Mortgage gone by 2030

isadreamalie

How's everyone doing?

2030 is likely unreachable for me sadly but my mortgage ought to be very small by then

Despite now having a credit card and a baby on the way I'm managing to save again with some overtime. Looking to place 5k as an overpayment once my isa matures leaving some aside as a reserve.

Current debt is 89,120 and £536 a month payments which will reduce to £506 after the overpayment

Aware my rate will increase next October as currently on 2.59% but my smaller balance should shield me.

Certainly noticing the portion going towards the capital increasing markedly each month without me doing anything as the debt decreases which is good to see...

minimad125

https://forums.moneysavingexpert.com/discussion/comment/82065460#Comment_82065460

Keep going dude. I see you say it may not be achievable but take a long look at your budget and see if you can squeeze even an extra couple of quid to help towards your goal.

I would say though, having a baby on the way, you may have to use that 5k for all the things that come with parenthood.

Jul 2026 Balance £33745.00 with 6 years 3 months left on term

rate - 1.63% until 30 APR 2027.

Payment - £496.82

overpayment fixed - £65

adhoc payment for July - £39.15

current projection at fixed rate finishing - £29115.00

Separate pot to use at end of fixed rate to reduce the mandated payment - £3048.32

isadreamalie

https://forums.moneysavingexpert.com/discussion/comment/82073332#Comment_82073332

Thanks

How Is your rate so good?

minimad125

Had it over 4 years now. Managed to scrape in before the rates shot up. The downside is that it will expire at the end of April 2027 and then onto the markets rates at the time.

Looking at options already though :)

September 2026

Term left - 6 years 1 month

balance - £32645

current projection at fixed rate finishing - £28966.00

overpayment - £75 a month plus spare cash (if any left over at the end of each month)

current lump sum balance to use against capital at the end of fixed period - £3500.00 (moved some to a cash isa to keep tax man away)

isadreamalie

Decided to defer any overpayment lump sum till just before my current fix expires next October

My savings with chip are 4.55% easy access whereas my mortgage is 2.59% and debt around 88k

The mse calculator tells me I'd be around 4k better off not overpaying right now and I'm also happy with my monthly payment at £536 so I can resist the urge to overpay. Also chip pays interest monthly which is useful psychologically as there is a nice amount earned each month!