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

here_for_the_tips

I needed the kick up the backside this year, had to see the numbers come down, convince myself that we could do this and still have a happy life.

Tracker, offset, fix or carry on as is, nothing is off the table for 2026.

here_for_the_tips

So ding ding ding we ring the bell and round (year) 2 starts. £50,602.60 our starting point and aiming for £10k OP again as well as reviewing options.

The annual mortgage statement came in today, extra page added due to the OP's, wonder if they will put an admin charge on soon?

carboot_karaoke

You did a great job last year. Have you had a look at the mortgage options available to you? Combined with the OP you could be rid of this mortgage before you know it. 

I know you were worried before  that you would lose focus if you went onto a fixed rate but l think after 12 months commitment you wouldn't go back.  

MFWannabe

carboot_karaoke said:

You did a great job last year. Have you had a look at the mortgage options available to you? Combined with the OP you could be rid of this mortgage before you know it. 

I know you were worried before  that you would lose focus if you went onto a fixed rate but l think after 12 months commitment you wouldn't go back.  

Think you should look into this OP
Ive gone onto a tracker so I can overpay as much as I want without penalty and its very motivating to see the number come down 

here_for_the_tips

Looking to get a tracker fixed this month, 2 years. Annoying it has a £995 product fee attached to it but should make that back. Need to run the numbers this week.

MFWannabe

here_for_the_tips said:

Looking to get a tracker fixed this month, 2 years. Annoying it has a £995 product fee attached to it but should make that back. Need to run the numbers this week.

Exactly the same I chose ; run it through the calculator on here 
Even though it has a fee I can make as much overpayment as I want 😁 

here_for_the_tips

Just sticking this here so I do not lose it, thought the monthly for number 2 would be lower tbh but seems like a no brainer, £2k extra in overpayments without doing a thing saving wise.

MFWannabe

here_for_the_tips said:

Just sticking this here so I do not lose it, thought the monthly for number 2 would be lower tbh but seems like a no brainer, £2k extra in overpayments without doing a thing saving wise.

Is mortgage 1variable and 2 tracker? Definitely a no brainer 👌

carboot_karaoke

here_for_the_tips said:

Just sticking this here so I do not lose it, thought the monthly for number 2 would be lower tbh but seems like a no brainer, £2k extra in overpayments without doing a thing saving wise.

If thats the difference before you overpay that's  HUGE difference.  

Imagine if you overpay on top what that does to the interest you pay and the overall term of the mortgage. 

here_for_the_tips

So we have not done the switch yet (£1,109.39 OP made in January), just not had the time which I know sounds silly but Mrs Tips goes in for a second 6 week round of radiotherapy next week on that pesky tumour and its just kept slipping down and down the to do list. It is getting sorted this month, I could use a distraction or 2 if I am being honest.