How I managed to pay off my mortgage
By maximax8
@maximax8 (31053)
United Kingdom
May 12, 2018 12:16pm CST
I began my mortgage in 2010 because I had to buy a bungalow. That is because my disabled son needed a downstairs bedroom and wet room. In 2012 I went to see a mortgage advisor and there I reduced my 25 year mortgage to 10 years. My direct debit went up much higher due to me shortening my mortgage. I realised that I was able to pay overpayments in addition up to £500 more than my direct debit. By 2016 I had my mortgage going down at around £1000 a month. I simply added overpayments every single week. I wanted to pay even more and ended up doing that with two big overpayments which made me pay a 5% fee. I began a regular saving account and when it got to £3500 I took all the money out and paid off my mortgage.
8 people like this
9 responses
@dgobucks226 (34369)
•
16 May 18
Now that is some impressive financial strategy!
1 person likes this
@anikoonline (3250)
• Hungary
13 May 18
Well done, it is so good that you're debt free now.
1 person likes this