Mega Mortgage, need your support!

Hello all, 
crazy couple here who have just purchased a home in Spain by extending our UK mortgage. Our UK mortgage was already sizeable and now it’s eye watering and we must must must follow all of your great advice to get this bad boy paid off….Almost nervous to give figures but here goes ( I can already see your eyes rolling!! 🙄)……
ok deep breath…….. gulp
Mortgage currently stands at £795k with a term left of 18 years 11 months.
The properties are worth c. £1.3m together so about 60% LTV overall but obviously maxed out on uk property. I would feel happier to get to a sub £500k mortgage as currently even though we now have two beautiful homes, I’m getting less beauty sleep 😬.
We are both HR tax payers and so our income means we can smash this if we focus and if we have the support of the many amazingly savvy people on this group. Can we join your family?
Lately we have also been focussed on rebuilding savings and pensions (70k and 550k respectively ) so we feel we are on track there. It’s just this darn mortgage we need to smash. Our
target is to get to sub £500k by January 2026. Can you help support us on our marathon? Xx 
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Comments

  • BTW we are both 43, have two children and three pooches 🤗
  • South_coast
    South_coast Posts: 4,916 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Wow, that's a big mortgage 😳! As you say though, you have the income to do it (the bank obviously thinks so, too!) Best of luck, it's all about setting your priorities - so if this is what's affecting the beauty sleep, you know that's where the priorities lay!
    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!!!
  • Thanks @South_coast and congratulations on your journey! I think starting those first steps are the hardest. Our first normal mortgage payment has just been made so ignoring the Xmas crazy month of December our journey starts January. Can’t wait x
  • Just dropping in to wish you good luck on your journey. Sounds like you have the funds, just need to find motivation and focus to do it. Easy peasy   :)
    #26 MFW 2023 challenge Small OPs are better than no OPs! Feb 2018 £231,000 / Apr 2042 Current £133,700 / March 2036
  • Thanks for your support Tartan_Mum! 🤗 
  • savingholmes
    savingholmes Posts: 27,347 Forumite
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    Good luck on your journey. That's a whopper of a mortgage but great equity.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • cfw1994
    cfw1994 Posts: 1,874 Forumite
    Hung up my suit! First Post Name Dropper Photogenic
    Congrats on taking that bold step, & good luck for the years ahead👍
    ….remember, as my dear old Dad used to say, it’s only money 🤪
    Plan for tomorrow, enjoy today!
  • powerspowers
    powerspowers Posts: 1,115 Forumite
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    Woah that is a mega mortgage! First steps for me would be to work out how much you need to overpay in order to reach your sun £500k goal, then break it down into years/months. Does that seem a reasonable amount to find out of your current budget?
    I’d also review my current budget if you haven’t for a while and then it’s a case of setting priorities. We worked out at our old house we could be mortgage free in 3 years (tiny mortgage and if we threw everything at it) but didn’t want to live there long term and didn’t want to live super frugally if we didn’t need to so reassessed, moved and looking at 10ish years now. Work out what works for you! 
    Good luck and keep us updated 🙂
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600


  • Thank you everyone for your support 🤗 So using Halifax repayment calculator a £3k overpayment each month would get us to £501k by 2026 so as a ballpark I guess this is what we need to aim for. I get a new role from April that will cover some of this target, but the rest will need to be a concerted effort by us. I fear my Prosecco and take away budget will need to be reduced….👀. Seriously though I am motivated by just getting our mortgage back to where it would have been if we hadn’t extended borrowing. Then we can turn to becoming completely mortgage free after that. We won’t manage £3k every month so there will be good months and bad ones but I’m hoping the odd bonus, eBay sale etc will help. Also as a believer in the holy trinity (pensions/savings/mortgage) I will want to make sure we keep all bases covered. Have been an avid fan of this forum for 6/7 years now so I’m excited to finally have my own little diary 🤗
  • powerspowers
    powerspowers Posts: 1,115 Forumite
    First Anniversary First Post Name Dropper
    Well done on working out what you need to do! The more automatic it is the easier. So if you’ve been chucking money at pensions/savings I’d set up a SO to overpay the same amount- if you don’t see it you won’t miss it! Same with a pay rise or when an obligation ends, add it to your standard OP each month. We’re in this for the long haul and I really believe that it won’t work if you feel like your having to tighten belts too much 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600


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