Time to stop (over)thinking and time to start doing!!

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  • Throwaway1Throwaway1 Forumite
    502 Posts
    Fourth Anniversary 100 Posts Combo Breaker
    ✭✭
    Super speedy update: After a few months away from looking at the mortgage, we decided it was probably time to make overpayments again and so paid £2500 today. If we were to make no more OPs, that's 8 years 10 months off the term and £32,575.17 in interest saved.
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £9,626.55/£10,626.55
  • powerspowerspowerspowers Forumite
    704 Posts
    500 Posts First Anniversary Name Dropper
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    That’s fantastic!! 
    Don’t stop now though 😆 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £2,850 / £7,200 target 


  • Throwaway1Throwaway1 Forumite
    502 Posts
    Fourth Anniversary 100 Posts Combo Breaker
    ✭✭
    That’s fantastic!! 
    Don’t stop now though 😆 
    Thank you! We are still plugging away and another £1000 has just gone into the pot. I’ve still got the concern of my car packing in at the back of my mind so we’re not paying in as quickly but still aiming for the 10% by the end of the year. Husband inherited his nan’s (even older) car though so hopefully we’ll have a back up ancient car for a while if my main one does fail so it wouldn’t be a complete emergency to replace it.

    Obligatory line:
    If we were to make no more OPs, that's 9 years 1 month off the term and £33,209.15 in interest saved.

    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £9,626.55/£10,626.55
  • Throwaway1Throwaway1 Forumite
    502 Posts
    Fourth Anniversary 100 Posts Combo Breaker
    ✭✭
    £500 in this morning.

    Obligatory line:
    If we were to make no more OPs, that's 9 years 3 month off the term and £33,521.31 in interest saved.
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £9,626.55/£10,626.55
  • South_coastSouth_coast Forumite
    3.4K Posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭✭
    £5k to go to hit this year's target 😀! It must be great seeing that the amount each year is coming down and giving you a little more breathing space
    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!!!
  • Throwaway1Throwaway1 Forumite
    502 Posts
    Fourth Anniversary 100 Posts Combo Breaker
    ✭✭
    £5k to go to hit this year's target 😀! It must be great seeing that the amount each year is coming down and giving you a little more breathing space

    £2,000 to go now! We're a bit behind this year as we left quite a chunk of the payment for the last half of the year, rather than splitting it over 12 months, but we wanted to make sure we had cash to hand with the uncertainties the pandemic has brought. My husband's wage has been reduced by over £200 a month for the last year and a half as he longer gets out-of-hours payments with companies not needing out-of-hours support.

    It's nice to see the daily interest rate come down and to know that each year the amount we have to overpay gets smaller by about £2000.

    Standard line:
    If we were to make no more OPs, that's 9 years 10 months off the term and £35,328.73 in interest saved.
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £9,626.55/£10,626.55
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