The Skylarks Journey



  • South_coast
    South_coast Posts: 4,916 Forumite
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    I wouldn't bother (I never did). The term will naturally shorten once you run out of money owed to them. I made a few large payments towards the end of mine, which triggered an automatic recalculation of the monthly payment, but their new calculations were always based on it running to the original term. At one point my monthly payment went down to £12.99 a month for 20 years 🤣! But once I paid off the remainder, they accepted defeat that the term had ended 😀
    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!!!
  • QueenJess
    QueenJess Posts: 3,681 Forumite
    First Anniversary First Post Name Dropper
    I don’t bother either and my term remains the same, but the monthly payment decreases. I enjoy the extra breathing space it gives me.

    Someone at my work did the same thing, but stopped overpaying eventually. Their mortgage was £6 a month 😂.
    2024 decluttering: 6,924 ⭐️🥉⭐️🏅🏅🥈⭐️🏅🥇🏅⭐️🏅
    April mini kitchen declutter challenge: 30/50
    2024 decluttering goals: 🥉3,000 🥈4,000 🥇5,000 💎12,000 🏆 20,000
  • powerspowers
    powerspowers Posts: 1,115 Forumite
    First Anniversary First Post Name Dropper
    I let the payment reduce but keep my payment the same. It works out the same interest wise and you will pay off earlier anyway. The only flaw is if you have an overpayment limit and are at risk of hitting it. 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600

  • twinklie
    twinklie Posts: 5,052 Forumite
    Name Dropper First Anniversary First Post
    I was just going to say about the overpayment limit as well. 
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • Merlin's_Beard
    Merlin's_Beard Posts: 1,427 Forumite
    First Post First Anniversary Name Dropper
    If you're unlikely to hit the overpayment threshold before the fix is up in 2026 it's probably not worth worrying about - when you remortgage at the end of your fix you can decide if you want to lower the term at that point.
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £233.529.75
    Start student loan 2012: £29,750; current student loan: £11.400.50; OP offset fund: £750
  • Well what a busy month it has been! Thats us finally settled into the new house. So where do i even begin... :#

    I got offered a new promotion at work with an increase in salary. So i gave notice to the freelance company that i have been working with over the past while so i could take the new promotion as both would collide with hours worked. Unfortunately my anxiety took a turn between the new house, leaving one job and the promotion at the other so i delayed the training for the new promotion for now. Hopefully in a few weeks i should feel much better to start the new position. Onto finances now;

    We managed to overpay a massive £15.12 into the mortgage as an overpayment. Unfortunately with all the house move i forgot April was also the car expense month so had a full service, MOT and also the road tax. Spent nearly £800 getting everything paid but that's it all sorted for the next year. 

    Managed to re-finance the 2nd car from a PCP to a HP with a slightly higher payment but a much lower APR rate. This also means we get to own the car after 30 months instead of either trading in or finding the final payment. 

    I also set up a new Chase bank account and savings. So far i am loving the accounts. 1% cash back might not mean much however over the course of the year could amount to something to go to the mortgage. Also moved over the majority of the savings to the 1.5% savings account instead of the 0.1% with BOS. 

    We are still waiting on the council tax to create an account and start billing so saving the money in the Chase savers as we may earn some interest while waiting to hear. First energy bill was £100.24. Budgeting for around £150 a month so got an extra £49.76 in the pot for winter. I must admit this could be cut down even more. We only use Gas for the heating and showering and this came to just over £55 for the month - i must cut down my very long showers. Now limited to 2 songs and not an album  :D

    Mortgage Starting Balance - £158,000.00
    Mortgage Outstanding - £157,271.91
    Term Left - 39 Years / 10 Month 

  • savingholmes
    savingholmes Posts: 27,355 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Just wanted to wish you good luck on your journey. You have a healthy emergency fund.
    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 £12.3K
    3) CC £4.9K 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 at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • @savingholmes Thank you very much! 
    Mortgage Starting Balance - £158,000.00
    Mortgage Outstanding - £157,271.91
    Term Left - 39 Years / 10 Month 

  • PearlRose
    PearlRose Posts: 59 Forumite
    Name Dropper First Post
    Congratulations on your new home. Wish you all the best on your mortgage-free journey :)
    Family of 3 on the journey of Mortgage Free

  • Just a little update for the month;

    Mortgage payment went out followed by an overpayment so currently dropped below the £157k. 

    Made over £60 from Chase so far and got another 3 referrals to go however they are in the waiting room for Chase. 

    Applied for a new job and was meant to hear back at the end of June…Got an email last week offering me the position! Just waiting on the start date which also comes with a much better salary 🎉
    Mortgage Starting Balance - £158,000.00
    Mortgage Outstanding - £157,271.91
    Term Left - 39 Years / 10 Month 

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