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