Mortgage gone by 2030

isadreamalie

hellosupernova said:

May Update

Total overpayments for May 25:                     £272.26
 
Mandatory payment 31.05.25:                        £553.66

Interest added 31.05.25:                                 £203.91

Balance after interest added 31.05.25:           £57,600.25

(Then I added £1.25 extra overpayment to make the balance £57,599)

Overpayments made so far in June 25:           £255.00

Current mortgage amount (27.06.25):             £57,344

Mortgage balance approx this time last year (26.06.24): £66,418 (£9,074 less)

Opening balance as of 01.04.25: £58,969.71
10% overpay allowance fee free: £5,896.97
Overpayments made so far this financial year: £897.97 / £5,896.97 (15.23% used) / (£4,999.00 left of allowance)
Capital cleared off balance so far this financial year: £1,625.71
Current term left on mortgage (27.06.25): 10 years 9 months 

My mandatory payment has been reduced down to £553.66 instead of £577.52. They seemed a bit late to pick this up but not complaining. It's always good to have less to pay on your mortgage if you ever have difficulties in life. I am keeping my overpayment figure the same as of right now as I am still on track and I am clearing around £600 capital each month.

Hello hope you're well... similar monthly payments

Though my debt is much higher (96k or so) my mortgage is currently £559 a month and has been this way for nearly a year as I stopped overpaying and focused on saving in an easy access ISA. I have just over 10k in there. It matures end of August and although I could still earn more saving my plan is to throw 5k at the mortgage, my biggest single payment since 2019. This would reduce the payments to £530! Starting to get to the barely noticeable range! Then I will save again in a new isa and build the money up for another lump sum while maintaining an emergency fund *

In 2023 I started travelling a lot... like 12 foreign holidays in that year and that's been the same for the last two years. 2023 was compounded by strikes (late 2022 was as well) but I doggedly refused to work overtime... not surprisingly come pay day as I was still overpaying I was down to a few hundred in my name... in hindsight I should have probably saved the money in an easy access saver just in case especially as rates were very good just then... but I was bitter that my 1.99% five year fix had increased to 2.59% (around a £40 increase a month) and was desperate to get my monthly payments back below £600 again

In 2019 I was paying £1500 almost every month and barely noticed it but with rampant inflation I'm poorer in real terms now as I guess most of us are... so I'm really grateful for the mortgage being reduced.

My original payments in 2017 were a whopping £950 a month and I borrowed 230k with a deposit of 120k

I've never worked a single days overtime for which I'm grateful (single, no kids) I'm lucky I can overpay while balancing work and pleasure 

isadreamalie

My monthy payments after a 4k overpayment have fallen by over £20 to £536 a month. With a pay rise imminent things look good

My debt is circa 92k now

Of note is the same 4k now reduces my payments by more than it used to

hellosupernova

minimad125 said:

Hi there, hope the Mortgage grind is still ongoing
You mentioned about the overpayment balance being available to you, Just checked mine and it seems I can overpay £8081 this year if I wanted to without any ERC's.
July balance - £40995.00
Full Term - 7 years 4 months left
Fixed term - 21 months left at 1.63%

Hi minimad. Yes still plodding along. Thats a really decent overpay allowance on £40k balance.
Mine is only 10% of the balance at the start of the financial year and so it will start to be less useful as I want to try to reduce the balance more further down the line. I may just pay an admin fee to reduce the mortgage term as an alternative route to that when it happens. Also that is a nice low interest rate too.

hellosupernova

isadreamalie said:

My monthy payments after a 4k overpayment have fallen by over £20 to £536 a month. With a pay rise imminent things look good

My debt is circa 92k now

Of note is the same 4k now reduces my payments by more than it used to

Hi isadreamalie.Thats good. Also a bonus that the lump sum has reduced your payments more as well. 

It definitely feels like I am getting poorer in terms of money buying power and it would be nice if we could reverse that trend, even a little bit. I still can't get over the price of a cucumber of all things now. I like to add up how many cucumbers would be the same price as something like a bottle of wine and it's completely daft. I am hopeful that things can improve as it is not sustainable.

hellosupernova

June, July & August Update

June
Total overpayments for June 25:                     £256.00

Mandatory payment 30.06.25:                        £553.66

Interest added 01.07.25:                                 £195.30

Balance after interest added 01.07.25:           £56,984.64

July
Total overpayments for July 25:                      £251.00

Mandatory payment 31.07.25:                        £553.66

Interest added 01.08.25:                                 £199.63

Balance after interest added 01.08.25:           £56,379.61

August
Total overpayments for August 25:                 £252.95

Mandatory payment 30.08.25:                        £553.66

Interest added 31.08.25:                                 £197.36

Balance after interest added 31.08.25:           £55,770.36


Now
Overpayments made so far in September 25:  £0.00

Current mortgage amount (09.09.25):               £55,770.36

Mortgage balance approx this time last year (26.09.24): £63,449 (£7,678.64 less)

Opening balance as of 01.04.25: £58,969.71
10% overpay allowance fee free: £5,896.97
Overpayments made so far this financial year: £1,402.92 / £5,896.97 (23.79% used) / (£4,494.05 left of allowance)
Capital cleared off balance so far this financial year: £3,199.35
Current term left on mortgage (09.09.25): 10 years 6 months

Oops I have missed a few updates  so this one is combined. Still on track with things.

