📢WE WROTE A BOOK 📢. Order Our NEW Book, Financial Joy, on Amazon today - geni.us/financialjoy. It's a 10-week plan to help you Banish Debt, Grow Your Money and Unlock Financial Freedom. It's published by Hachette UK + Quercus. One VERY IMPORTANT point to add to this video is that where you choose to live matters. We chose to live just outside London, and as such bought a house without a huge mortgage (relative to London prices) on it. This was a deliberate decision as we could have afforded living in a major City like London but chose not to. Hopefully, those who are still to buy a property will find this point useful. LESS DEBT = LESS TIME TO FREEDOM :) . *MORTGAGE OVERPAY CALCULATOR UPDATED FOR 2022* - thehumblepenny.com/MortgageCalculator Plus the *INSTRUCTIONS for using the Mortgage Payoff Calculator* is here - thehumblepenny.com/early-mortgage-payoff-calculator *FINAL POINT - You can get mortgages WITHOUT Early Repayment Charges (ERC)!* This is one way to pay more than 10% (if you can afford it). I know for certain that providers such as Nationwide offer this. This is not Financial Advice 😀. Please use a broker and make the decision based on your personal circumstances.
@TheHumblePenny5 жыл бұрын
Hey John, thank you! Absolutely! Yes some banks do exactly for that reason.
@gittin_funky4 жыл бұрын
The Humble Penny great video. Say you had a side hustle and made £200 a month which you wanted to put to your mortgage. Would you first have to pay income tax on that side hustle or is there some tax benefit to overpaying mortgage whereby you do not have to pay tax (or reduced amount) in this money if it’s going to overpayments
@TheHumblePenny4 жыл бұрын
It really depends on the type of income. The general rule is that you pay tax on side hustles but at varying rates depending on the type of income e.g. Salary, dividends, interest, profits, etc. However, the one thing (that most people can rate to) that you don't pay tax on is renting a room to a lodger if you make £7,500 per year or less.
@Themystergamerr4 жыл бұрын
Hi mr penny 😊 I’ve watched some American videos that talk about creating family banks. Have you heard of that and is it possible in the UK?
@TheHumblePenny4 жыл бұрын
Hi Candy Cat, I haven't come across those here. Thanks for checking out the channel 😀
@Zen_Power5 жыл бұрын
Great video. I took out a 25 year mortgage in 2009 and made overpayments. It will be paid off by next year. FREEEEEDOM!!!!!!!!!!!
@TheHumblePenny5 жыл бұрын
That is EPIC! 🙌🏾😊
@leonhenry48614 жыл бұрын
Can you keep us updated, please.
@amzzzc67004 жыл бұрын
Happy New Year too you!
@chiniquewalters49944 жыл бұрын
Did u get charged for making overpayments ?
@sherylchapman78094 жыл бұрын
The Power of Zen awesomeness ‼️
@bengunns95003 жыл бұрын
i worked all the way through Covid as a Lorry Driver in the UK and i couldnt travel anywhere on Holiday, and i have now payed off my Morgage, thankyou for your inspiration both.
@paulaward19134 жыл бұрын
Great video. Im 54 and have moved into my garage (workshop has been converted to a small flat) and Im renting rooms in my house out so I can get my mortgage paid off fast using the rental income. I have bought it down from 16 years to 5 and cant wait to be mortgage free.
@TheHumblePenny4 жыл бұрын
Paula, very smart move!!! 😀
@scotsam75904 жыл бұрын
Please, and I'm sure you do, treat your tenants fairly and with absolute kindness. Fix something when it needs fixing. You can even go so far as to throw a barbeque for them every summer to say thank you. You're living 'on top of each other' so it's good to live in friendship and remember that they're paying your way.
@exerciseisantidote93372 жыл бұрын
@@scotsam7590 mind your business
@HolisticSoul1232 жыл бұрын
Excellent!
@margaretsobayo11672 жыл бұрын
That's a fab idea! Well done
@tendo1022 жыл бұрын
Me and my husband are hoping to be mortgage free at this stage at around 40-41 years old. We’re both 30-31 now. I wish I had found you and this incredible advice 5 years ago! But no time like the present, thank you so much for making this information accessible
@TheHumblePenny2 жыл бұрын
Laura, you're so welcome. Great point too!
@chinonye24 жыл бұрын
Just received a recommendation of this channel now! So refreshing to see a UK based( and not US as usual) information on this. Subscribed 👍🏽
@TheHumblePenny4 жыл бұрын
Welcome aboard, Chinonye 😊. Glad you're getting value from the content. Also interesting to see KZbin recommending our channel.
@journey2debtfreedom9365 жыл бұрын
Just came across this channel. Good to see a UK channel on this topic.
@TheHumblePenny5 жыл бұрын
We appreciate you watching 😊
@tolufrimpong4 жыл бұрын
There really are few and far between, which is why I summoned up the courage to start my own personal finance channel. I love their content, so helpful, clear and easy to digest!
@golternator3334 жыл бұрын
UK channels typically has a lot less drama then e.g. American channels. Regards from a Dane :)
@journey2debtfreedom9364 жыл бұрын
Tolu Frimpong Frimpong your Ghanaian and you talk finance. Your my girl, I’m subscribing now xx
@itallturnstodust12164 жыл бұрын
About time. tired of hearing Americans blabbing all over KZbin. Salute
@exposure1274 жыл бұрын
Thanks for the advice, I took out my 30year mortgage 23years ago but decided to take you’re advice and pay it off in the next 7years 😂
@TheHumblePenny4 жыл бұрын
😂🤣🤣
@stacib30334 жыл бұрын
😂
@samsmusichubАй бұрын
Perfect timing!
