How I managed to pay off my mortgage

@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
@AmbiePam (85496)
• United States
12 May 18
That's wonderful! And, it is so nice to see you!
2 people like this
@maximax8 (31053)
• United Kingdom
12 May 18
Hi Amber. It is lovely to see that you are still on My Lot.
1 person likes this
@MALUSE (69413)
• Germany
12 May 18
Well done!
2 people like this
@peavey (16936)
• United States
17 May 18
That's the way to go! Mortgages cost us so much and most people don't realize how much they're actually paying for a house if they just make the monthly payment and not ever try to pay it off early. You saved a lot of money.
1 person likes this
@xFiacre (12597)
• Ireland
12 May 18
@maximax8 You must be very self-disciplined!
1 person likes this
@maximax8 (31053)
• United Kingdom
13 May 18
Yes Fiacre. Thanks. I had a large direct debit and then had to do overpayments on the rest of the month. I made myself pay at least once a week.
1 person likes this
@cintol (11261)
• United States
12 May 18
Congrats, always son nice to get rid of a debt like that and know you own something debt free.
1 person likes this
@maximax8 (31053)
• United Kingdom
13 May 18
Yes Cindy. Being debt free is worth all the effort.
1 person likes this
@cintol (11261)
• United States
13 May 18
@maximax8 We are almost there except for the new mtg we just started, thank goodness theres no credit cards
@dgobucks226 (34369)
16 May 18
Now that is some impressive financial strategy!
1 person likes this
@caopaopao (12395)
• China
12 May 18
Oh that is great.
1 person likes this
@marlina (154166)
• Canada
12 May 18
Sincere congratulations of this great accomplishment.
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