As things stand at the moment, if I keep making the same overpayment then at the end of the current fix the balance will be around £23,500k level in 2029. There is a good chance that I can get this balance lower. I am thinking of reducing the mortgage term at some point in future to increase mandatory payments slightly and balance this with the overpayment allowance. Hopefully there is the potential of paying off the mortgage after the fix ends or at least aggressively work to pay it off. I think I need to get more motivation and the feeling that things are closer. The 30k level seems like the best figure to motivate things, but it is still far off.

If anyone has any encouragement or things that can help boost morale for this, let me know!

Also well done everyone on your journeys and progress so far.

minimad125

Sorry been busy here. 
September 2025
Balance - £39725
Term left - 7 years 1 month
Fixed term left - 1 year 7 months
(seems the bank knocked a month off the term without me noticing, happy days) 
Aiming for sub 38k by Xmas and around 26k by April 2027
Keep it going guys, am always looking at the the rates even though they don't affect me yet but always good to model for the next one. 

minimad125

November 2025
Balance - £38525
Term left - 6 years 11 month
Still on track for sub 38k for December
Looking at throwing a lump on renewal time to get 25k for last run of the term. What's your thoughts on the following
1. Pay it off with savings at renewal
2. take a 3 year fixed then pay off which would hit the 2030 target.
3. take a 5 year fixed (assuming a great rate is on offer) after throwing a lump sum at it then put a lump sum in a 5 year fixed bond to pay the rest off at the end, Finishing in 2032.

Archerychick

minimad125 said:

November 2025
Balance - £38525
Term left - 6 years 11 month
Still on track for sub 38k for December
Looking at throwing a lump on renewal time to get 25k for last run of the term. What's your thoughts on the following
1. Pay it off with savings at renewal
2. take a 3 year fixed then pay off which would hit the 2030 target.
3. take a 5 year fixed (assuming a great rate is on offer) after throwing a lump sum at it then put a lump sum in a 5 year fixed bond to pay the rest off at the end, Finishing in 2032.

For me it would depend on the interest rates on both sides - your mortgage and the savings. I’d probably go for option 1 or 2, but that’s me! 

hellosupernova

September, October & November Update

September
Total overpayments for September 25:           £250.00

Mandatory payment 30.09.25:                        £553.66

Interest added 01.10.25:                                 £189.08

Balance after interest added 01.10.25:           £55,155.78

October
Total overpayments for October 25:                £255.78

Mandatory payment 31.10.25:                        £553.66

Interest added 01.11.25:                                 £193.17

Balance after interest added 01.11.25:           £54,539.51

November
Total overpayments for November 25:            £254.51

Mandatory payment 29.11.25:                        £553.66

Interest added 30.11.25:                                 £184.88

Balance after interest added 30.11.25:           £53,916.22


Now
Overpayments made so far in December 25:  £250.00

Current mortgage amount (20.12.25):             £53,666.22

Mortgage balance approx this time last year (22.12.24): £61,450.97 (£7,784.75 less)

Opening balance as of 01.04.25: £58,969.71
10% overpay allowance fee free: £5,896.97
Overpayments made so far this financial year: £2,413.21 / £5,896.97 (40.92% used) / (£3,483.76 left of allowance)
Capital cleared off balance so far this financial year: £5,303.49
Current term left on mortgage (20.12.25): 10 years 3 months

I am still here and still on track. I might need to aim for quarterly updates as I keep missing my monthlies but no matter, better late than never. I am starting to eye up £50k balance as it is getting closer. Based on my calculations the balance should be around £51,431 by the start of April 26 and the mandatory payment would sit around £527.46.

hellosupernova

minimad125 said:

November 2025
Balance - £38525
Term left - 6 years 11 month
Still on track for sub 38k for December
Looking at throwing a lump on renewal time to get 25k for last run of the term. What's your thoughts on the following
1. Pay it off with savings at renewal
2. take a 3 year fixed then pay off which would hit the 2030 target.
3. take a 5 year fixed (assuming a great rate is on offer) after throwing a lump sum at it then put a lump sum in a 5 year fixed bond to pay the rest off at the end, Finishing in 2032.

Hi minimad. It really depends on what your situation looks like at the time.

Big caveat here! I am just an average person and not a financial expert in any way whatsoever.

If I was to do option 1 and pay it off at renewal, I would need to have other long term savings set aside to cover life savings and big emergency costs such as needing to replace our roof (will need done at some point). The total savings I would have left would need to be decent so I didn't have money anxiety if any big life bills come in or there are redundancies/job losses or illness etc. Basically I wouldn't want to deplete my personal capital completely as it is really hard to build it back up when it comes to savings for me anyway.

If I was going to do option 2 and get another fixed deal instead I would look at the lengh of time, what overpayment allowance it offers and what the mandatory payment will be to see what deal would work best. If the rate for a 3 year is decent or even a 2 year and the interest is minimal then it may be an option to pay what you can (that 25k lump sum spread out gradually and then final payment after the last fix). You could even pay so much within the allowance and then if you are comfortable and ready to do it - you could pay the mortgage balance off early and pay any fees ontop of that. Again you could work out how much the fees are before you sign up so you can give yourself options. Basically if you paid it off in the last year of the 3 year fix, would it be £800 fee plus balance left and would this be cheaper than waiting 12 months at £100 interest etc.

I think option 2 gives more flexibility and options (feels like you are spreading out spending of your personal capital) but again it depends on the savings that you have.

Currently I don't think another 5 year fixed deal would work for me as I will be ready to clear the mortgage sooner and need more flexibility on how I aim to attempt to do that.