@tennistron5884 жыл бұрын
Bro your channel is amazing! so glad I stumbled upon it. What you teach needs to be part of the national curriculum in schools! This is real life education!!
@TheHumblePenny4 жыл бұрын
Thanks a lot!! 😊🙏🏽
@troopersemakula Жыл бұрын
Thanks to this guy, I now only have 8 years left to pay, I cannot thank this man enough, he first came by his stuff during lockdown, but what this has done for me is crazy, I now have my job and 3 side hustles which are not stressful, all stewarding work which allows me to watch football sometimes and get paid for it. KZbin does have gems if you want to find them, and the best part all this education is for free. Thank you.
@walkinmyshoes12544 жыл бұрын
Congratulations! I'm 37 and given myself 7 years to pay off the mortgage on my property and this video is really helpful!
@TheHumblePenny4 жыл бұрын
Go go go! 😉
@thewealthwarren69404 жыл бұрын
Great to see a UK channel doing this. Inspired me to set up my own too- we definitely need more in the UK. Great content as always!
@TheHumblePenny4 жыл бұрын
👊🏼
@coolco161929 күн бұрын
This was exactly what i did eg cancel gym membership and do jogging or walking instead, cancel cable tv, Netflix etc, chose a cheaper mobile phone package, upgrade on SIM only n use same phone for over 10 years, chose to buy my food from cheaper supermarkets, i buy my clothes from charity shops etc etc, and I'm mortgage free for over 10 years now, no worries about interest rates go up or down.
@Natural21Lista4 жыл бұрын
I am currently binging all your videos! My fiance and I haven't bought a house yet but I am already planning on how we will make overpayments! FI, here we come!
@TheHumblePenny4 жыл бұрын
Smart plan! 😉. Thanks for binging 💛
@MarliVentures5 жыл бұрын
Love Ken’s enthusiasm in this video. You can see he is really passionate about FI. I am at the very beggining of my FI journey and Humble Penny has been a game changer for me!
@TheHumblePenny5 жыл бұрын
Hey Leanne Thanks a lot for watching! 😊. You're at the start of an exciting journey and I'm super pleased to hear that FI is something you want to explore. I tell everyone I meet that it's an aspirational journey and one that becomes more REAL as time passes. Do please invite friends to check out the channel. Much appreciated 😁
@stevesaysso5 жыл бұрын
Good stuff. I've literally just got my first mortgage. My payments are relatively low and very manageable. Doing some quick calculations and I'm certain I can take several years off already! God bless bro
@TheHumblePenny5 жыл бұрын
Steve, AWESOME stuff!! 😀. Thanks for stopping by and God bless!
@OVB_NL4 жыл бұрын
Great video. We followed quite a bit of this advice...bought our house in 2006 and paid it off in 2018...12 years by overpaying as well as doing well with stocks and shares separately in an ISA. The goal was to pay it off before 40 and did it at 38 in the end 🙂. The savings are huge but it’s amazing not having a mortgage every month again.
@TheHumblePenny4 жыл бұрын
Hi Oliver That's phenomenal! I love the goal of doing it before 40. What is your goal now?
@OVB_NL4 жыл бұрын
Hi @The Humble Penny - It's been strange actually as we've been quite 'aimless' every since paying off the mortgage which just shows how important it is to have clear goals. We recently changed our goal to be able to be in a position to retire at 55 should we wish to. It's not to say we have to but what's great about it is that neither of us will ever lie awake scared of being made redundant and having to find something in later life. Also, my uncle had a really great way to look at life....his view was: The first 25 years of your life is about learning and studying, the second 25 years is about working, and the last 25 years you should enjoy...if you get more than 25 at the end, it’s a bonus...if you get less, at least you still made the right decision to stop earlier. Whilst i wont stop at 50, the mindset behind his advice was really nice and motivating.
@syedfaheemhassan99674 жыл бұрын
I took a 250k mortgage over 30 years 8 years ago and I should pay it off in next 2 years
@TheHumblePenny4 жыл бұрын
💥👍🏼👍🏼
@staffysmile33254 жыл бұрын
How have you made that possible?
@syedfaheemhassan99674 жыл бұрын
@@staffysmile3325 By giving over payments a month and always shopping around for the best mortgage rate when fixing for 2 year period
@mzique4 жыл бұрын
Good on you. Ramadan Mubarak
@Piperbabe224 жыл бұрын
Could I ask how much you would overpay each month?
@taylamae34213 жыл бұрын
You are BRILLIANT at speaking and explaining! What a gift! Haha loved this! So inspiring!
@TheHumblePenny3 жыл бұрын
Hey Tayla, thanks so much! 😀. It means a lot to hear that because I grew up very shy and lacked confidence with articulating my ideas. KZbin is helping me to communicate better by making these videos :). By the way, love you singing!
@taylamae34213 жыл бұрын
@@TheHumblePenny aw I love that!!!! You make it easy to understand and connect. Please don’t stop, you’re making a big difference to other peoples lives with this side hustle! ;) I’ve watched loads, and have subscribed. Thank you!
