I got a bit behind with the updates, so figures here are current to 29 April, which is technically more of a “thirdly” update.
In January 2016 we paid the standard monthly charge for the last month of our 2-year fixed term period. From February 2016 we moved to a standard variable mortgage at a rate of 3.99% interest. We used our first overpayment to reduce our monthly payments from around £1,850 per month to around £1,575 per month, then updated our preferences again to reduce our term, although it hasn’t been updated since February.
- Mortgage balance at start of year: £27,655.74
- Current mortgage balance: £14727.38
- Interest charged: £216.72
- Overpayment allowed in year: unlimited
- Current overpayment total: £6,250
- Mortgage term at start of year: 39 months (March 2017)
- Current mortgage term: 39 months (March 2017)
- Months to go: 11
- Estimated months to go with continued overpayments: 4
At this point, we are overpaying whatever we can afford every month. I’m hoping to have the mortgage paid off by the end of August 2016, and plan to request a redemption statement in June to get a clearer idea of the final payment. August is ambitious, but doable. It’s really motivating to see the mortgage balance drop so considerably each month.