How We PAID OFF Our MORTGAGE In 7 Years (UK)

How We PAID OFF Our MORTGAGE In 7 Years (UK) | DEBT FREE 2024

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👉🏽 HOW TO PAY OFF MORTGAGE EARLY UK.
Learn EXACTLY how we paid off our mortgage in 7 years 😀 ♥.
FREE DOWNLOAD - Overpay Mortgage Calculator (2024 UPDATED) - thehumblepenny.com/MortgageCa... . Instructions for using the mortgage payoff calculator is here: thehumblepenny.com/early-mort...
p.s. In case you're curious, we paid off about £330k and £60k interest in just over 7 years!
Here is an updated 2020 video on How Being Mortgage Free Has Changed our Lives Forever on a practical day to day:
• How PAYING OFF OUR MOR...
★★ WHAT TO WATCH NEXT ★★
9 BEST Passive Income Ideas (that make £1,000+ PER MONTH) - • 9 BEST Passive Income ...
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★★ LINKS MENTIONED IN THE VIDEO ★★
(1:37 , 18:36) - FREE DOWNLOAD - Overpay Mortgage Calculator - thehumblepenny.com/MortgageCa...
INSTRUCTIONS for the mortgage payoff calculator: thehumblepenny.com/early-mort...
(2:02) - FREE 10-Day PRACTICAL MONEY Course - thehumblepenny.com/MYMFREE
(17:14) - Quidco - thehumblepenny.com/Quidco
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★★ ABOUT US ★★
MARY:
I'm married to Ken and we have two boys aged 6 and 4. I'm a Londoner, born in Hackney! :)
Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.
When I'm not creating, I love vegan food, travelling, working out and doing some outdoor fun things with my husband and kids :)
KEN:
I'm a husband, dad, and a First Generation immigrant to the UK. Started life poor in the UK and I've spent the last 20 years on a steep journey of Personal Development.
CFO by day with over 12 years experience in the investment business. I'm also a Chartered Accountant and hold an MBA from Cambridge University.
To explore my creativity, I'm a blogger and KZfaqr by night. I create from my experiences as a family man and entrepreneur.
I have a passion for all things Personal Finance, Business and Personal Development. I also love Photography, Music, Travel, and Sport.
We became Financially Independent aged 34 and our story has been featured on the BBC, Mail Online, Channel 5, Metro, etc. We share content to inspire and teach others how to achieve Financial Independence/Freedom too.
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★★ About this video ★★
how to pay off mortgage early UK 2021, how to pay off mortgage faster, why paying off your home early is important, how to pay off a 30 year home mortgage in 5-7 years, how to pay off your mortgage in 5 years, how to pay off your mortgage in 7 years, Ditch the debt, should you pay off your mortgage early?, debt free living, mortgage free, how to pay off a mortgage, why you should focus on paying down the mortgage over investing, tips to pay off your mortgage early, pay off mortgage early or invest?, why should I pay off my low interest mortgage early?
Massive thanks for watching and following our channel :) ♥
Best, Ken and Mary
#howtopayoffmortgageearlyUK #mortgagefree #howtopayoffmortgagefaster

Пікірлер: 1 000

@TheHumblePenny 4 жыл бұрын

📢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.

@TheHumblePenny 4 жыл бұрын

Hey John, thank you! Absolutely! Yes some banks do exactly for that reason.

@gittin_funky 4 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

@TheHumblePenny 4 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.

@Themystergamerr 4 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?

@TheHumblePenny 4 жыл бұрын

Hi Candy Cat, I haven't come across those here. Thanks for checking out the channel 😀

@Zen_Power 4 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!!!!!!!!!!!

@TheHumblePenny 4 жыл бұрын

That is EPIC! 🙌🏾😊

@leonhenry4861 4 жыл бұрын

Can you keep us updated, please.

@amzzzc6700 4 жыл бұрын

Happy New Year too you!

@chiniquewalters4994 4 жыл бұрын

Did u get charged for making overpayments ?

@sherylchapman7809 4 жыл бұрын

The Power of Zen awesomeness ‼️

@paulaward1913 4 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.

