Wednesday, 18 December 2013

Mortgage

My L&M and I have decided to throw all our spare pennies at our mortgage next year. We have reduced it fairly well so far as we took out a 25 year mortgage 10 years ago & we only have 9 years 2 month left of the term.
Unfortunately we had a few years when I was the only one in regular employment & for a while we had an interest only mortgage,otherwise we'd have paid off even more.
Now we are going to make a concerted effort to pay off as much as we can, as soon as we can.
We have £67.703.19 left to pay!

We have upped our payments by £100 per month from our joint account & I'm also going to try to pay an extra  £39.97 out of my account each month. At the end of each month, any money left in our joint account will be moved to our savings account & then transferred to the mortgage every 6 months. No doubt something expensive will now break down & scupper all our plans, so we can but try.

4 comments:

January20 said...

Good luck on overpaying your mortgage. I have been overpaying mine for a couple of years now but I was tied in a 5 year deal, taken - Sod's law! - just before the rates fell! I'm now enjoying a much lower rate and, quite selfishly I know, praying it remains low for a while longer!

I really enjoy reading your blog.

Kim @ Him, Him Me said...

Good Luck on paying down your mortgage.

annie b said...

Gosh you have taken some investigative work to find you. Glad you are feeling better and lovely that you are blogging again.
Yes the best thing you can do is get rid of that mortgage, best wishes and happy christmas

Frugal Queen said...

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