Making Mortgage progress - feels good!

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Sharing here because I can’t share in real life 😅 delighted this morning as we paid 60k off our mortgage and fixed onto a new rate of 3.1% will keep payments the same as previous too 🙌 I love progress 🙌

Well done!

How did you save that money?

Good for you, every little inroad is a step closer to paying it off. You are allowed to feel good about it!

Yay congratulations! We will be paying a substantial chunk in a couple of times and it really is exciting when you see the numbers tick down. Especially knowing it also brings the daily interest down too. ☺️

We budget everything, we save 2k a month and we get bonuses from work each year. We also had cash from selling property (we bought our current house and then sold the property).

Seeing how much interest it’s saving in the long run was the best part tbh yes! 🙌

Thank you ☺️

3.1% is a great rate at the moment so well done for finding that.

It’s such a relief right now to be fair with how the world is!

Which provider is your with, if you don’t mind me asking? 3.1% is a fantastic rate! Is it fixed term?

We are in Ireland so it’s with an Irish bank.yes, fixed for 3 years, it’s a green rate mortgage.

When I first had a mortgage it was in the days when rates were in double figures.
As the rates started to come down, instead of reducing my mortgage payment I kept it the same (I had already budgeted for the higher payment) and did this until the mortgage was cleared, 9yrs early.
Colleagues took advantage of the monthly savings (finances were discussed freely in our office) and prioritised holidays, cars etc instead.

Everyone has different priorities & ways of tackling mortgages but good for you OP for making inroads into yours 👍

I'm in Spain with a fixed rate mortgage of 3.25% for the lifetime of the mortgage. I think all countries do mortgages differently.

Yes we have also kept our the same as previous rate, so we have reduced the term by 8years so far 🙌🙌 and the interest is reduced so much it’s crazy!!

I thought I had responded to this! That’s amazing that you can fix for that long!!

Ah, thanks. I’m in the UK, so no good for me. Lucky you!

What are rates like in the uk right now?