Time to hit the Mortgage!

jimjames

I've done the same with 5 year fix and at the time 2.29% seemed a very low rate and unlikely to go lower which it then did. However they are still very low rates historically and I think the only way rates will go from now is up, there is so little scope for any reduction from a 1.24% rate so I would go for another 5 year fix. This time you may well find that it works very well and at least you know that your payments are fixed for that time so no surprises if rates jump. In 2 years time you could find that the next fix is much higher if inflation has taken off again.

Poppycat1

Something I used to do but got out of the habit is to try and earn or save the daily interest.  So maybe taking a few surveys each day to earn the £3 or buy a cheaper brand than you would normally or walk instead of getting the bus/driving the car etc or don't buy that coffee/sandwich/cake etc.  Then you could use this to make the over payment daily/weekly or monthly.

Novice_investor101

I’ve been rounding down my current acc this week to the next £5. So if the balance is £156.70 I’ve moved £1.70 to a savings account, then I’ll pay it all in as a lump sum at the end of the week. 

I’m already pretty frugal with not buying coffee/cakes etc but I’ll definitely be ditching tesco for Aldi again. 

Im keeping my fingers crossed that interest rates stay low. Hindsight is a wonderful thing, but who knows what will happen tomorrow!

Novice_investor101

Just been shopping & stuck religiously to my shoppers list. No junk or extra luxuries bought. Still waiting for my holiday next week before i commit the last of this months cash to the mortgage too. 

Novice_investor101

Well, first hurdle has arrived. The car has an unknown engine fault. Going into the garage tomorrow to be looked at. I’ll see how that might affect what i can overpay at the end of this month 

Novice_investor101

Good news! Engine fault disappeared overnight. Garage is doing the MOT instead as it needs doing. At most it will cost an extra £40 to check the diagnostic thing & clear a ghost fault. If they find nothing then no charge other than the MOT cost. 

Novice_investor101

Payday is tomorrow & the last bit of cash - £35.74 left from last months pay has been transferred to the mortgage balance today. 

September should be a more frugal month. Other than a 3 day break camping in the Lakes I’ll just be working mostly. Also been decluttering & getting things cleaned to go to a charity shop. 

Novice_investor101

Going to be a tough month this month. 

Every day will be a no spend day until i go away to the Lakes in two weeks. Already have fuel money & a but of spending money set aside for that. After this month’s bills have come out there will be small change to go into the mortgage pot. But it all helps. 

LadyWithAPlan

Looks like you have got a great plan in place.
I am sure wuth your focus you will hit that July 2023 goal and more 

bmthmark

Recently I had a 5 year fix rate end. The current fixed rate deals are very good. I managed to get 0.99% fixed over 5 years.
I wasn't going to fix for so long again, but this deal was too good to leave.

Good luck on your journey, it sounds like you will have it cleared in no time