Mortgage gone by 2030

hellosupernova

January Update

Total overpayments for January 25:                £342.59
 
Mandatory payment 31.01.25:                        £577.52

Interest added 01.02.25:                                 £213.69

Balance after interest added 01.02.25:           £60,383.17

Overpayments made so far in February 25:    £1.00

Current mortgage amount (07.02.25):             £60,382.17

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,199.28 / £6,919.87 (75.13% used) / (£1,720.59 left of allowance)
Capital cleared off balance so far this financial year: £8,816.59 / £10,000.00 (88.16%) / (£1,183.41 left to target)

All is well and still on track to reach the capital cleared goal. I will need to check with my mortgage provider that they have the same total overpayments figure as myself before I make the remaining overpayments for this month and next month. I like to make sure of this beforehand, as I come close to the overpayment allowance I am allowed to use, to ensure I don't go over this accidentally and would then get heavily charged.

minimad125

hellosupernova said:

January Update

Total overpayments for January 25:                £342.59
 
Mandatory payment 31.01.25:                        £577.52

Interest added 01.02.25:                                 £213.69

Balance after interest added 01.02.25:           £60,383.17

Overpayments made so far in February 25:    £1.00

Current mortgage amount (07.02.25):             £60,382.17

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,199.28 / £6,919.87 (75.13% used) / (£1,720.59 left of allowance)
Capital cleared off balance so far this financial year: £8,816.59 / £10,000.00 (88.16%) / (£1,183.41 left to target)

All is well and still on track to reach the capital cleared goal. I will need to check with my mortgage provider that they have the same total overpayments figure as myself before I make the remaining overpayments for this month and next month. I like to make sure of this beforehand, as I come close to the overpayment allowance I am allowed to use, to ensure I don't go over this accidentally and would then get heavily charged.

keep up the good dude. smashing it with those overpayments. I am now at £43425.00 and still deliberating on if I should just draw money from a stocks and shares ISA to pay off the mortgage at the end of the fixed period. I will see what the balance will be at the time, plus the mortgage rates and then decide.

hellosupernova

minimad125 said:

hellosupernova said:

January Update

Total overpayments for January 25:                £342.59
 
Mandatory payment 31.01.25:                        £577.52

Interest added 01.02.25:                                 £213.69

Balance after interest added 01.02.25:           £60,383.17

Overpayments made so far in February 25:    £1.00

Current mortgage amount (07.02.25):             £60,382.17

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,199.28 / £6,919.87 (75.13% used) / (£1,720.59 left of allowance)
Capital cleared off balance so far this financial year: £8,816.59 / £10,000.00 (88.16%) / (£1,183.41 left to target)

All is well and still on track to reach the capital cleared goal. I will need to check with my mortgage provider that they have the same total overpayments figure as myself before I make the remaining overpayments for this month and next month. I like to make sure of this beforehand, as I come close to the overpayment allowance I am allowed to use, to ensure I don't go over this accidentally and would then get heavily charged.

keep up the good dude. smashing it with those overpayments. I am now at £43425.00 and still deliberating on if I should just draw money from a stocks and shares ISA to pay off the mortgage at the end of the fixed period. I will see what the balance will be at the time, plus the mortgage rates and then decide.

Thanks minimad. Thats great and a good feeling to have options. It feels very tricky to make decisions at the moment and I get the impression things will likely get even more complicated. Either way I always think in my head that at least I won't be starting all over again on this mortgage and I am not a financial analyst by any stretch, so I do my best with what I have.

hellosupernova

February Update

Total overpayments for February 25:              £254.17
 
Mandatory payment 28.02.25:                        £577.52

Interest added 28.02.25:                                 £191.18

Balance after interest added 28.02.25:           £59,742.66

Current mortgage amount (07.03.25):             £59,742.66

Mortgage balance approx this time last year (02.03.24): £70,291.00 (£10,548.34 less)

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,452.45 / £6,919.87 (78.79% used) / (£1,467.42 left of allowance)
Capital cleared off balance so far this financial year: £9,456.10 / £10,000.00 (88.16%) / (£543.90 left to target)
Current term left on mortgage (07.03.25): 11 years 

My mortgage provider has confirmed that my overpayments figure match theirs which is great. Now the balance is at the 59K level which makes me feel good. Also I only have £543.90 left for my capital cleared target of 10k, so also very happy about that one. I want to keep this goal for next financial year, as it really motivates me. Plus I am overpaying at a more sustainable level. It also feels good that I can still clear that much off the balance in only one year. 