@TheHumblePenny 4 жыл бұрын

Paula, very smart move!!! 😀

@scotsam7590 4 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.

@exerciseisantidote9337 2 жыл бұрын

@@scotsam7590 mind your business

@HolisticSoul123 2 жыл бұрын

Excellent!

@margaretsobayo1167 2 жыл бұрын

That's a fab idea! Well done

@bengunns9500 3 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.

@chinonye2 4 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 👍🏽

@TheHumblePenny 4 жыл бұрын

Welcome aboard, Chinonye 😊. Glad you're getting value from the content. Also interesting to see KZfaq recommending our channel.

@exposure127 4 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 😂

@TheHumblePenny 4 жыл бұрын

😂🤣🤣

@stacib3033 4 жыл бұрын

😂

@tendo102 2 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

@TheHumblePenny 2 жыл бұрын

Laura, you're so welcome. Great point too!

@journey2debtfreedom936 4 жыл бұрын

Just came across this channel. Good to see a UK channel on this topic.

@TheHumblePenny 4 жыл бұрын

We appreciate you watching 😊

@notanothermoneypodcast 4 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!

@golternator333 4 жыл бұрын

UK channels typically has a lot less drama then e.g. American channels. Regards from a Dane :)

@journey2debtfreedom936 4 жыл бұрын

Tolu Frimpong Frimpong your Ghanaian and you talk finance. Your my girl, I’m subscribing now xx

@itallturnstodust1216 3 жыл бұрын

About time. tired of hearing Americans blabbing all over KZfaq. Salute

@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. KZfaq does have gems if you want to find them, and the best part all this education is for free. Thank you.

@Natural21Lista 4 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!

@TheHumblePenny 4 жыл бұрын

Smart plan! 😉. Thanks for binging 💛

@thewealthwarren6940 4 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!

@TheHumblePenny 4 жыл бұрын

👊🏼

@tennistron588 4 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!!

@TheHumblePenny 4 жыл бұрын

Thanks a lot!! 😊🙏🏽

@walkinmyshoes1254 4 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!

@TheHumblePenny 4 жыл бұрын

Go go go! 😉

@pat7833 4 жыл бұрын

One of the most inspirational videos I’ve seen on KZfaq. I can’t thank you enough for this video up.

@TheHumblePenny 4 жыл бұрын

You're most welcome, Patience 😊

@stevesaysso 4 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

@TheHumblePenny 4 жыл бұрын

Steve, AWESOME stuff!! 😀. Thanks for stopping by and God bless!

@askasmay37 4 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!

@TheHumblePenny 4 жыл бұрын

Hey Asma! Thank you 😀. You can do it in 5 years! Absolutely

@Joleisa 4 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!

@TheHumblePenny 4 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 😀

@MarliVentures 4 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!

@TheHumblePenny 4 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 😁

@AniDormi 4 жыл бұрын

Nissan Leaf out on the front too, this brother be saving all over the place

@TheHumblePenny 4 жыл бұрын

😂🤫

@notanothermoneypodcast 4 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.

@TheHumblePenny 4 жыл бұрын

Much appreciated! 😀

@drvidhya-wealthywarriors1111 3 жыл бұрын

What an amazing channel! I have been following your blog for years. Love this! Thank you 🙏🏽

@mattk6209 4 жыл бұрын

That’s a quality content here pal! Subscribed.

@TheHumblePenny 4 жыл бұрын

Matt 👊🏼

@taylamae3421 3 жыл бұрын

You are BRILLIANT at speaking and explaining! What a gift! Haha loved this! So inspiring!

@TheHumblePenny 3 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. KZfaq is helping me to communicate better by making these videos :). By the way, love you singing!

@taylamae3421 3 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!

@TheHumblePenny 3 жыл бұрын

😊💛

@brendanmcguinness481 3 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!

@andekiaisaac2897 4 жыл бұрын

What an excellent you tube post! This is by far, one of the best of the many I have watched. I have subscribed and shared your video to friends and told them to subscribe as well!! Can't wait to watch more of your content.

@TheHumblePenny 4 жыл бұрын

You're far too kind!! Thank you 😀

@markgalloway735 4 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😁

@TheHumblePenny 4 жыл бұрын

Hi Mark 6.5 years would be amazing! Sounds like the kind of result you'd get with that level of overpayments.

@Kashi86 4 жыл бұрын

Hey, I just came across your channel and I'm so glad that I did. Thanks for sharing this great info brother!!

@TheHumblePenny 4 жыл бұрын

Nice one, bro! 👊🏼

@benj6244 4 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.

@TheHumblePenny 4 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! 😀

@cianlernihan6417 3 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! 🙌

@TheHumblePenny 3 жыл бұрын

💯. Huge congrats to you and your wife 😀. Thanks for watching and supporting our channel

@OVB_NL 4 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.

@TheHumblePenny 4 жыл бұрын

Hi Oliver That's phenomenal! I love the goal of doing it before 40. What is your goal now?

@OVB_NL 4 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.

@franklinike5740 4 жыл бұрын

Wow, this video is fire. So inspired and ready to apply these concepts to my life

@TheHumblePenny 4 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.

@Kauvon 4 жыл бұрын

What an awesome video man!! Excellent info! Thank you..

@thebeardsolution 4 жыл бұрын

You my friend have just earned a sub. Great video that actually makes me excited to pay my mortgage off!

@TheHumblePenny 4 жыл бұрын

Nice one, mate! 😀

@ajayb2478 4 жыл бұрын

Bro you done such a good job explaining this

@TheHumblePenny 4 жыл бұрын

Ajay 👊🏼😊. Thanks a lot, bro! Much appreciated. Please share with others

@publicit3 4 жыл бұрын

Amazing content! You and Mary are great people and deserve the best life has to offer!

@TheHumblePenny 4 жыл бұрын

Thanks a lot! Very kind of you :)

@publicit3 4 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 :)

@ashleycolton3208 4 жыл бұрын

Throughly enjoyed watching this and has given me motivation to evaluate current circumstances. Il look forward to watching your other videos!!.

@TheHumblePenny 4 жыл бұрын

Awesome, Ashley! Evaluating current circumstances sounds like a result. Cheers

@BolanleEnang 4 жыл бұрын

This is so so so good Ken!!!! Excellent...! I am on it

@TheHumblePenny 4 жыл бұрын

😉

@69ingleton60 4 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! ,

@TheHumblePenny 4 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 KZfaq stuff works

@megzzr7522 4 жыл бұрын

This video popped up at the right time, been thinking about repayments recently. Thanks for this will definitely swap expenses.

@TheHumblePenny 4 жыл бұрын

👊🏼😉

@MyAfropuff 4 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.

@TheHumblePenny 4 жыл бұрын

You're most welcome, Grace! 😊

@oleksuakozak 3 жыл бұрын

Fantastic video. Me and my wife are planning to buy a home next year and these are fantastic tips. In fact I saved it for the day we buy a home and share this video with others. Great video for UK viewer's

@nobleladyt7154 4 жыл бұрын

This was truly amazing to watch.

@TheHumblePenny 4 жыл бұрын

Cheers, Noble LadyT! 😊. Do you own a home yet?

@essteeess97 4 жыл бұрын

This channel is GOLD!!!!!!!!!

@TheHumblePenny 4 жыл бұрын

Much love, Tae! 😀

@naseeha101 3 жыл бұрын

Halfway and already really informative and fun to watch! I like

@TheHumblePenny 3 жыл бұрын

Thanks so much for watching 😀

@assonancex 3 жыл бұрын

Really enjoyed this bud. Thank you for this 😁

@nickymorris1467 3 жыл бұрын

I laughed all throughout this video because I could feel your excitement! I’m fired up!💪🏽

@TheHumblePenny 3 жыл бұрын

Haha! Go go go, Nicky! :)

@syedfaheemhassan9967 4 жыл бұрын

I took a 250k mortgage over 30 years 8 years ago and I should pay it off in next 2 years

@TheHumblePenny 4 жыл бұрын

💥👍🏼👍🏼

@staffysmile3325 4 жыл бұрын

How have you made that possible?

@syedfaheemhassan9967 4 жыл бұрын

@@staffysmile3325 By giving over payments a month and always shopping around for the best mortgage rate when fixing for 2 year period

@mzique 4 жыл бұрын

Good on you. Ramadan Mubarak

@Piperbabe22 4 жыл бұрын

Could I ask how much you would overpay each month?

@Dreacoro 4 жыл бұрын

Just discovered your channel and I am watching all your videos. Love your energy Ken!! I don't own a house but I am getting prepared for the future by watching your videos. Thank you and keep up the good work :)

@TheHumblePenny 4 жыл бұрын

Much appreciated :)

@danielsquires2844 2 жыл бұрын

So helpful, thank you for sharing this 🙏✨

@JackyHapy 4 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. 😊

@TheHumblePenny 4 жыл бұрын

You're welcome, Jackie! 😀

@sholaking5027 3 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

@zoraxye4325 4 жыл бұрын

This is extremely inspiring. Bravo.

@TheHumblePenny 4 жыл бұрын

Hey Zora, thank you!! 😁

@jayt.5111 3 жыл бұрын

Another awesome video! Thank you so much for your channel

@TheHumblePenny 3 жыл бұрын

Much appreciated, Jaymal! 👊🏾

@chaza7834 4 жыл бұрын

So happy that I came across your Channel. Thank you so much. Planning to pay off that mortgage real quick.

@TheHumblePenny 4 жыл бұрын

Great plan, Charity! 😀

@iosifpateroulis1081 3 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.

@TheHumblePenny 3 жыл бұрын

Much appreciated! :)

@richardseaton6390 3 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?

@angelikalaser7778 4 жыл бұрын

Strange, it is the first video I got notifications for even though I was subscriebed for a while now. great this one came through

@TheHumblePenny 4 жыл бұрын

Hi Angelika, that's strange. Good to hear that you got notified. I believe after subscribing, you also have to click on the bell looking icon to be notified each time. We currently make 1 video a week and publish every Thursday. In time, it will become 2 a week. Do keep watching 😀

@LucyHernandez-xy1ty 3 ай бұрын

Thank you for your great Ideas! Blessings. From Atlanta GA.

@TheHumblePenny 3 ай бұрын

Thank you, Lucy 😊

@itallturnstodust1216 3 жыл бұрын

Thanks for having a UK person talking about this topic. I've about had enough of those Americans blabbing all over KZfaq.

@TheHumblePenny 3 жыл бұрын

You're most welcome :). Are you working towards becoming mortgage free?

@jeffreybrew273 4 жыл бұрын

THANK YOU SOOOOO MUCH FOR THIS VIDEO. REALLY INSPIRATIONAL. 😭👏🏿👏🏿👏🏿

@TheHumblePenny 4 жыл бұрын

Jeffrey, huge appreciation! 🙏🏽😊

@markmjames66mj 4 жыл бұрын

Really good advice!!!

@securexcybersecurity3840 3 жыл бұрын

I keep coming back to this video for extra motivation!

@TheHumblePenny 3 жыл бұрын

😉

@Ocean4Life 4 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

@TheHumblePenny 4 жыл бұрын

Excellent!! 😀. Keep at it. You'll be the one laughing.

@Ocean4Life 4 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.

@cyril6164 Жыл бұрын

Really informative. Thank you so much

@emillythomas9161 2 жыл бұрын

Amazing video - thank you !

@aidankerr1125 2 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.

@TheHumblePenny 2 жыл бұрын

Good work!

@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! 😀😀

@TheHumblePenny 4 жыл бұрын

Cheers, Fiona! 😀

@sholaking5027 3 жыл бұрын

Such great content. Genius!! Thanks for sharing✨🥰

@TheHumblePenny 3 жыл бұрын

Much appreciated, Shola! 😊

@PlatinumBro 4 жыл бұрын

Great video, these videos are really helping me to re-evaluate my income thanks! :)

@TheHumblePenny 4 жыл бұрын

Result! 😀

@missoguro1311 4 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

@TheHumblePenny 4 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.

