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Have you paid off your mortgage early?

(64 Posts)
alma123 Thu 16-Jan-14 21:39:10

How did it work out for you - was it worth it? I have been paying bits off here and there but I think it's making me a bit miserable. Instead of having a bit of fun with my money, I'm re-directing my spare cash at the mortgage and well... despite paying some off, it still feels like a big number remaining.

littleredsquirrel Mon 27-Jan-14 14:22:22

We bought our house with a large mortgage of over £450,000. The interest we ought to have paid on the loan was £284,000. Through overpaying (lump sums and regular overpayments) we should be paid off very soon having paid only about 65,000 in interest.

chickydoo Mon 27-Jan-14 16:52:47

I thank God we did! Bills are high each month, kids cost a fortune, thank God we don't have a mortgage too.

Squeakygate Tue 28-Jan-14 19:13:00

We overpay as much as we can and any inheritances / monetary gifts have always gone straight into the mortgage jar. I hope we will pay a 20 year mortgage off in less than 12.
This will then let us pay a bit more into dc savings / pension pots & I'd like to take the dc abroad too.

ml11j4b Wed 20-Aug-14 09:17:17

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Egghead68 Sat 23-Aug-14 16:27:08

Took on my first mortgage late in life (41). Frantically overpaying to get mortgage-free by 50. This means no car or holidays, taking a lodger and working freelance as well as full-time. I think it will be totally worth it though. I'm now 4 years in and have it down from �143K to �87K so I'm almost on track unless interest rates rise drastically.

Greengrow Sat 23-Aug-14 20:36:23

Yes, paid the first off at 33 and then could move to a much bigger house and on track to pay that off early too. It is definitely worth it if you can.

atticusclaw Tue 26-Aug-14 17:21:24

This is a zombie thread but still an interesting one. We are trying desperately to pay ours off and once we do it we will have saved a fortune (large mortgage). Once we have paid it off we will be thousands better off every month. Overpaying is definitely the way to go.

Didyouevah Tue 26-Aug-14 18:40:09

I agree - fascinating stuff.

arna Wed 27-Aug-14 14:08:35

We are now living in our 4th house purchase having up sized each time with a corresponding larger mortgage. We have overpaid on our offset mortgage but have never extended the mortgage term and we are still on target to technically pay it off in 8 yr's time or less - hopefully before my 50th! I say technically since we probably wish to maintain our hefty credit line should we need it.

foxdongle Wed 27-Aug-14 19:33:14

We paid ours off years ago, very early.
Then bought a house to rent out, so re-mortgaged for that, but the loan was small.
We are due to pay nearly half of that off next Jan when we're out of the fixed rate, using some savings. Then pay off any money left at the end of the month.
Then it will be paid off automatically about 2 years after. Quite a few years early.
It's quite doable if you have any spare left at the end of the month, I wouldn't want to forgo holidays and going out to do it though.

twofalls Wed 14-Jan-15 10:11:20

We have been overpaying by £250 since we got the mortgage and an inheritence of £25,000 went on it last year. We now have 2 years left and I have to say the thought of it being paid off is great. Yes there are still bills etc to pay but whatever happens you have your home. We would have saved ourselves 12 years mortgage and £75,000 in interest according to the calcuator I have just looked at!!

However, we are both self employed and don't have pensions as everything has been going to our mortgage wo will probably remortgage to a much more flexible deal than we have now and buy a small flat to rent out as an investment for our retirement - the rent will cover the mortgage but there will obviously be tax and fees to pay but we think it will be ultimately worth it.

We haven't had expensive holidays as the children are still small and are just as happy with camping or caravans but we certainly haven't scrimped. In fact DH would have us scrimping and paid off already so its been a compromise.

twofalls Wed 14-Jan-15 10:11:39

oops, sorry realised this is a zombie thread!

starfishmummy Wed 14-Jan-15 10:16:36

We did. Strange grown up feeling!

LadyBroker Wed 15-Mar-17 09:26:14

Usually it will tell you in the small print how much you can overpay annually on your mortgage.
It's usually around 10% per annum.
You can actally find grahs online to demonstrate how many years
if will knock off your mortgage.


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