@TheHumblePenny3 жыл бұрын
😊💛
@itallturnstodust12164 жыл бұрын
Thanks for having a UK person talking about this topic. I've about had enough of those Americans blabbing all over KZbin.
@TheHumblePenny4 жыл бұрын
You're most welcome :). Are you working towards becoming mortgage free?
@tolufrimpong4 жыл бұрын
Our Goal is to pay off our mortgage within the same time frame. Currently it feels like mission impossible, but you guys have given us some hope! Thank you for the amazing content, keeo up the amazing work.
@TheHumblePenny4 жыл бұрын
Much appreciated! 😀
@MikeJackson690 Жыл бұрын
Overpayments is my strategy going forward. This only struck me when needing to remortgage this year. A second job will help me get the thing down. I'm by myself but I'm going to do this. Love your videos, thank you!
@TheHumblePenny Жыл бұрын
Go for it 💪🏾. Keep us updated.
@MikeJackson690 Жыл бұрын
@@TheHumblePenny I will. I'd love my mortgage cleared in 10 years. My mindset has shifted enormously this year. Need better secondary income for sure, occasional bar work isn't it.
@pat78334 жыл бұрын
One of the most inspirational videos I’ve seen on KZbin. I can’t thank you enough for this video up.
@TheHumblePenny4 жыл бұрын
You're most welcome, Patience 😊
@markgalloway7354 жыл бұрын
Great video so I've subscribed, I have just recently taken out a mortgage at the age of 56, I have it over 13yrs but I over pay a further £1200, should have it done in 6.5years😁
@TheHumblePenny4 жыл бұрын
Hi Mark 6.5 years would be amazing! Sounds like the kind of result you'd get with that level of overpayments.
@brendanmcguinness4813 жыл бұрын
Great to have come across your channel, inspired me to phone my provider, they dropped my interest rate by 2%, saving me £50 a month alone!
@AniDormi4 жыл бұрын
Nissan Leaf out on the front too, this brother be saving all over the place
@TheHumblePenny4 жыл бұрын
😂🤫
@TheRajbhanot14 жыл бұрын
Great vid. Prompted me and my other half to take out a joint mortgage which starts in December. A 5 year mortgage with Nationwide which allows overpayments without penalties. We aim to be mortgage free in 24 months.
@TheHumblePenny4 жыл бұрын
Wonderful!! Good to see you making the move and being proactive to find a lender that does not hold you back! 😀
@HolisticSoul1232 жыл бұрын
Wow !
@cianlernihan64173 жыл бұрын
Great content as always. Love your channel. Thanks for the help! Myself and my wife are on course to pay off our 25 year mortgage is less than 12 years, and before age 45. Two years into the mortgage we refinanced to a 15 year mortgage at a great fixed rate and are hitting the principal hard. Saving and investing for your future is so much more rewarding than mindlessly spending. Once you realise you don’t need any of the stuff you stop wanting it! Gives you more time for the important things in life. We’ve never been happier! 🙌
@TheHumblePenny3 жыл бұрын
💯. Huge congrats to you and your wife 😀. Thanks for watching and supporting our channel
@beardtrick5 ай бұрын
I live on the streets and rent my 3 bedroom house out. Unfortunately the tennants are witholding rent. Now im in trouble 😐
@JackyHapy4 жыл бұрын
We've been overpaying for 5 years. We're on 5 year fixed as well. We can do more and im looking at side hustles. Thanks for this. 😊
@TheHumblePenny4 жыл бұрын
You're welcome, Jackie! 😀
@sholaking50273 жыл бұрын
@Jackie AQ Don't just think of side hustles!! Create your own business!! Being in full control of your own money. That's true financial freedom
@charleedell92 Жыл бұрын
Very timely now - I was always highly motivated to clear off as much of my mortgage as possible but all the so called finance experts were saying don't prioritise mortgage, it's low interest, invest in other things etc. Well I am glad I played it safe now. You can't put a price on peace of mind about having a secure home.
@benj62444 жыл бұрын
This isn't heard enough Ken! 2 young kids means we have paused overpayments for now but once nursery bills have gone we'll be back on it! Great job. Can't get enough of seeing those numbers.
@TheHumblePenny4 жыл бұрын
Hey Ben I TOTALLY get you when it comes to kids. Things are just a lot harder! However, it should serve as motivation to keep going. Make it your WHY! 😀
@daniellejoseph4007 Жыл бұрын
Questions 1. Can I pay one lump sum of 10% . of my mortgage. 2. What is the difference between monthly payment and one-off payment a year. I'm waiting for your reply. Thanks
@sinkintostillness3 күн бұрын
You can do either, which is best for you would depend how your mortgage is calculated. If it is calculated annually then it's best to make one payment before that interest is calculated. If you make payment after this then you'll lose the benefit of overpay from that year.
@aidankerr11252 жыл бұрын
Great content. I’ve cut two years from my mortgage over last five years simply by cutting the term at the points my fixed rates ended. I simply view this as like a form of overpaying, knowing I could be paying a less each month if I stuck to the original 30 years. Now on course to be mortgage free at 49 instead of 51 (we got a 30 year mortgage both at the age of 22) I will begin increasing the monthly amounts with the overall goal of being free by 45.
@TheHumblePenny2 жыл бұрын
Good work!
@500res29 күн бұрын
A lot of people don't realise it but if you want to become wealthy you actually have to have as much positive debt as possible, paying off your mortgage early isn't always the smartest option, Because even if you leverage your money reasonably well you could achieve 20% returns in a rental portfolio, whereas your personal mortgage is only 5% interest so it actually becomes economical to be in debt.
@askasmay374 жыл бұрын
Love this video- you’ve inspired me ! I’m itching to get started on the side hustles and can’t wait to use the mortgage calculator! Making it my mission to be mortgage free in 5 years! You’re fab!
@TheHumblePenny4 жыл бұрын
Hey Asma! Thank you 😀. You can do it in 5 years! Absolutely
@TheRomanKing74 жыл бұрын
Good job paying it off , also some mortgage providers allow unlimited overpayments (no 10% threshold) such as first direct , also can save overpaying weekly than monthly as the interest is calculated daily , great vid mate
@TheHumblePenny4 жыл бұрын
Thanks for sharing that info re First Direct.
@tim012634 жыл бұрын
I just paid off my house in total this week! I am 30 years old, my wife and I bought our terrace house 3 years ago, rented it out immediately and paying it off had become the obession! good luck to everyone. it can be done.
@tim012634 жыл бұрын
@E B I work on boats, so no rent or bills
@desreenjackson7638Ай бұрын
Seeing the rose petals floating across the screen put a smile on my face😁👍🏾... seriously though, this was really good information, thank you Mary and Ken 🙏🏾.
@TheHumblePennyАй бұрын
Thank you so much 😀. We had a lot of fun making this video and figuring out how to make such a dry topic interesting.
@janewhitzend6884 жыл бұрын
I am so glad to find you. Brilliant UK based content. We are older (50.s) our goals were to pay off our mortgage, have an emergency fund, educate the kids to FI, minimise our needs & have enough to pay annual bills. Currently doing better than expected after the first year. 3 years off mortgage, 8 to go, annual bills & emergency fund covered, kids enrolled to mum school of money 😊 and plans for side hustles formulating (you are a big help there) . Going forward...get hubbie doing a job he's happier in, converting our garage and smashing that mortgage ❤
@TheHumblePenny4 жыл бұрын
Jane 💪🏾💪🏾👏🏽👏🏽😁. LOVE your progress!! So happy to read this. AWESOME start to 2020.
@missoguro13114 жыл бұрын
Soooo good to see a UK based channel for financial knowledge. This video is so timely for me as I am now starting a house buying journey in middle age and I'd like to pay it off early. I like that you do the breakdown and the calculations for different overpayment amounts too. Very good content. You gained yourself a new sub today for sure. Please keep doing these you are doing a great job. Blessings
@TheHumblePenny4 жыл бұрын
Thanks a lot 😊. Congrats in advance on your home purchase. Exciting times! Be super careful about how much you borrow. That money you borrow is REAL.
@missoguro13114 жыл бұрын
@@TheHumblePenny Thanks to you and others willing to share information and educate, I have been preparing for this thoroughly. Hopefully this next phase of my journey will be as successful as paying of debt as a single parent and raising two decent humans has been. I am excited!
@GetBareBeforeGod4 жыл бұрын
Great video :) Nice to hear from someone in the UK
@TheHumblePenny4 жыл бұрын
Thank you :)
@Stavrosmct4 жыл бұрын
Congratulations & thanks for breaking this down! Recently moved to my families forever house, same numbers in your example, and didn't realise how big an impact an extra few hundred pounds could make each month. Will download the spreadsheet & give it a try. New channel subscriber! Cheers from Scotland!
@TheHumblePenny4 жыл бұрын
Excellent! Thanks for checking out the channel! 😀
@faithminja40073 жыл бұрын
This is useful. For future videos I would recommend you have a quick 30sec-1minute summary where you replay all points. You can have the points on a board as you do it, to cater to learners like me that are visual. Thanks.
@TheHumblePenny3 жыл бұрын
Great tip :)
@michaelbrown50263 жыл бұрын
Over payments is the key then and paying what you can save every year!! Right I’m on to the bank tomorrow. Only got a mortgage out 3 months ago, and already had a goal, but didn’t think about middle of the month repayments really makes sense. Many thanks bro this video was amazing and so inspiring
@TheHumblePenny3 жыл бұрын
Thanks so much for watching, Michael.Please share with others 😀
@burropoco4 жыл бұрын
12:20 The account of your Dad still bearing the burden of a mortgage into retirement. This held a lot of personal resonance for me as exactly the same family dynamic. The feeling of sadness when you think how hard your parents have worked all their lives and it's still hanging over them when they finally retire. Still climbing the mountain rather than free-wheeling down the other side into a comfortable retirement.
@TheHumblePenny4 жыл бұрын
YES!! And I bet there are many people who share this same experience. 'Cos what ends up happening is that it become a a problem shared by other family members. Unintended consequences.
@magneticaims4 жыл бұрын
This resonates so mum, I want to share the video with my mum
@TheHumblePenny4 жыл бұрын
@@magneticaims please do ;)
@iwantcheesypuffs Жыл бұрын
Would also like to see an Opportunity Cost analysis of paying off the mortgage early (at 3% interest) vs investing those same overpayments at a mild rate of 7% return over the 25 years.