@missoguro1311 4 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!

@janewhitzend688 4 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 ❤

@TheHumblePenny 4 жыл бұрын

Jane 💪🏾💪🏾👏🏽👏🏽😁. LOVE your progress!! So happy to read this. AWESOME start to 2020.

@olivernoakes9650 4 жыл бұрын

amazing video!, so helpfull

@jamesmacintyre614 4 жыл бұрын

Great video .well done dude

@butterflycake7 4 жыл бұрын

Gosh you're so smart! I wouldn't have ever thought of paying a mortgage off twice a month! Thank you :)

@TheHumblePenny 4 жыл бұрын

😉 tbh these are things that you get to learn over time

@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.

@Stavrosmct 4 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!

@TheHumblePenny 4 жыл бұрын

Excellent! Thanks for checking out the channel! 😀

@TheHumblePenny 4 жыл бұрын

★★ LINKS MENTIONED IN THE VIDEO ★★ (1:37 , 18:36) - FREE DOWNLOAD - Overpay Mortgage Calculator - thehumblepenny.com/MortgageCalculator (2:02) - FREE 10-Day PRACTICAL MONEY Course - thehumblepenny.com/MYMFREE (17:14) - Quidco - thehumblepenny.com/Quidco (25:06) - 85 Ways To Make Extra Money - thehumblepenny.com/85-ways-make-extra-money

@jwb4bb 4 жыл бұрын

Love the content! Just a small suggestion, I struggled with the audio quality in this vid. Might be time for a solid mic to reduce the echo in the room. Cheers!

@TheHumblePenny 4 жыл бұрын

Great suggestion, Jay! This was one of our earlier videos 😁. We have since improved the sound on other videos. Glad to hear that you found this useful.

@burropoco 4 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.

@TheHumblePenny 4 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.

@magneticaims 4 жыл бұрын

This resonates so mum, I want to share the video with my mum

@TheHumblePenny 4 жыл бұрын

@@magneticaims please do ;)

@Bearded_Bro 4 жыл бұрын

Great vid, this channel is your side hustle 😎

@TheHumblePenny 4 жыл бұрын

Thanks, Amin! This channel is a marketing channel for my side hustle 😉. The Humble Penny is a financial education company and this fairly new KZfaq channel is just one aspect of it. Check out our Blog too at thehumblepenny.com

@SayemTabla 4 жыл бұрын

Fantastic video!

@toyosioyediji1642 4 жыл бұрын

THis is quality!

@TheHumblePenny 4 жыл бұрын

Thank you! 😉

@TheRajbhanot1 3 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.

@TheHumblePenny 3 жыл бұрын

Wonderful!! Good to see you making the move and being proactive to find a lender that does not hold you back! 😀

@HolisticSoul123 2 жыл бұрын

Wow !

@ese4368 4 жыл бұрын

Lots of Golden Nuggets in your Videos thanks and i have Subscribed xx

@TheHumblePenny 4 жыл бұрын

Cheers, Ese! Appreciated 😀

@byshagi 4 жыл бұрын

Nice. Definitely gonna take these to heart

@CS-fb3ss 3 жыл бұрын

Mate, so refreshing to see a good video like this from our part of the world and akin to our financial system. Cheers from Denmark.

