Nice update! I’ve got a mortgage interest rate of 1.62% till Feb 2027. I’ll be honest I did the opposite to you and invested in the S&P 500 instead, I have managed to save £91,000 ish. I think as the interest rate on the mortgage is so low I thought even if I get for example 4% in the ETF it’s better than in my mortgage.
Great to hear your experience! As my mortgage interest rate is 1.16% and my saving account interest is 4% I am going to shift focus to directing money to savings and investments and then can make lump sum overpayment in future if I want to
Just found your channel, great update. I'm currently on my own journey as I wish to pay mine off in 10 years, which I know is currently a squeeze. But hopefully with pay increases, should be doable. Happy to have come across your channel and have subscribed. Enjoy the rest of the bank holiday weekend.
Thanks for commenting! Having your mortgage paid off in 10 years sounds like a great idea, good luck with it. I enjoyed a bank holiday weekend trip to Scotland :)
I’ve been in remortgage meetings for the last week as my current fix ends in January and was surprised at how much the rates have dropped this year. I’m still relieved that I’ve overpaid so much, though, so keep going!
Geordie Just a idea and I've not done the maths on this Cos your interest rate is so low I wonder if it would be better or not to not over pay anything for the duration of your current mortgage deal ,and instead the money you would have over paid on the mortgage put that into a separate stocks and shares ISA Vanguard s and p or global etf for example And wonder after a couple of years then pay what you habe in there plus the growth off ya mortgage Wonder if that would be more efficient that just paying the extra off your mortgage with your interest being 1.5 percent
Nice update! I’ve got a mortgage interest rate of 1.62% till Feb 2027. I’ll be honest I did the opposite to you and invested in the S&P 500 instead, I have managed to save £91,000 ish. I think as the interest rate on the mortgage is so low I thought even if I get for example 4% in the ETF it’s better than in my mortgage.
Great to hear your experience! As my mortgage interest rate is 1.16% and my saving account interest is 4% I am going to shift focus to directing money to savings and investments and then can make lump sum overpayment in future if I want to
Just found your channel, great update.
I'm currently on my own journey as I wish to pay mine off in 10 years, which I know is currently a squeeze. But hopefully with pay increases, should be doable.
Happy to have come across your channel and have subscribed.
Enjoy the rest of the bank holiday weekend.
Thanks for commenting! Having your mortgage paid off in 10 years sounds like a great idea, good luck with it. I enjoyed a bank holiday weekend trip to Scotland :)
I’ve been in remortgage meetings for the last week as my current fix ends in January and was surprised at how much the rates have dropped this year. I’m still relieved that I’ve overpaid so much, though, so keep going!
Good to know rates are coming down. Hoping the remortgaging process wasn't too stressful for you!
@@thegeordiesaver it’s the insurances that stress me out more 😂 and my mortgage broker updated me today to say the rate had been reduced again!
You just reminded me to put more onto mine. forgot lol.
Geordie
Just a idea and I've not done the maths on this
Cos your interest rate is so low
I wonder if it would be better or not to not over pay anything for the duration of your current mortgage deal ,and instead the money you would have over paid on the mortgage put that into a separate stocks and shares ISA
Vanguard s and p or global etf for example
And wonder after a couple of years then pay what you habe in there plus the growth off ya mortgage
Wonder if that would be more efficient that just paying the extra off your mortgage with your interest being 1.5 percent
@@boyasaka yes that's a good idea and think that is what I migjt do
What size emergency fund are you aiming for? Very sensible approach!
I'm hoping for £6k minimum but would be great if I got it to £12k
I would build up your emergency fund to 3 to 6 months before overpaying any extra mortgage payments going forward.
Thanks for your advice, I agree!