Wednesday, January 07, 2009

Money Off Mortgage

I managed to pay £1000 off the mortgage yesterday. It is a great feeling that even after Christmas with some extra spending that I can afford to do this. We still owe £83776.52 and are way off target for paying of by the end of 2012 but I still see it as a step in the right direction. Work is a bit quieter now too, but I have some ongoing stuff which should help. I have just calculated that I need to pay off £1745.34 a month to reach my target. That is a tall order but if my husband keeps getting put on call and making a little extra that way, my income continues to be good and interest rates stay low or even fall again, we should be doing well.

4 comments:

The Credit cruncher said...

I have just started to pay an extra £125pm on our mortgage, not as much as you, but a step in the right direction to be sure. Interest rates set to come down again tomorrow...

Rachel said...

Good for you - it is a great start. I was just discussing interest rates with my Mum, she has no loans but savings and is very worried about the lack of interest she is getting.

Mizé said...

Hi Rachel.
It´s good to know you had good holidays and still be able to reach some goals.
Low interests is good news for those paying a mortgage but not for those who have savings. Here, house´s value decreased, is it happening in UK too?
Good Friday.

Rachel said...

House prices are falling here as well, yes. As we have been in our house for 7 years it is unlikely that the value will fall below what we paid for it as luckily it has gone up a lot since we got it. Therefore house prices do not worry me.