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October 12, 2011

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louisa @ TheReallyGoodLife

When we moved house, we got stuck on an awful mortgage -- two self-employed people trying to get a mortgage at the height of the credit crunch, working with an inept mortgage broker who is now in jail for fraud(!). We've, thankfully, just come to the end of the lock-in period and once our paperwork is in order, we're going to get a much better deal (hopefully!) and do the same as you.

We've not been able to overpay really but have essentially put the money in savings so we've got a lump sum to pay off now, and are going to push ourselves overpay each month from now on too. I haven't worked out the exact figures yet but roughly, I imagine we'll go from paying off £196,045 in total (repayment & interest) over 23 years (remaining on term of current mortgage), to paying off £135,573 over ten years, without even having to stretch ourselves too much. With a bit of stretching, we could save another £5,000 and shave a couple of years off - but reducing it to ten years & saving £60,000 is good enough for us!

I really can't wait to get started - and finished!

Steel

Louisa - £60K is a pretty good saving!

I think the desire to really stretch yourself probably kicks in when you get within 10 years of paying it off.

For us seven years to go was amazing, but when we started playing with the numbers and bringing it down to five years, and then four, and then three we got dead excited!

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