Financial independence – quarterly #mortgage update 2015 Q2

2015 saw the start of a second overpayment allowance period. I thought we would be able to overpay 10% of the balance as at the start of 2015, but Nationwide said we could overpay 10% of the original balance, which is even better.

  • Mortgage balance at start of year: £57,511.66
  • Current mortgage balance: £38,904.49
  • Interest charged: £488.51
  • Overpayment allowed in year: £8,500
  • Current overpayment total: £8,500
  • Mortgage term at start of year: 48 months (December 2017)
  • Current mortgage term: 39 months (March 2017)
  • Months to go: 21

We have now finished paying the 10% overpayments for 2015. As we couldn’t make a further overpayment at the end of June, £450 has been saved towards a large overpayment when our fixed-term period ends in January 2016.

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