Getting rid of this mortgage before rates go up

Hi everyone.
I’m starting my own thread to get tips, support & keep track of progress

I’m currently on a fixed rate  of 1.64% until may 2026.
we currently pay just under £500 a month, have a balance of just under £85000 & have 16 years 7 months to go.
we can overpay £11,600 by the end of May each year, this equates to £966 a month.

My plan is to max out the overpayment allowance each month until may 2026. This should mean that we would pay it off 12 years early (according to the overpayment calculator).
in addition to this I’m planning to put additional money into a virgin money savings account i have that pays 1.7%, hopefully i can get enough together to clear the mortgage when the fixed rate ends in 2026

I am in a good financial position & the only other debt i have is car finance but obviously things might come up, so i have already put aside £2000 for emergencies. We are also on a ‘half decent’ energy tariff until August 2024.

does the above sound ok & id love to hear of any other tricks that anyone has.

the starting gun has just been fired, I phoned up my mortgage company to raise my DD to £1200 until may 2023 to use the full allowance until then.

balance as of 08/22: £84,985.30


  • Well done on starting this journey.  Your plan sounds very similar to mine.

    My mortgage currently stands at £82,000 with at 1.34% and ends November 2026.  I had recently put a hold on overpaying the mortgage, we have saved enough to pay for a new car when the time comes, which is now in a fixed rate 2.72% for a year so we are back looking at the mortgage again.  I am not making overpayments at the moment as I have a monthly saver set up at 2.5% which I am paying into until next May but this money is set aside for the mortgage and will be transferred to a year fix at the end.  I have also emptied my current account except for DDs and set up an easy access savings account at 1.46% where the EF is stored and all my other sinking funds pots.  I need to look at this though as there are better accounts out there so will look at transferring.

    Whilst the interest rates are higher than my mortgage interest rate I am saving as much as I can in various accounts to maximise the interest.  Our mortgage has the facility of overpaying 3 times the mortgage at a time without affecting the mortgage so my plan is in the last 18 months of the fix to start using the savings to make these overpayments to bring the mortgage down.  Currently my goal is to get this to under £45,00 at the end of the fix which will leave us with 6 years left.  But I would like to reduce the term again/pay off if possible as we should be mortgage neutral by that time.

    I will subscribe and follow your diary with interest.  Good luck x
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