Financial independence – quarterly #mortgage update 2015 Q4

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.

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