Impressive savings rate but I'm curious to why you're overpaying your mortgage when it only has a 1.16% interest rate til the end of 2026. Would it not make more sense to put this money into your S&S ISA as you can get close to 5% interest in a money market fund, risk-free? You could then use this additional cash to overpay the mortgage at a later date? The other option (which I'm currently doing) would be to invest more in an equity index fund as the returns are pretty much guaranteed to smash your interest rate payments over the long term, but I guess that's more down to your personal risk tolerance. Great job nevertheless!
Great to see, constantly chipping away even with the £100 over payment it still adds up!
Thanks mate, that's my plan - chip away at it every month
nice one dude. just checked my own. I was £20 off the total overpayment so far of 5k so just paid it. happy days :)
Well done on the £5k overpayment figure!
Impressive savings rate but I'm curious to why you're overpaying your mortgage when it only has a 1.16% interest rate til the end of 2026. Would it not make more sense to put this money into your S&S ISA as you can get close to 5% interest in a money market fund, risk-free? You could then use this additional cash to overpay the mortgage at a later date?
The other option (which I'm currently doing) would be to invest more in an equity index fund as the returns are pretty much guaranteed to smash your interest rate payments over the long term, but I guess that's more down to your personal risk tolerance. Great job nevertheless!
Yes I agree, thanks for your suggestions
.Fair play you will be mortgage free in about 11 or 12 years at the rate your going.
yep hoping so, that would put us mortgage free in mid 40s