@hulkhogan94504 жыл бұрын
Great video and really helpful, im from across the water and going to use all you have said. Im 3 years into a 30 year mortgage and 33 years old. My new goal now seeing this is to clear my mortage by 40 so gives me 7 years to reach this lifegoal and even more now that im expecting twins 😁. Keep up the great work really helps us.
@TheHumblePenny4 жыл бұрын
Hey! Great to read your message and see that You'll apply the ideas across the pond 😀. Having it as a goal is really the beginning. Don't forget to grab the *Mortgage Payoff Calculator* and the *Instruction* links in the video notes.
@lenilsonsg2 жыл бұрын
Before overpaying your mortgage, check that your lender allows you to overpay it penalty-free, and if there are any limits as to how much you can overpay.
@TheHumblePenny2 жыл бұрын
Ofcourse. Or get a mortgage product with no overpayment cap.
@iosifpateroulis10813 жыл бұрын
I really liked your motivating and empowering speech. You are right, if people just focused on good financial planning, they will reap the benefits further down the line. It's definitely worth it.
@TheHumblePenny3 жыл бұрын
Much appreciated! :)
@boxfullofneutral85144 жыл бұрын
I paid off all my bills, by paying them more and quicker, cheers for the pearl of wisdom, mastermind will be calling soon.
@TheHumblePenny4 жыл бұрын
Much appreciated, Andrew 😀. I wish you well.
@susanlewis19535 жыл бұрын
Torn between investing and overpaying the mortgage. Settled with investing £150 pcm and overpaying the mortgage by 10% pcm. Fab video. Thanks so much 🙂 Sue
@TheHumblePenny5 жыл бұрын
Hi Susan, Great approach!! 😀 Your challenge is one that A LOT of people have. The key there is to choose a path and follow it and tweak as one goes along. Buying shares/funds and paying off the mortgage are both different forms of investing.
@kenzychristy874 жыл бұрын
How can one get into investing in shares
@laurenwallis33194 жыл бұрын
Kenzy Christy my advice would be to NOT invest in single shares (ie 50 shares in Barclays or Apple, etc) as the share prices can be very volatile. Look in to something like mutual funds/ index funds that track the market. I use Vanguard, they’re very informative and also have lots of information so you can look at past performance of a fund before you invest in it.
@LucyHernandez-xy1ty6 ай бұрын
Thank you for your great Ideas! Blessings. From Atlanta GA.
@TheHumblePenny6 ай бұрын
Thank you, Lucy 😊
@londoner18512 жыл бұрын
This was a really helpful video, thank you :) I chose to buy outside London too - I now combine working from home with a long commute, which I enjoy, firstly, I work on the train and count it towards my working hours :) secondly I am on the way to owning my own affordable home, I am also making overpayments - thanks to your explanation I’m just about to increase these overpayments a bit each month 🙂
@TheHumblePenny2 жыл бұрын
You're most welcome 😊. You're on your way 💪🏾💪🏾
@tomioyebadejo6352 жыл бұрын
I love this video. It has motivated me to be financially free. Owe no man anything but the debt of love. Thank you.
@TheHumblePenny2 жыл бұрын
Tomi, that's amazing 🙌🏾. This is exactly why I made this video.
@69ingleton604 жыл бұрын
Thank you so much for sharing your knowledge, experience, geekiness😂😂 The glow is your eyes and smile, is evidence that being Mortgage free has a made a huge difference to your life. This was so inspiring! Thank you! ,
@TheHumblePenny4 жыл бұрын
You're most welcome 😊. I loved making this video and my wife did a great job editing it whilst still learning how all of this KZbin stuff works
@massurname79404 жыл бұрын
I am 28 and have been looking to get a mortgadge and didn't know much about it, But watching this has helped me get a clearer picture! You have explained it in very simple terms that anyone can understand and I really appreciate it!! keep on doing what you are doing, great stuff!! Defo subscribed and liked!!
@TheHumblePenny4 жыл бұрын
You're most welcome, Baktazh! 😀. Let me know if you have any content suggestions.
@richardseaton63903 жыл бұрын
Great video - plain English and easy to understand thank you. My one question - you say you started overpayments immediately, but many mortgage agreements with fixed interest rates for 2,3 years etc. do not permit overpayments. Is it better to re-mortgage to a low fixed rate or accept the higher rate and overpay?
@maxinechivers32103 жыл бұрын
I began my mortgage in 2010. I went to see a mortgage advisor in 2012 and changed my mortgage to another 10 years. Then in 2013 I began my overpayments. I did target setting in 2016 and 2017. I paid it off in June 2017.
@TheHumblePenny3 жыл бұрын
Incredible! 😀 How's that helping you in 2020?
@maxinechivers32103 жыл бұрын
@@TheHumblePenny It means I don't have a large expense each month. Therefore I now have a private pension and two regular saving accounts.
@edchaudhry94484 жыл бұрын
Hi ken, great video. Breath of fresh air for the UK personal finance community as most videos centre on US strategy and regulation. I’ve subscribed. Might be worth mentioning to people, when they remortgage to consider if the product has an Early Redemption Charge which could be triggered through overpaying :)
@TheHumblePenny4 жыл бұрын
Hey Ed Thanks for subscribing 😀. Great point re ERC.
@munimaliuk3 жыл бұрын
The point at the end about whether to pay the mortgage off is the key bit be financially liberated. Short term pain for long term gain. The concept of essentially cutting your cost, selling your stuff and doing more than 1 job pay your mortgage off isn’t rocket science. It comes down to whether you want to live for the moment or live for the future.
@fiona.fiona.4 жыл бұрын
Recently discovered your channel and I love it! I've considered overpayments but never looked into it... but now I have and I'm amazed how how much we can save in interest and the reduction of how long it'd take to pay off. Thank you! 😀😀
@TheHumblePenny4 жыл бұрын
Cheers, Fiona! 😀
@skybluerob88503 жыл бұрын
I've recently purchased my first house and I'm looking to pay it off as fast as possible, this video was very informative and certainly gave me some things to think about. I'm lucky to be in a job that is offering overtime all the time (worth an extra £15k gross per year) so I'm certainly hoping to be able to pay it off within 10 years (then maybe invest in a second house as a buy-to-let).
@butterflycake74 жыл бұрын
Gosh you're so smart! I wouldn't have ever thought of paying a mortgage off twice a month! Thank you :)
@TheHumblePenny4 жыл бұрын
😉 tbh these are things that you get to learn over time
@sinkintostillness4 жыл бұрын
We're just starting work on clearing debt. But I have much bigger goals than that! It has taken me years to get my husband to want to turn everything around, unfortunately he's waited till a crisis to get there, but at least we're tackling the debt together now. Our 5 year fixed term ended (30 year agreement) so we've renewed to another 5 year fixed, (at 25 years) but with better overpayment options. We'll have cleared our debt and will be working on 3-6 months running costs behind us by the fixed term end on the new plan, so my plan is to find a new deal then so we can throw everything we can at it. I've crunched the numbers, but my husband doesn't really believe we can do it, so I've had to be extra generous with my time frames in order to keep him with me on this. He's managed to transfer his credit card debt to low or zero offers over the past few years, so we're not working with massive interest rates. I'm just keeping everything crossed that when he starts seeing the debt snowball he'll be more committed. It's so refreshing to hear uk based advice on this! Thank you for your time.
@TheHumblePenny4 жыл бұрын
Wonderful! Sounds like you've got a real action plan going there :)
@impamiizgraa Жыл бұрын
This is great advice, thank you so much! I'm a solo homeowner and I think I can pay off my mortgage in 15 years - would be half that if I had a partner! I have 340,000 left to go on a new salary of 105,000 - you'd think that salary would make it easy but it doesn't! Will use these tips and see how I get on. If KZbin still exists in 15 years, please remind me to stop by for an update 😄
@TheHumblePenny Жыл бұрын
You'll most likely do it before 15 😀. Keep going 💪🏾
@GG-mx9fj10 ай бұрын
Me too, I have just over 300k left over 2 properties. 6 figure income, saving half salary to make overpayments. Aiming to clear them in the next 5 years.
@publicit34 жыл бұрын
Amazing content! You and Mary are great people and deserve the best life has to offer!
@TheHumblePenny4 жыл бұрын
Thanks a lot! Very kind of you :)
@publicit34 жыл бұрын
@@TheHumblePenny the fact that you take the time to acknowledge/ reply E V E R Y single message you receive does not go unnoticed :)
@megzzr75224 жыл бұрын
This video popped up at the right time, been thinking about repayments recently. Thanks for this will definitely swap expenses.
@TheHumblePenny4 жыл бұрын
👊🏼😉
@maxinechivers13124 жыл бұрын
I bought a semi detached 3 bedroom bungalow in 2010 with a mortgage. It was a 25 year mortgage and in 2012 I changed it to 10 years. In 2013 I began overpaying it. In later years I wished to owe 25,000 pounds in the start of 2016 and be down to 10,000 pounds in the start of 2017. I paid it off in June 2017.
@jeffreybrew2734 жыл бұрын
THANK YOU SOOOOO MUCH FOR THIS VIDEO. REALLY INSPIRATIONAL. 😭👏🏿👏🏿👏🏿
@TheHumblePenny4 жыл бұрын
Jeffrey, huge appreciation! 🙏🏽😊
@rosacrawford26994 жыл бұрын
Inspiring video on the very real possibilities of paying off one's mortgage in a shorter term; doing small things which result in a huge shift. Something I think many do not consider. A house is often our largest purchase and we almost periodically pay out this huge monthly outgoing to the lender in rote manner, at their request, without thinking creatively. I've subscribed!
@DatNguyen-py2ke4 жыл бұрын
Fantastic video. U made up my mind whether to Spend £15k on a new car or put money into my mortgage! i have 33 years left on my mortgage with interest at 2.25%. It feels like I am getting nowhere with the interest the bank charges.
@TheHumblePenny4 жыл бұрын
OMG, Dat so happy to read this. You would have regretted the car investment over time. Enjoy your investment in your freedom 😀
@sheilahunter41944 жыл бұрын
Thank you for this video. My husband and I are currently doing everything you said to pay off our mortgage. Hopefully it will be paid off in less than 10 years.
@TheHumblePenny4 жыл бұрын
Good work, Sheila!
@essteeess974 жыл бұрын
This channel is GOLD!!!!!!!!!
@TheHumblePenny4 жыл бұрын
Much love, Tae! 😀
@jeannettajones2993Ай бұрын
Hello and thank you I'm from Baltimore Maryland in the US . I've so enjoyed the teaching I'm in my 50 so I feel behind the 8 ball however I'm still going to try this. So again tks for sharing ❤❤
@TheHumblePennyАй бұрын
Hey Jeannetta, we're cheering you on! ❤️❤️. By the way, how did you come across our video? Was it recommended to you?
@jeannettajones2993Ай бұрын
@@TheHumblePenny I saw you and your wife Mary on The Sisters Channel talking about your book 📖
@bennybenoit754 Жыл бұрын
Me and the wife paid off our mortgage in 7 years this June. The freedom of not having the bank on our back coming into this winter is priceless. Another tip is check if lower over payments register towards your 10% annually. We found that our bank didn’t register an overpayment if it was under three times the monthly amount which allowed us to overpay more without getting charged.
@joannazian7699 Жыл бұрын
I don't get it... If I can't overpay more than 10% in a year, and my mortgage is 320k, then it's not more than 32k a year IE 2.6k a month. If my monthly payment is 2k, then 3 time less than that is £633. How is paying this monthly as extra more than 10% in a year? Have i totally got it wrong?
@lucha0075db Жыл бұрын
@@joannazian7699 Basically he just told you. If the lender allows them to pay less than 1/3 of their mortgage monthly towards over payment without counting towards the 10% then they can essentially pay more than 10%. example: Monthly Mortgage payments = 900 Mortgage left to pay: 80k Over Payment allowed this year: 10% of Mortgage left to pay (80k) = 8k max over payment for the year. If the bank says you can pay less than 1 third of your monthly mortgage towards over payment without it counting towards the 10% then you could pay 299.99 each month plus a final 8k. 299.99 x 12 + 8000 = 11,599.88
@QuestionsforChris9 ай бұрын
I like these videos. The problem I have is it is so much harder to overpay anything with young kids and nursery bills. Also a wife who is always wanting to do things on the house and spend spend spend
@TheHumblePenny9 ай бұрын
Hi Christopher, I completely hear you. It's harder for sure. First, you need to find common ground with your wife as far as your goals are concerned. Without that, it will be hard to achieve separate goals when what you need is focus to achieve one significant goal together followed by another. This older video we made will offer some tips. kzbin.info/www/bejne/jIWpdIqijsd-eLcsi=rO2uJOHYuDw0hb5O
@nickymorris14673 жыл бұрын
I laughed all throughout this video because I could feel your excitement! I’m fired up!💪🏽
@TheHumblePenny3 жыл бұрын
Haha! Go go go, Nicky! :)
@chrisloizou79974 жыл бұрын
Just came across your video and it has helped alleviate some stress about a mortgage. I am close to that stage with my partner where we are thinking about getting a place together and the 25 year mortgage seems extremely daunting, but your positivity and advice has helped my mindset towards it. Many thanks indeed!
@TheHumblePenny4 жыл бұрын
You're welcome, Chris 😀. Good luck with your purchase soon.
@lj31093 жыл бұрын
Binging through your videos am going to use your tips. Middle of the month extra payment. Thanks
@TheHumblePenny3 жыл бұрын
Thank you for watching 😀
@lj31093 жыл бұрын
@@TheHumblePenny we just got a mortgage in September so we are just at the beginning. Thanks so much as we didn’t know what to do with the extra pennies we have. We don’t have the tv packages either which have been great. Saving a lot of money
@86samsky4 жыл бұрын
Originally started to comment complaining about this video. Then decided to check a mortgage overpayment calculator and have to say if i put my self in his shoes and paid the £400pcm i have for investment/saving i would pay off the same in just over 8 years and save £39k in interest payments.
@TheHumblePenny4 жыл бұрын
Haha that's interesting! I wonder what you'll do with that information next?
@mattk62094 жыл бұрын
That’s a quality content here pal! Subscribed.
@TheHumblePenny4 жыл бұрын
Matt 👊🏼
@karolsartoasis48154 жыл бұрын
That is a great idea and something I had not taught of was to switch banks during the repayment. Currently I am on a high interest mortgage because I lived in the UK for years and moved back to Ireland it was a struggle to get a mortgage but I am paying back extra but now in a year I am going to go back to the bank and look for a lower interest and take a big chunk of interest off. Brilliant, that suggestion is really a game changer. Thank you.
@MaximusJohal4 жыл бұрын
I have been saying this for years, however my Mrs is like.....no.... I have been paying £20 a month and knocked off 2 years.... problem is unless your on good money its hard to over pay.
@TheHumblePenny4 жыл бұрын
It's an incentive to make more and buy your freedom. It's possible 😉
@scotsam75904 жыл бұрын
You might be surprised at what you're overpaying in monthly expenses. Re-watch this video. My husband and I made very, very little for the first 8 years of our marriage but we still saved. Seven examples: 1. We had one car (the first 8 years together while living in the middle of nowhere). 2. We did and still do make a pot of vegetable soup or similar for lunches and some dinners - serve with a nice sourdough bread; it's worth the extra £. 3. Tech Stuff: We don't own a tv and lots of tech gadgets. We had only one land line and one mobile until recently. Now two mobiles and no land line. 4. For 5 years we only took our holidays around the country and by camping. Discovered great places and the campsite facilities were always nice. 6. I purchased most of my clothes at charity shops and altered several on a sewing machine. 7. We use credit cards to build a good record and PAY THEM OFF MONTHLY. Summation: The minute we had extra income at any time, we'd put it in the bank. Good luck - you can do it!
