For this quarter, we continued to pay the standard monthly charge, and then saved as much as possible to pay off a lump sum at the beginning of 2016. Our fixed term continues until the end of January 2016, after which we will move to a standard variable mortgage where we’ll be able to pay any amount. I think it is unlikely that we will (or could) remortgage, given the short term remaining.
- Mortgage balance at start of year: £57,511.66
- Current mortgage balance: ££27,654.12
- Interest charged: £833.82
- 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: 15
- Overpayment savings: £6,000.00
Overpayment savings were lower than expecting, as my husband has been working less overtime and also got a company car for which he was taxed quite a large amount at once.