The Case of the Overwhelming Mortgage

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  • AgathaSquirrel
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    Quick play on retirement calculators shows we need to increase husband’s pension by £100 and mine by £200. Quite a lot of money to find from nowhere but think I’m due a pay increase of £60 something pounds on my basic part time wage so can use that and fling another £20 or so at it as well. It’s a start and I should have increased this pension a while ago. I reduced it when I went on mat leave and never got round to increasing it again.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • South_coast
    South_coast Posts: 4,960 Forumite
    First Anniversary First Post Name Dropper Photogenic
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    Are your pension contributions made by salary sacrifice? If so, then it won't cost you the full amount, as you won't pay any tax or NI on the amount which is deducted
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • AgathaSquirrel
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    Good point, tax I had accounted for but not NI. My husband’s is definitely salary sacrifice and I think mine will be too as I need to do it via payroll whereas in the past I paid direct. It’s one of the reasons I’ve been slow to do anything about it as I hate contacting payroll. I will look into it - thank you @South_coast
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • AgathaSquirrel
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    I didn’t read the detail and we’ve only had 1% raise this month and the rest will follow negotiations. I need to investigate who to contact at work regarding increasing my stakeholder pension. I might look into that now and make a small increase anyway that I can increase again following the pay rise.

    Mortgage payment in today, this will see us into 100,000s, impatiently waiting for it to show up on online banking. Doesn’t feel real until then.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • AgathaSquirrel
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    Interest rate is now down to £5.80.

    I’ve not done anything about the pension yet. Busy few weeks at work.

    Only £200+ on the mortgage to go down to double figures. Pay day over payment won’t quite make it but mortgage payment at beginning of June will.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • AgathaSquirrel
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    Mortgage payment has gone. Now waiting impatiently for online banking to show we are down to double figures.
     I have a couple of new goals in mind
    1. be under £90000 for end of mortgage fix summer 2022
    2. reach the original mortgage cost of our last house. I need to check what this was but psychologically it would be a boost to be under this sum again.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • Sapindus
    Sapindus Posts: 399 Forumite
    First Anniversary Name Dropper First Post
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    Down to £99,475.92. Never again should I have a mortgage in triple figures.
    Great milestone!  Congratulations!
  • AgathaSquirrel
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    Interest  down to £5.75 a day. I’ve dropped some temporary hours at work so haven’t yet done anything about the pension. I think our additional 3% and back pay might be in our pay this month but with all the extra hours I’ve been doing it’s hard to work out what my basic pay is. I’ll sit down at some point and decide what to increase my pension by. Just looking forward to some extra time which is currently of more importance than money.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • AgathaSquirrel
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    Researched my second goal. Our mortgage for our last house was £77000 so I want to get below that. I’m probably a couple of years away from that goal. We seem to be clearing about £10000 a year at the moment.

    Put an overpayment in this morning. Will be able to add another on payday so will hopefully be down to £98000s by then.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
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