Mortgage overpayment support thread!

[RosieLeaLovesTea]

Ok I’ve set myself a goal to overpay the mortgage and try to pay off in 10-12 yrs rather than 25! I wondered if others are doing the same? We need a support thread!
encouraging each other and keeping motivated as it feels like a long stretch!

how are you doing it -earning extra income/overtime? Taking in a lodger? Going without luxuries and holidays?

all are welcome to share your experiences!

Don’t leave yourself so short you can’t go on holidays or do some fun stuff….life is short…tomorrow is not guaranteed….I paid mine off at 47 after 22 years….still had money to take kids on long haul hols and do lots of fun stuff

As do mine providing their circumstances Fit and I’m now tied to the school holidays again due to one of their career choice.

But they could be anywhere in either two or three years time, one of them is talking about China. The other one is looking at Australia.
You’ve got them for 18 years where the stars align.

I’m kinda sorry I mentioned skipping holidays now. I travelled a lot when I was younger and I’m perfectly satisfied with the amount of the world I’ve seen. I do hope to have some fun hitting the trail again in my retirement, if/when I get there! But for now it’s a luxury I’m happy to forego in order to whack more money onto the mortgage. I have my happy memories to keep me warm.

Obviously everyone is different and has different priorities. I completely agree that with kids of certain ages you want to give them as much travel experience as you can. I benefited greatly from that when I was a kid and it’s money well spent.

We've always overpaid the mortgage. When it was the early ears and we were skint we used to use the 2 months payments of council tax when it wasn't paid to overpay the mortgage.

Then as we got more comfortable our pay rises went to the mortgage as well as keeping the same payment when the interest rates went down.

Now we pay 500 per month extra and will pay it off in 2026. This is about 7 years earlier than the original mortgage. Can't wait to be mortgage free

We're travelling on the cheap in the UK every other weekend, weather permitting instead of abroad holidays once a year. We have just started camping, visiting new towns and national parks. We can do a weekend for less than £100 for 4 of us.

We overpay a lump sum at the end of the year - what's leftover from setting aside money for home repairs, Uni support, holidays, pensions, tax bills etc. Not keen on delaying life until the mortgage is paid off but it feels good to pay chunks off if we can.