payments against savings so I can project my position and plans.  Love a good spreadsheet! 
  • powerspowers
    powerspowers Posts: 1,139 Forumite
    First Anniversary First Post Name Dropper
    Ybs have an overpayment calculator that you can put a lump sum in and then gives a breakdown of your balance annually. Might need some maths to work out an annual lump sum. 
    You could also work out a savings plan to get you to mortgage neutral ie £20k on mortgage, £20k in savings, if that works for you. 
    Good luck! 6 years is a good target, it’ll fly by. 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,850 / £3,600

  • Retter
    Retter Posts: 22 Forumite
    First Anniversary First Post
    I have an app called Karl’s Mortgage Calculator. You can put in extra payments at certain months and it gives you the breakdown over the life of the mortgage. Since I set it up and saved my specific figures I haven’t used another calculator as it breaks down everything I need. 
  • topperstuf
    Thanks all for the replies!
    In the end I did make myself a spreadsheet!  Looks like by the end of year 5 (and the introductory rate), overpaying 10% anually we will be down to around £36,000.  Not as low as I had hoped but its lower than the loan we've taken on a car in the past and it's a significant achievement still.  Knowing that also gives me something to plan for!

    We're saving around £850 p/m at the moment so I'll have a look at what we can do with that - paticularly now I understand 'mortgage nuetrality' after seeing it banded about! :smile:

  • EimearF
    EimearF Posts: 203 Forumite
    First Anniversary First Post Name Dropper
    I am trying to do something similar. Im in a fixed rate but they let me increase my contractual minimum payments as well as the 10% over payment which is speeding things up (£75 fee with Santander). I am tempted to take the ERC hit once I save up enough to clear it so that its gone! 
    Light Bulb Moment 13/09/17: Non- Mortgage Debt £42295; 01/04/19: £13645; 01/10/19: £9707; 01/11/19: £5525; 14/01/20: £883
    27/01/20: DEBT FREE!!!

    Mortgage Free Wannabee: £58595 to pay by August 2025
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