Friday, November 21, 2008

Mortgage Overpayment

I have managed to earn enough over the last few weeks to pay another £500 off my mortgage. I now owe £84886.25. I am really pleased that over the last 6 months I have managed to pay over £4000 off the mortgage balance as well as investing in shares and premium bonds too. I am really happy as although I am not on target, at least I am still managing to pay off some money as well as keeping up my retirement investment and some low interest, but safe savings. I asked the bank about my mortgage interest as the rates have fallen so much recently. They have come down to £287 and we have been paying over £450 in the past, so that is fantastic news. If the interest rate falls even more, we should be able to start paying significant chunks off the mortgage using the money that we normally pay out in interest. My husband is safe in his job, we have cut our unnecessary spending and so am not noticing the credit crunch that much and I have made my business more efficient and found a new client to work with which is bringing in more money for me. So overall things are looking very positive.

No comments: