Purchase on first home completed - Time to start making a dent in the mortgage!

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  • madhatter83
    madhatter83 Posts: 62 Forumite
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    Thanks CM! :)
    122k mortgage started 10th June 2022.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • savingholmes
    savingholmes Posts: 27,397 Forumite
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    I too as saving separately rather than doing much overpaying as the interest rates are better.
    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%
  • madhatter83
    madhatter83 Posts: 62 Forumite
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    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.
    Mortgage overpayments in 2022 - £3515
    Mortgage overpayments in 2023 - £600
  • South_coast
    South_coast Posts: 4,921 Forumite
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    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!!!
  • savingholmes
    savingholmes Posts: 27,397 Forumite
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    Excellent result
    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%
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