As we finished making overpayments during Q3, we have just been making standard payments during this quarter. We have also been saving money to overpay in 2015 when we are allowed to overpay another 10%.
- Mortgage balance at start of year: £85,000
- Current mortgage balance: ££57,511.66
- Interest charged: £1,500 (estimated, I didn’t record this at the end of the year and now it’s refreshed for 2015)
- Overpayment allowed in year: £8,500
- Current overpayment total: £8,500
- Mortgage term at start of year: 48 months (December 2017)
- Current mortgage term: 44 months (August 2017)
- Months to go: 32
So, in twelve months we have cleared £27,488.34 from our mortgage balance. Still using the conservative estimate of £180,000 for our house, we had around 57% LTV at the start of the year and now have 68%.