Just under £19,000 to go about 2029 finish.Every little helpsAlthough I'm guessing you've nearly paid it off anyway
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Chucked another 3k overpayment down today.
Below 14k left to pay now, getting closer to being done
I put 2000 into my isa this month as percent is higher than my mortgage
Soldato
Probably the sensible thing to do.
I'll probably get a savings account going after the mortgage is done.
I've got the 5.2pc trading 212 flexible isa.
As you can take it in and out and not lose the total year allowance it's very attractive
Mortgage = 1.93pc
Isa = 5.2pc
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Soldato
It is but do bear in mind the flex only works with the same provider. If you take money out you get the allowance back but you have to deposit it back with t212 again in the same tax year.
Soldato
Should hit 1% of our mortgage paid next instalment, it's a start.
Yeah I'm aware of that. Thankfully it's a great rate and it's where I have my S&S isa too
Soldato
Yes me also! Liking it a lot so far
Soldato
I contacted Nationwide earlier and agreed to do underpayments for a bit, I have a large enough overpayment buffer to pay for the mortgage for 3 years without paying anything in at the current rates.
I decided to drop down to £100 payment instead of £0 though to counter act the interest somewhat, so basically gone to interest only.
The extra cash I don't spend will instead go into my savings and investment funds.
I decided to drop down to £100 payment instead of £0 though to counter act the interest somewhat, so basically gone to interest only.
The extra cash I don't spend will instead go into my savings and investment funds.
- Joined
- 30 Sep 2005
- Posts
- 16,574
I'm really struggling to overpay the mortgage as we need a new bathroom and kitchen. My goal is to be mortgage free before 55, but when you need new carpets, kitchen, bathroom etc etc with the usual wear and tear items it's a real struggle.
Not sure how people are doing it.
Not sure how people are doing it.
Soldato
Error in judgement?
I should have thrown into investments over the last decade rather than paying down the mortgage but can't undo time sadly.
For a while savings rates were pretty terrible at least. Since savings rates went up I got more interested in investments and learnt more stuff about things like index funds/ETFs, changed my pensions around etc.
Feel like I'm on the right path now for positioning where funds get invested in the future, but may as well claw back some of that mortgage overpayment and get better interest on it now.
These things usually become more affordable after you've been in the property for a while and had a few years of income growth, but there's no magic answer. You can do anything but not everything.
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Soldato
Will be one of;
They earn more than you
Mortgage to salary ratio a lot less
They are not spending as much on other areas of their lives
They earn more than you
Mortgage to salary ratio a lot less
They are not spending as much on other areas of their lives
Soldato
Purchased first house about 11 years ago now, moved twice since (once was a bad move and I sold at a loss + lost the £10K stamp duty!) and am now here for the longer term, better location/house than my last one I feel.
Simply my deposit was good to start with, and has only really improved over time, so remaining mortgage isn't £0 left but it's manageable, and with current rate overpaying is easy if I wanted to.
When the rates change for my deal ending in a couple of years it will be harder to overpay as much due to interest eating more of the payments, but I'll probably still try to pay it down until it gets more manageable.
Not in higher earnings bracket and have never been, just been good at saving for things and was saving for my first deposit when I started work, spent a good 6 years or so just saving £1k/month if I could. Wound up with a little under that in the end but wasn't miles off my target.
Wouldn't be able to get much in say London, but not in the cheapest area of the country either.
Simply my deposit was good to start with, and has only really improved over time, so remaining mortgage isn't £0 left but it's manageable, and with current rate overpaying is easy if I wanted to.
When the rates change for my deal ending in a couple of years it will be harder to overpay as much due to interest eating more of the payments, but I'll probably still try to pay it down until it gets more manageable.
Not in higher earnings bracket and have never been, just been good at saving for things and was saving for my first deposit when I started work, spent a good 6 years or so just saving £1k/month if I could. Wound up with a little under that in the end but wasn't miles off my target.
Wouldn't be able to get much in say London, but not in the cheapest area of the country either.
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I done it by getting a better paid job BUT this isn't an option for everyone.
Also I have no wife or kids so that made it easier to manage overpayments and finances.
How close are you to Farnborough? Need a bed, willing to pay at least 20
Soldato
