on the way to mortgage free

Hi All

Started with a 110k mortgage 8 years ago.

Salary has now increased and overpayments also increased as a consequence. Now i have still had holidays, cars etc - i have since sold and purchased a cheaper one circa 1500 as iv grown up. lol

Balance now has 22 years remaining but is down to 74k. So thats 36k in 8 years - circa 4.5k per yr so this is tumbling fast. Still pay original amount (have not reduced since overpayments)

rate is tracker with unlimited overpayments at 1.19% - 0.69% above BoE so i can currently taking advantage of this overpaying £600pm and this is tumbling fast. Estimated to be paid of in 6 years - age 37

Estimated paying 7200 in overpayments per annum and about 9000k total off the capital

Any other advice

Oh I have no other debts - just the usual bills, phone,council tax etc etc

University loan cleared, all credit cards cleared



  • Well done on the progress!! Good on ya =]

    What are your plans once you are mortgage free?

    FW x
    Emergency Fund: £6,000 / £8,000 (should be reached by Feb 16)
    Deposit for Mortgage 2: £0 / £20,000 (needs to be reached by April 2020)
    Weight lost since November 15: 0lbs / 4st 0lbs (ASAP!!)
  • bexster1975bexster1975 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    Hi Adam

    Sounds like you are making good progress. I have just finished paying a slightly smaller mortgage in ten years ( I'm a couple ov years older than you). The only thing I would say is do you have an emergency fund? Particularly with such a low interest rate you could easily beat the interest by putting your savings in a Santander 123 account (3% over £1000 up to £20000 - a couple of conditions to fulfil). It just means you have a bit of flexibility if you need it.

    Good luck on your journey

    Bexster :)
  • KhrisjunKhrisjun Forumite
    67 Posts
    Sixth Anniversary 10 Posts Name Dropper
    Well Done, looks like you got yourself a great Mortgage rate and are well on the way to being Mortgage free,

    I would have to echo Bexster on considering holding the money instead of overpaying - Gives you more flexibility if you did need money and is going to work out better financially if your Interest rate is 1.19% - With your level of yearly overpayment you could put most into a 5% interest account, then 4% for any remainder, or a 6% regular saver if your paying each month. On 5000 per year with a interest rate difference of ~3% (Conservative) you could be £150 better off per year by not overpaying - Just something to think about!

    Good Luck,
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