@TheHumblePenny 3 жыл бұрын

Thanks a lot! 😊🙏🏽

@kevinmcclintock9416 4 жыл бұрын

No I totally agree with you it is EXCITING saving on all that interest and all them years it’s amazing!!!!!! Being mortgage free is the best idea over savings. I can start saving after that point! 42 is my Happy year if everything flows!!!!!! It’s actually mental how much that £100 changes but the mortgage advisors never really tell you none of this (Annoying). Great video has driven me even more. The thing about life is things crop up or overtime can drop but for now I’m super focused. I didn’t do what you did at 28 I paid a low amount to free up more money to live but at 33 I locked into the idea 💡 man I want this done before children I went from paying like £700 a month to £1000 sacrificed holidays etc but I shaved off so so many years. I keep thinking but when it’s done then we will see the holidays il go on. Having a bigger bulk left over after the bills is a big peace of mind not being forced to do extra overtime every week to survive. Freedom is the best thing in life and with that I’m sure everything will flow and improve too. Loved the video and the passion in your voice wish I’d started over paying on day one but I’m just glad I am now and have been. To one day get paided and a £1000 is not going out of my salary wow!!!!! I can save it towards a pension, spend it and be lavish pay for things easier it gives you so many options!!!! I need to stay focused and graft

@ScitoA 3 жыл бұрын

This is fantastic content. I have learned so much. Floreat!

@TheHumblePenny 3 жыл бұрын

Floreat! 💪🏾💪🏾

@rosacrawford2699 4 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!

@tim01263 4 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.

@tim01263 4 жыл бұрын

@E B I work on boats, so no rent or bills

@MsMichaelaM 4 жыл бұрын

Hi Ken! Great video! What is the process for setting up standing orders to overpay on a mortgage? Did you have two standing orders - start and middle of the month? Thanks, M.

@TheHumblePenny 4 жыл бұрын

Hey Michaela, Thank you!! The process is: Call your bank and ask them for the bank details for overpayments to your mortgage account. It will be a Sort Code and Account number. Ask them also for your mortgage reference number if you don't have this already. Then set up 2 Standing Orders: 1) The required payment from the bank. Mine was on 1st of the month. They bank might prefer this to be a Direct Debit rather than a Standing Order. The former is a guaranteed payment to the bank. 2) Set up a Standing Order for your overpayment at the middle of the month using the Sort Code and Account number and reference number that the bank gave you. Set it to be a recurring standing order. That's it. If you have any extra cash intra month, you can simply do a bank transfer to the same Sort Code and Account 😀

@MsMichaelaM 4 жыл бұрын

@@TheHumblePenny Thanks ☺

@daisyeater21 3 жыл бұрын

Just recently found your channel. Lots of great content

@samanthaike7189 4 жыл бұрын

This is so good! Thank you!

@TheHumblePenny 4 жыл бұрын

Cheers, Sam 😉

@amitpanchal_uk 4 жыл бұрын

Should you be overpaying or use the extra funds to invest and make larger returns offsetting the interest especially with sub 3% mortgage interest fees ?

@TheHumblePenny 4 жыл бұрын

Watch this: kzfaq.info/get/bejne/bpaSaLZ308DLn4E.html

@londoner1851 2 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 🙂

@TheHumblePenny 2 жыл бұрын

You're most welcome 😊. You're on your way 💪🏾💪🏾

@uzoamakaanerobi9836 3 жыл бұрын

I have just come across your channel. Thank you so much for this, I learned so much from this.

@TheHumblePenny 3 жыл бұрын

AMAZING! 😊🙏🏽

@pmusingarimi6983 4 жыл бұрын

Very informative video, really enjoyed it, thank you!

@TheHumblePenny 4 жыл бұрын

You're most welcome! 😀

@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 KZfaq 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-mx9fj 7 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.

@mattquantrill101 4 жыл бұрын

Great open and honest advice as ever Ken, well done! Im a little confused though, Im about 3 years into a 5 year fixed rate mortgage, do I have to wait until the fixed period is over to make overpayments?

@TheHumblePenny 4 жыл бұрын

Thanks, Matthew :) No wait needed. You can pay up to 10% of your current mortgage per annum in overpayments. E.g. if your mortgage is £200k, you can overpay by a max of £20k per year (i.e. 20k/12 each month in overpayments). When your fixed rate deal is over, you can overpay without the 10% cap :)

@mattquantrill101 4 жыл бұрын

@@TheHumblePenny thank you so much for getting back to me! I checked with RBS who mine is woth, and they had a calculator for over payments. By overpaying £100pm i would shave 7 years off and save almost £12K! Thats silly not to, thanks again Ken!!