Mortgage gone by 2030

minimad125 · 2 January at 1:36PM

hellosupernova said:

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.

Hiya.
January 2026
Balance - £37300.00
Term left - 6 years 9 months

I am leaning towards option 2 with a view to paying a lot more in overpayments. One provider offers unlimited overpayments and my current one offers up to 20% but no 3 year deals. As you said I could spread the payments over the new deal and then pay the rest from savings at the end.
16 payments to go before it kicks in so will see next year

minimad125 · 17 January at 2:08PM

hellosupernova said:

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.

It was a great feeling when I saw that 50k figure. inspired me to continue reducing the balance a bit more than I was doing so yeah, motivationally its a great number to reach.