£80,000 in 4 years

try_harder

Thank you themadvix ,im just having a bad day today with a glass half empty kind of feeling ..Good lesson for anyone thinking of paying their mortgage off in the final years after being on an interest free mortgage ..Dont do it ! Dont leave it so late ,it puts enormous pressure on you .

try_harder

Interest only mortgage i meant to say ..Interest free !!! If only

savingholmes

I agree with you on that one. We were on interest only pre-divorce and I couldn't get one when I came to remortgage - so I'm paying a fortune now - where we should have got it gone much sooner.

try_harder

Thank you savingholmes ,its good to speak to someone on the subject openly ..I think we will have to sell up and move at some point soon as its not fair on my husband working this hard and none of it his fault i was just so hopeless with money

savingholmes

Presumably you could extend the mortgage and convert it to repayment if needed? Or perhaps even get interest only again but just for a smaller proportion - given the level of over-payments you are making. How is the new job going?

try_harder

I dont think we could savingholmes ..My husband only has six years until retirement .Also we dont really want another mortgage which could mean another however many years working after the three and a half remaining years are up..No we have decided moving will be the best option but i shall keep working hard at the overpaying all the same .

Thank you ,the job is going very well and definitely helping to ramp up the savings

savingholmes

It's both a good and a bad time to move currently. How soon are you thinking of marketing your home? Just be aware that if you need any mortgage on the next place you may not be able to 'port' it - so you need to be sure it's worth doing. You may need to say you plan working longer just to get the mortgage even if you intend to over-pay just to give yourself some budget wriggle room.

try_harder

Thank you savingholmes for your very sensible advice ..We are going to downsize so we will have no mortgage ,well thats the plan anyway .We are hoping to go in the next two years ..I still want to continue overpaying as much as i can .I need to do this in order to have the right amount of money left to clear this mortgage and have enough for the next house 

savingholmes

Good you have time to plan

try_harder

End of week 23 numbers 

Nothing to the mortgage this week nor next as we are on holiday 

MC has continued as still selling on Ebax and this weeks number was £143.34 making a total of £3888.04.so far this year 

There may be yet another change of plan as we have decided to definitely downsize ..I will probably start another new diary with the two year plan once i get home from my holiday