Ninety months to pay off mortgage - or as near as dammit! 10 April 2021 at 9:01PM edited 23 May 2021 at 5:55PM in Mortgage-free wannabe 605 replies 24.1K views

skint_spice

So I'm back with a shiny new mortgage all of my own which is supposed to take me up to April 2036 but I hope to be rid of it by November 2028, ambitious I know but I can but try.  

I am looking forward to getting my online mortgage account set up so I can start overpaying although there are a few things I would like to do to the house too.

Wages are low but hopes are high!

ElmoR

Hello and welcome!

It can be a bit of a marathon and having a spreadsheet can help keep up motivation for the long slog. Once you see what difference a small additional overpayment makes, shaving a penny of the monthly interest paid for example, it starts to get more addictive and it helps keep you focused for the long haul.

powerspowers

Welcome skint spice!

Porridgecat

Good luck with your overpayments, as ElmoR says some sort of spreadsheet is great to keep motivation high.

skint_spice

Thank you all, is there a spreadsheet around that can work the new end date out for me?  I used locoblades in the past but I just downloaded it and it doesn't seem to be working for me? 

skint_spice

First overpayment made! £200 closer to my target for the year...

L9XSS

Best of luck, you can do it, you won’t regret it!

skint_spice

L9XSS said:

Best of luck, you can do it, you won’t regret it!

Thank you, I look forward to seeing the balance go down.  I want it gone early so I can retire while I am still young enough to enjoy it!

FtbDreaming

skint_spice said:

Thank you all, is there a spreadsheet around that can work the new end date out for me?  I used locoblades in the past but I just downloaded it and it doesn't seem to be working for me? 

I downloaded an app to my phone called Karls mortgage calculator. It’s really good. It’s a pound or 2 off a month but still pretty accurate. I love it. 

Well done on the overpaying x

skint_spice

FtbDreaming said:

I downloaded an app to my phone called Karls mortgage calculator. It’s really good. It’s a pound or 2 off a month but still pretty accurate. I love it. 

Well done on the overpaying x

Thank you so much, I have downloaded this and look forward to seeing the months disappear!  I shall keep an eye on your diary as our starting points were almost identical. x

skint_spice

Have just had a lovely break with a friend, it was a gift so ultra MSE.  It has reminded me how much I love being away though
I have just set up my overpayment to come off automatically with the mortgage payment and I will scoop any other OPs into a savings account and pay off in a lump sum later in the year (unlikely there will be much but I shall try).  I have had to pay for car repairs this week and there are more due for MOT so no additional payments likely for the next couple of months.