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Purchase on first home completed - Time to start making a dent in the mortgage!
Comments
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Thanks CM!
122k mortgage started 10th June 2022. Outstanding balance - 99.7k
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £600
Mortgage overpayments in 2026 - £27001 -
I too as saving separately rather than doing much overpaying as the interest rates are better.Achieve FIRE/Mortgage Neutrality
1) MFW Nov 21 £202K now £165K Equity 38.88% 6/9/26
2) £1.5K Net savings after CCs 29/8/26 (but owed £130) so £1.6K
3) 47/82K @29/8/26 = 57.31% AVC Goal by mid 20282 -
My wife recently got a new job, minimum wage but it will help move things a bit quicker:)
Well our first year in our home is next month, and with a few overpayments (£4115 out of a £122k Mortgage) the 25 year term has been reduced to 23 years as of this month, pleased with that!122k mortgage started 10th June 2022. Outstanding balance - 99.7k
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £600
Mortgage overpayments in 2026 - £27002 -
Two years off after one year - excellent work 👍!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!!!2 -
Excellent resultAchieve FIRE/Mortgage Neutrality
1) MFW Nov 21 £202K now £165K Equity 38.88% 6/9/26
2) £1.5K Net savings after CCs 29/8/26 (but owed £130) so £1.6K
3) 47/82K @29/8/26 = 57.31% AVC Goal by mid 20281 -
Today The mortgage hit Five Figures! (99.7k remaining…)
I have about 50k in savings, so well on track to clear once fix ends:), and whilst i know overpayments are not optimal, sometimes its nice to just make the mortgage drop a bit faster if only for the mental benefits of knowing the debt has reduced.
122k mortgage started 10th June 2022. Outstanding balance - 99.7k
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £600
Mortgage overpayments in 2026 - £27004 -
Excellent result. Be proud.
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 9 months left.1 -
Thank you 😀 Just have to remember the moneys not for spending!!! its all in an isa and gets approx £150 interest per month, So focusing on building it as much as possible.
122k mortgage started 10th June 2022. Outstanding balance - 99.7k
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £600
Mortgage overpayments in 2026 - £27001 -
That's an incredible achievement!
Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
Current mortgage amount: £224,460.73
Start student loan 2012: £29,750; current student loan: CLEARED July 2025
Unread owned books Jan 2026: 256
Undone crafts 2026: +11
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