Shaving off the years at Sleepy Hollow

CreditCardJunkie

Finally after YEARS of talking about moving DH and I have done the big move. We've significantly increased our mortgage and started off on a 34 year term to give us some breathing space for a larger mortgage payment.

We're aiming to reduce our term to 20 by making regular overpayments. Interested to read along and see what everyone else is doing to pay off their mortgages early! 

beanielou

Happy shiny new diary 

redofromstart

Happy new diary and the best of luck with your plans. 

We did a lot of visual stuff - a graph of the house in bricks (£25/£100 etc) which worked well in the takeaway or overpay £25 and colour in a brick sense. 

CreditCardJunkie

redofromstart said:

Happy new diary and the best of luck with your plans. 

We did a lot of visual stuff - a graph of the house in bricks (£25/£100 etc) which worked well in the takeaway or overpay £25 and colour in a brick sense. 

Thank you!! Ohh how did you create this??

CreditCardJunkie

Toying with lots of different ideas of overpaying on the mortgage.

We're in our 30s with 2 young children. We want to enjoy life but also not still be paying our mortgage in our late 60s. How do you all find the balance for this? A family member paid of their mortgage early but lived very very frugally for 30 years.

We're also trying to work out if we're better to build savings for the children (for their own house deposit one day) or overpay that off our mortgage so we will be in a better position to help when they are nearing that stage?

redofromstart

We did ours in excel, different colour bricks for different amounts and a vague approximation of the house. It really worked for us. 

The joy of overpaying for us was paying lower rates later on as the LTV dropped and we got the better rates.