Mortgage gone by 2030

minimad125

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

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. 

minimad125

well its March 2026

£35995.00

6yrs 7 months to go

13 months left on super low rate so lets hope the mortgage gods are around when renewal comes along.

beanielou

Coming down nicely.

isadreamalie

My debt is about to fall under 90k

A bit worried about next year as in October 2027 my Five year fix ends and my rate will probably go up. It's currently 2.59% already more than my initial very cushy 1.99% 2017 rate.

I've gone from 230k debt to 90k in eight years and six months which feels great. Currently paying £536 a month as I continue to use overpayments to reduce monthly payments rather than term. I belatedly shifted in 2024 to saving in isas and when they mature i overpay

This year I have some new costs however I'm no longer travelling except for necessity. I used to travel 12 times a year so I may find even with some new costs I may save money and I'm working some overtime when previously I worked none.

I dont care about it being paid off but more minimising it

Interestingly without doing anything I notice the amount going towards interest out of my monthly payment reduces each time by around 75p... currently around £340 of the £536 goes on reducing debt... so it's great seeing the figure of debt drop more sharply

I may throw some money at it (5k max) this year depending on my finances

isadreamalie

Interesting reading:

When the "Tilt" happens for you:Based on your 2.59% rate and £536 payment:

• Now (£90k debt): You pay £194 in interest. (The bank takes 36% of your payment).
• In 4.5 Years (£71k debt): Your interest drops to £150.
• In 9 Years (£50k debt): Your interest drops to £108.
• The "Sweet Spot" (£45k debt): This is when your interest finally hits double digits (£97).

I may opt out of a product fee next year and pay a higher rate as the product fee may negate savings

Van_Girl

https://forums.moneysavingexpert.com/discussion/comment/81946619#Comment_81946619

Where is this detail from? Very interesting

edinburgher

Looks like AI

minimad125

Having now only 12 months of payments left on the 1.63% rate, I decided to put the majority of my overpayment money into a 1 year fixed bond at 4.05% so that it will get a little more interest to go towards the mortgage at the end of the fixed term.

Still paying £50 a month to cover the interest part so that all my principle payments go towards the capital.

Also paying adhoc payments where spare cash comes along.

April balance £35375. 00

6 yrs 6 months to go on normal term

Keep up the good work folks, that 2030 year is a good thing to aim for 😁

isadreamalie

Well I'm happily married now with a kid on the way. She has a paid off apartment and another apartment she owns too so it's great we both have property.

Mortgage has slipped to 89k... I live in the south east of the UK and earn over 70k so without travelling anymore (used to travel very frequently) even with added expenses I might pay off the mortgage quicker than expected. My wife won't work for a while but once she works again the mortgage could be written off very quickly (hopefully)

I have no expensive subscriptions or any expensive hobbies so my outgoings are minimal. My biggest expensive after mortgage is council tax!