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 £9,337.24 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!