Back to square one

I did have a thread on here years back, but it's been closed.

Took out a 33 year mortgage 6 years ago, and I've been overpaying diligently - about 70% overpayment each and every month. Was well ahead, and by my calculations, I'd have been mortgage free at about 17-18 years. But that was based on interest rates staying broadly similar. My current fix has just over a year left to run, and all indications are that we'll be looking at 6% by then. And then my standard monthly repayment for the rest of the term will increase to swallow my current overpayment amount, and then take me to full 33 year term. So I'll be paying it off for an extra 15 years longer than I was hoping to. :s

I suppose the other way of looking at it is that if I hadn't been overpaying, I'd be in an even worse position right now!  


  • jimjames
    jimjames Posts: 17,479
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    I suppose the good news is that the overpayments mean you can afford it. So many people seem to be having a shock at the moment with the new rates coming out. I think 10+ years of such low rates has given us all a false sense of security when these rates are really the aberration and are now returning towards the more normal range.
    Remember the saying: if it looks too good to be true it almost certainly is.
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