Also after March the mortgage provider will look at my overpayments and will reduce the mandatory payment as of April, so that gives me some breathing room. By my workings the mandatory payment should now be around £563.93 which is £13.59 less than I am paying. This is technically an additional overpayment which does not come out of my 10% overpayment allowance. I think that the mandatory payment will be around £561 once they look at things. I will need to look at and adjust the overpayment figure which I need to stick to each month after the mandatory payment changes, in order to be at the balance level I want to be at come March 2026.

BizzyBee_9

hellosupernova said:

I still need to look at the food shop more but I thought to start with one item that I consume a lot of which is Earl Grey tea. I usually try different brands but I have never managed to swap from Twinings, as I really did not like the other brands I had tried. I don't usually shop in Marks and Spencer but whilst I was there for other things I bought some of theirs and it was nice, so I am swapping and saving a few pounds there.

So after looking at the monthly savings from changing phone contracts, cancelling the music streaming service and swapping the tea, I have saved around £15 monthly. Going forward I am going to add these savings to the regular overpayment of £500 which I hope to maintain so that should now be £515 each month. So not bad for a start.

It’s encouraging when things fall into place and you realise you can overpay. Keep going, I am also trying to increase overpaying. 

Just on Earl Grey area, a friend of mine was stuck on Twinings too, until he bought loose leaf EG off eBay. It worked out less expensive for better quality and no tea bags to pay for, nor cardboard box and plastic wrap. 

He just made it with the loose leaves in a cup, but then bought those little containers that keep the leaves together and save you having to spit out some bits! 😆
You could also use a cafetière or one of the tea pots with an inner leaf container. 
Anyway he saved on paying for the teabags and box and more dusty lower quality tea leaf inside the bags. He also tried EG Blue which was beautifully even more fragrant and floral.
just something for you to think about. 😊

minimad125

hellosupernova said:

February Update

Total overpayments for February 25:              £254.17
 
Mandatory payment 28.02.25:                        £577.52

Interest added 28.02.25:                                 £191.18

Balance after interest added 28.02.25:           £59,742.66

Current mortgage amount (07.03.25):             £59,742.66

Mortgage balance approx this time last year (02.03.24): £70,291.00 (£10,548.34 less)

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,452.45 / £6,919.87 (78.79% used) / (£1,467.42 left of allowance)
Capital cleared off balance so far this financial year: £9,456.10 / £10,000.00 (88.16%) / (£543.90 left to target)
Current term left on mortgage (07.03.25): 11 years 

My mortgage provider has confirmed that my overpayments figure match theirs which is great. Now the balance is at the 59K level which makes me feel good. Also I only have £543.90 left for my capital cleared target of 10k, so also very happy about that one. I want to keep this goal for next financial year, as it really motivates me. Plus I am overpaying at a more sustainable level. It also feels good that I can still clear that much off the balance in only one year. 

Also after March the mortgage provider will look at my overpayments and will reduce the mandatory payment as of April, so that gives me some breathing room. By my workings the mandatory payment should now be around £563.93 which is £13.59 less than I am paying. This is technically an additional overpayment which does not come out of my 10% overpayment allowance. I think that the mandatory payment will be around £561 once they look at things. I will need to look at and adjust the overpayment figure which I need to stick to each month after the mandatory payment changes, in order to be at the balance level I want to be at come March 2026.

Just out of interest, why are they recalculating it or did you ask for the calculation?

hellosupernova

BizzyBee_9 said:

hellosupernova said:

I still need to look at the food shop more but I thought to start with one item that I consume a lot of which is Earl Grey tea. I usually try different brands but I have never managed to swap from Twinings, as I really did not like the other brands I had tried. I don't usually shop in Marks and Spencer but whilst I was there for other things I bought some of theirs and it was nice, so I am swapping and saving a few pounds there.

So after looking at the monthly savings from changing phone contracts, cancelling the music streaming service and swapping the tea, I have saved around £15 monthly. Going forward I am going to add these savings to the regular overpayment of £500 which I hope to maintain so that should now be £515 each month. So not bad for a start.

