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I'm paying how much interest a year??!!

here_for_the_tips
Posts: 30 Forumite

Starting this to keep myself honest and on track. This is the year, well the first one of a few. I've always had the annual mortgage statement come in and put it away, little to no attention paid to it but not this time. If this was a credit card with this much interest per month I would be putting every spare penny towards it so time to treat the mortgage the same.
Had aimed for £4k over payment on a £63k balance this year but I reckon I can blitz the next 12 months adopting the do I need it mantra and some lifestyle changes. As such I'm going to ride the SVR storm (moved to it at the start of the month) for the year and look to hammer this down - if it becomes clear I can't do this then I'll look to fix.
Will get the emergency fund up to 6 months bill cover in accessible savings by end of April but got sufficient cash tucked away in a high paying regular saver that if I needed to I could dip into.
Here we go........
Had aimed for £4k over payment on a £63k balance this year but I reckon I can blitz the next 12 months adopting the do I need it mantra and some lifestyle changes. As such I'm going to ride the SVR storm (moved to it at the start of the month) for the year and look to hammer this down - if it becomes clear I can't do this then I'll look to fix.
Will get the emergency fund up to 6 months bill cover in accessible savings by end of April but got sufficient cash tucked away in a high paying regular saver that if I needed to I could dip into.
Here we go........
MFWB 2025 #35: £1,371.35 / £10,000
Mortgage Jan 2025: £63,215.87
Mortgage Feb 2025: £61,655.16
Mortgage Jan 2025: £63,215.87
Mortgage Feb 2025: £61,655.16
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Comments
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Go on then, how much in a year?I took a car loan for £17k over 3 years and paid it off in 14 months - watching the interest charge fall each month was a great incentive!Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.0
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Oh, I love your thread title 😀! Good luck with your plansMortgage start: £65,495 (March 2016)
Cleared 🧚♀️🧚♀️🧚♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed
Finally earning interest instead of paying it!!!1 -
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
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One debt remaining. Home improvement loan.1 -
Good luck with your ambitions, it might be worth doing an Statament of Account (SOA) if you want tips from people? Thanks.🍀2025 Goals🍀
1) CC £400-£450 PM 1/12.
2) EF 0/£3000.
3) OP £205/£2255.
4) Get a perm role: Yes or No = ?
5) No spend days 19 every month 1/12.
6) Make £55 in Prolific every month for Christmas fund £110.00 / £660.001 -
Mr.Generous said:Go on then, how much in a year?I took a car loan for £17k over 3 years and paid it off in 14 months - watching the interest charge fall each month was a great incentive!
We've got spare cash end of each month, saved a little for the safety net but if we have it there it just goes somewhere - not this year. Chatted through with the Mrs, we've agreed nothing on this year other then a few day trips in the summer with the kids and a focus on putting a grand or so to one side for P7 leaving expenses next year and the understanding we go for this but the kids don't miss out on anything. They need a new dance uniform then they get it etc etc.
Thats what I want to see as well, in 6 months time I want an email from the bank telling us they're re-calculating the payment based on the 22 years remaining and we just overpay some more!MFWB 2025 #35: £1,371.35 / £10,000
Mortgage Jan 2025: £63,215.87
Mortgage Feb 2025: £61,655.161 -
So a £205 start so far this month. More to come but got to get a tooth fixed on 27th so holding a bit back for that. Had the family out for annual dance awards night for the girls yesterday evening. Got a late msg that it was a cash only venue. Scramble around to find some notes and coins but a real eyeopener handing cold hard cash over again, really more aware about how much I'm spending when I'm not tapping a card / phone. Quick forum search and I'm not alone here either it seems - going to adopt this when out and about going forward, start with cash in the wallet and don't go over it. Will see how that goes out with the lads for football late this month.
Cancelled a few non-essentials, craft beer and a wine subscription. Can pick some up for occasions rather then have them gathering dust in the corner of the kitchen. Just off the chat with Virgin on the broadband, got £13 a month off. Really should get haggling more on this sort of thing. Will try and get bolder in April - May when the mobile and car insurance are due but still that will be another £156 spare to come off the total this year.MFWB 2025 #35: £1,371.35 / £10,000
Mortgage Jan 2025: £63,215.87
Mortgage Feb 2025: £61,655.161 -
@CrazyBee787 thank you for that suggestion. Don't really want to put it all out there for comment atm but no skeletons so to speak - usual utility bills, plus the car agreement, no CC or OD anymore. That being said all tips welcome!
I really need to keep myself on track and get the spare cash into the mortgage, have decided to look through the bills etc and try and bring things down a little as well as cut out the non-essentials. For example I bought us both coffee advent calendars last month just because. Half the time we didn't open them, £70 for the 2 of them (I know). If I can get myself honest I reckon we can make a proper dent in the total this year and review in 2026 if we fix or go again for a big (% wise) overpayment year. My personal problem is I've said I'll save from my wage and then pay the lump sum plus interest before but it just never happened. Looking at that £400 interest per month number this year and realising that we paid off just over £1k of the capital last year has been a bit of an eyeopener to say the least. I mean I knew that's how a mortgage works but I've just sleepwalked along the banks preferred path the last 8 years, time for a different route!MFWB 2025 #35: £1,371.35 / £10,000
Mortgage Jan 2025: £63,215.87
Mortgage Feb 2025: £61,655.162 -
@South_coast love those mortgage figures of yours, hopefully I can post the same in my signature before 2030.MFWB 2025 #35: £1,371.35 / £10,000
Mortgage Jan 2025: £63,215.87
Mortgage Feb 2025: £61,655.161 -
Why, thank you 😀😀😀
Don't worry, you'll be there soon enough. All you need is a solid plan, the motivation to stick to it, and no disasters!Mortgage start: £65,495 (March 2016)
Cleared 🧚♀️🧚♀️🧚♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed
Finally earning interest instead of paying it!!!0 -
here_for_the_tips said:As such I'm going to ride the SVR storm1
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