@MyAfropuff4 жыл бұрын
Thank you SO much for this video. I've had an itching to pay off my mortgage early and this video has motivated me so much. God bless you.
@TheHumblePenny4 жыл бұрын
You're most welcome, Grace! 😊
@Joleisa5 жыл бұрын
I've wanted to watch this video for some time now but just found the time. Thanks so much for the insight. We have learnt a lot and I am definitely going to make some serious decisions based on this. It's been a blessing!
@TheHumblePenny5 жыл бұрын
Hey Joleisa, so good to hear from you guys and happy that you're blessed by the content 😊. Taking the step towards mortgage freedom is so motivating. And the more that debt decreases, the better you feel and the freer you become. Life is certainly A LOT more fun and exciting. I look forward to hearing more about your progress. Pls feel free to also suggest video ideas for us to create 😀
@carmellatte714 жыл бұрын
I really enjoyed this video. My family was a victim (so they thought) to mortgage fraud in the US. We fought back (pro se/no lawyer) and were settled from 235,000 on paper to 85,000. Now I am eager to payoff in 5 years. I would love hear more from you on stocks as well...I totally subscribed after my first visit...
@TheHumblePenny4 жыл бұрын
Thanks Hermena! 😀. 5 years is doable! Here is a video on Stocks - kzbin.info/www/bejne/q2XRaZljjrFolas
@ajayb24785 жыл бұрын
Bro you done such a good job explaining this
@TheHumblePenny5 жыл бұрын
Ajay 👊🏼😊. Thanks a lot, bro! Much appreciated. Please share with others
@chumabanjwa46623 жыл бұрын
I started off working towards being debt free, then I built a healthy investment portfolio now I am working towards a fat deposit for my 1st property and the very last step will be paying off the mortgage in shortest possible time. Seeing my nett worth inch up month after month is the most satisfying thing for me ( to think that 1ce upon a time I used to get a thrill from buying designer handbags🤣). Anyway, great channel, I enjoy listening and learning from how different people pursue their journeys to FI.
@TheHumblePenny3 жыл бұрын
Hehe great to hear about your change in money mindset and allround progress :)
@securexcybersecurity38403 жыл бұрын
I keep coming back to this video for extra motivation!
@TheHumblePenny3 жыл бұрын
😉
@msbeegrouptravel4 жыл бұрын
Powerful stuff, thank you soo much, we ill start with the £100 per month overpayment then £250 and by next year £500 per month
@alisonnorcross9514 жыл бұрын
I paid mine off in 5 yrs ,a 1 ,bed flat I got made redundant and paid last bit. With that But eventually moved but kept flat and rented it out . It is now part of our pensions income but the government have introduced too many regulations so agency charges too much.
@TheHumblePenny4 жыл бұрын
Hi Alison Awesome re 5 years! Yes, UK regs are too stringent unfortunately. Highly topical.
@theresas72722 жыл бұрын
Great work. I was on track to pay off the mortgage in 10-11y but then need to move so have gone back up 🙈Overpaying made it possible to move and have a low LTV!! Will attack this mortgage again!
@conorm25244 жыл бұрын
Treat savings and overpayments just like any other bill and budget it in.
@TheHumblePenny4 жыл бұрын
Love that!
@mattleelidbetter4 жыл бұрын
Very impressed we have 34 years left on ours I will try this method and see how it goes
@TheHumblePenny4 жыл бұрын
Worth a try, Matt! Thanks
@mattleelidbetter4 жыл бұрын
I took my first step making £100 a month on a 34 year mortgage.
@Ocean4Life4 жыл бұрын
Agree to all your advice and live by the same philosophy. My friends and family think I’m nuts, but I’m so motivated to be mortgage free
@TheHumblePenny4 жыл бұрын
Excellent!! 😀. Keep at it. You'll be the one laughing.
@Ocean4Life4 жыл бұрын
The Humble Penny I bet you’ve watched your share of Dave Ramsey videos too 😀 Looking back I’m mad for not discovering FI earlier. Something is fundamentally wrong when “everybody” accepts living paycheck to paycheck.
@richardmunday2608 Жыл бұрын
I live in the midlands and have a pretty small mortgage. I’m About two years into 25 yr mortgage and I’ve recently started overpaying by standing order with the intention of increasing that every quarter once I’m no longer feeling the pain on that overpayment.
@TheHumblePenny Жыл бұрын
Good work, Richard 👍🏾
@franklinike57405 жыл бұрын
Wow, this video is fire. So inspired and ready to apply these concepts to my life
@TheHumblePenny5 жыл бұрын
Hey Franklin, Your comment is massively encouraging!! 😊👊🏼. Pleased to see that the knowledge that we easily take for granted is finding some use in your life.
@stellahanzaklewis17686 ай бұрын
Thanks for the video. We are actually thinking of leaving London and could be mortgage free, weighing this up against staying in my job (fairly well paid) and making overpayments against going (might have to leave job due to commuting time). We have two mortgages on the house due to a refurb plus nursery fees so has felt quite stressful.
@Kashi864 жыл бұрын
Hey, I just came across your channel and I'm so glad that I did. Thanks for sharing this great info brother!!