It’s encouraging when things fall into place and you realise you can overpay. Keep going, I am also trying to increase overpaying. 

Just on Earl Grey area, a friend of mine was stuck on Twinings too, until he bought loose leaf EG off eBay. It worked out less expensive for better quality and no tea bags to pay for, nor cardboard box and plastic wrap. 

He just made it with the loose leaves in a cup, but then bought those little containers that keep the leaves together and save you having to spit out some bits! 😆
You could also use a cafetière or one of the tea pots with an inner leaf container. 
Anyway he saved on paying for the teabags and box and more dusty lower quality tea leaf inside the bags. He also tried EG Blue which was beautifully even more fragrant and floral.
just something for you to think about. 😊

Thanks for the encouragement and suggestion BizzyBee. I did not even think of buying loose leaf tea but it makes perfect sense. I actually have a little Japanese teapot ideal for that as well.

hellosupernova

minimad125 said:

hellosupernova said:

February Update

Total overpayments for February 25:              £254.17
 
Mandatory payment 28.02.25:                        £577.52

Interest added 28.02.25:                                 £191.18

Balance after interest added 28.02.25:           £59,742.66

Current mortgage amount (07.03.25):             £59,742.66

Mortgage balance approx this time last year (02.03.24): £70,291.00 (£10,548.34 less)

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,452.45 / £6,919.87 (78.79% used) / (£1,467.42 left of allowance)
Capital cleared off balance so far this financial year: £9,456.10 / £10,000.00 (88.16%) / (£543.90 left to target)
Current term left on mortgage (07.03.25): 11 years 

My mortgage provider has confirmed that my overpayments figure match theirs which is great. Now the balance is at the 59K level which makes me feel good. Also I only have £543.90 left for my capital cleared target of 10k, so also very happy about that one. I want to keep this goal for next financial year, as it really motivates me. Plus I am overpaying at a more sustainable level. It also feels good that I can still clear that much off the balance in only one year. 

Also after March the mortgage provider will look at my overpayments and will reduce the mandatory payment as of April, so that gives me some breathing room. By my workings the mandatory payment should now be around £563.93 which is £13.59 less than I am paying. This is technically an additional overpayment which does not come out of my 10% overpayment allowance. I think that the mandatory payment will be around £561 once they look at things. I will need to look at and adjust the overpayment figure which I need to stick to each month after the mandatory payment changes, in order to be at the balance level I want to be at come March 2026.

Just out of interest, why are they recalculating it or did you ask for the calculation?

My mortgage provider seem to review the fixed mortgages at the end of the financial year and adjust the mandatory payment to keep them on track based on the term you originally signed up for. They also do this if you make a large overpayment at once or over a few months. Usually though they have not adjusted my mandatory payment often and I have been consistently overpaying each month.

hellosupernova

March Update

Total overpayments for March 25:                  £404.66
 
Mandatory payment 31.03.25:                        £577.52

Interest added 01.04.25:                                 £209.23

Balance after interest added 01.04.25:           £58,969.71

Overpayments made so far in April 25:           £120.71

Current mortgage amount (20.04.25):             £58,849

Mortgage balance approx this time last year (15.04.24): £69,060 (£10,211 less)

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £5,857.11 / £6,919.87 (84.64% used) / (£1,062.76 left of allowance)
Capital cleared off balance so far this financial year: £10,229.05 / £10,000.00 (102.29%) / (£0 left to target)
Current term left on mortgage (20.04.25): 10 years 11 months 

Happy to report that I have achieved my goal for the previous financial year which was to clear £10k capital off the mortgage balance. I am waiting for my mortgage statement to come in so I can see what the mandatory payment is now and will make a plan and new goal to achieve for this financial year.

isadreamalie

Great to hear

I've been saving this year rather than overpaying to take advantage of the rates. I was rather slow to go to over to saving as overpaying was so addictive (part of the reason was when my mortgage rate went up with my new fix I was desperate to bring my monthly payments down to where they were again!)

Anyway I've saved 10k in an easy access isa paying 4.2% which matures in August. Current thinking is to take 5k from that and throw at the mortgage which will reduce my payments by around £28 to about £532 a month!

This is exciting as the less my payments are the more I can save and spend... looking to fly business class in future haha.  I will save the rest in whatever decent isa I can find and build it up to at least 10k again...

Current mortgage balance without overpaying the last year is just under 98k