2020 Mortgage Goals

I have upped the overpayment back to £250, we should have enough for New York and that was the only big expense left really, therefore back to overpaying the full amount we can afford!

According to Money Saving Expert’s mortgage calculator, based on our current mortgage of £152,475 with 24years to run, we will pay £39,227 in interest over the remainder of the mortgage. By the end of 2020, our mortgage would stand at: £147,459 and we would be mortgage free by 2044.

It is good to know, so I can play with the overpayment calculator and find out what the overpayments will do!

So, with our regular overpayment of £250 a month, starting on January 1st 2020, we would pay £25,966 in interest, saving £13,261. We would be at £144,432 by the end of 2020, this would be paid off in 16 years- 2036. This seems like a great achievement long term!

Though I would like to have paid off 10k, you know, just to round this off nicely!

So I added 2k as a one off overpayment in December 2020, it would save us an extra £700 over the life of the mortgage, end date would be 2035, a year earlier.

And out of curiosity, I added a one off payment of £4500, this would take us into the 140’s at the end of 2020. We would pay off the mortgage in 15 years, same as the 2k one off payment though would be saving an extra £1610 in interest!

In reality, I think that the 2k may be managable, the 4500 not so much, maybe if all we did was overpay it might work but we have other things to save and do next year! Hubby is happy with the £250 overpayments, so I would have to see about anything extra!

Mortgage Roundup 2019

We started the year with a mortgage of:

£158,003

And years end:

£152,475

We have taken £5,528 off the capital, I hope 2020 will see a bigger drop! I would like to aim to into the 140’s by December 2020, will have to work out if this is feasible!

December Mortgage

Oh look, a post about reducing/saving money! Thats a novelty at the moment!!

Was: £152,973
Now: £152,475
Monthly Payment: £666.72 + £50
Capital Paid: £498
Interest: £219

I am hoping that January 2020 will see us drop into the 151’s! How exciting! We are still waiting for further information from Tesco regarding them closing and moving us to another mortgage provider, hopefully we will barely notice!

I am happy with our reductions this year, of course I always want more, more of everything, more overpayments, more holidays…but there is some semblance of balance, tipping more to adventure at the moment!

November 2019 Mortgage Stats

November Mortgage Stats:

Was: £153,420
Now: £152,973
Monthly Payment: £666.72 + £50
Capital Paid: £447
Interest: £270

I am disappointed to not be dropping into a new thousand bracket every month, but am glad that we are still heading in the right direction! And this money does see us in the 152’s! We have had some unexpected bills pop up, so its really useful to have reduced this overpayment at this time as we have some more flexi money to cover.

We will defeat this mortgage, one overpayment at a time!

October Mortgage Roundup


October Mortgage Stats:

Was: £153,817
Now: £153,420
Monthly Payment: £666.72 + £50
Capital Paid: £397
Interest: £319.72

Another month, and it is good to see that even with a reduction in overpayment, the money is still going down!

Mortgage Yearly Roundup!

So, we started off the fixed five year mortgage with £159,975 borrowed against our home, which is valued at £210k. This is over 25years.

At year end our mortgage stood at £154,262.28

We paid a total of £3,599.52 in interest

Which means that we paid £5,712,72 off the capital!

I feel very pleased with this over a year, especially since the interest is so much less than the capital reduction now!

Only downside, which may not actually be a downside, is Tesco are stopping mortgages. They will be sending us over the Halifax any day now, we will still keep our fixed rate etc thankfully. Wondering if Halifax may have a cleverer OP system!

Hurrah over all, great years work!

Mortgage catch up!

I accidently went AWOL for a while!

Our mortgage currently stands at £153,817 , I haven’t kept tabs on it since July, but have had a print out of my year to date. Will post this soon just in case anyone is interested!

After making expensive holiday choices, have altered the overpayments to £50, a reduction of £200 until we are back on finacial track with holibobs! Think I may need to rename this blog!haha

Will do a more thorough update soon!