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Overpaying Mortgage

42 Posts

Hello
In the Summer of 2017 I bought a house as a first time buyer valued at 350,000 in Chichester with a 120,000 deposit. I had a five year fixed rate mortgage 25 year term. Initially my payments were set at 950 a month but I threw a further 10k at it. Since then it's become addictive and I now pay 670 a month. I have 145k debt roughly outstanding . I now chuck up to 1500 a month or so overpayments and I wonder if it's getting a bit out of hand. I'm 31 and hope to pay off within a few years. I'm not good at maths but I'm pretty sure I will be paying off around 15 years early
Obviously there's a max you can pay back each year. I live alone
Anyone else with a similar challenge?
In the Summer of 2017 I bought a house as a first time buyer valued at 350,000 in Chichester with a 120,000 deposit. I had a five year fixed rate mortgage 25 year term. Initially my payments were set at 950 a month but I threw a further 10k at it. Since then it's become addictive and I now pay 670 a month. I have 145k debt roughly outstanding . I now chuck up to 1500 a month or so overpayments and I wonder if it's getting a bit out of hand. I'm 31 and hope to pay off within a few years. I'm not good at maths but I'm pretty sure I will be paying off around 15 years early
Obviously there's a max you can pay back each year. I live alone
Anyone else with a similar challenge?
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Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£3300
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Is it 2-3.months pay that's recommended as an emergency fund?
Starter Emergency Fund (#187): £1000/£1000
3 month Emergency Fund (#45): £3300/£3300