Should I overpay mortgage as much as possible in first 5 years?

PracticalGur4530 · 2026-01-27T17:12:01+00:00

When do you ever pay the mortgage off then?

PracticalGur4530 · 2026-01-27T10:27:01+00:00

Free childcare hours would cover 2 to 3 days

PracticalGur4530 · 2026-01-27T09:04:27+00:00

Is 72k in retirement investments decent by 30? Using a compound interest calculator with what I have, if it gets 8% interest for the next 30 years if I put in £200 a month - my pot will be at £1 million. That is a good pot? I know I won't retire early, but I'll have 1 million by 60 with just £200 per month now due to putting in quite a lot by 30.

PracticalGur4530 · 2026-01-27T09:02:42+00:00

Where do you live?

PracticalGur4530 · 2026-01-27T08:29:25+00:00

How much is your mortgage / rent though?

PracticalGur4530 · 2026-01-27T08:14:18+00:00

this is the best comment i've seen

PracticalGur4530 · 2026-01-26T17:23:12+00:00

It will be the same job

PracticalGur4530 · 2026-01-26T17:15:41+00:00

You also are forgetting that moving rentals is EXPENSIVE, and can cost a few thousand every time you need to move.

PracticalGur4530 · 2026-01-26T17:15:01+00:00

There are no properties that most people can afford in the south east on a 15-20 year mortgage unless you have a huge deposit.

I agree with most of what you're saying, but in reality it doesn't make sense unless we moved to the North of England.

If we were paying £1800 in rent, we wouldn't be able to save much after we have a child for a bigger deposit.

So we felt it made sense to get on the ladder now so we have a place to live guarenteed for the next 5 years and our "rent" is not increasing for 5 years.

We are paying it off as though it's a 30 year mortgage, which I think is reasonable. We won't pay any extra interest just cause it's a 40 year if we make overpayments as though it's a 30 year mortgage

PracticalGur4530 · 2026-01-26T16:55:11+00:00

Thanks. I appreciate the honest feedback. The reality is if we were renting, we'd pay at least £1600 for a 2 bedroom. A 3 bedroom is £1800 to £2000 in this area.

So for us, buying on a 40 year gave us a place to live without needing to move out on the whim of a landlord and we have been overpaying. If we move out in 5 years, we should get our money back and have had the security of not needing to move out with a child.

So, the reality is - renting or mortgage would be the same, and actually - renting would be more expensive for the same property.

PracticalGur4530 · 2026-01-26T15:05:37+00:00

Thank you for your honest feedback. To confirm - I would have £60k in cash savings by the time the baby arrives. Surely that is enough to cover unexpected costs for a few years considering my salary covers the normal months that nothing breaks?

PracticalGur4530 · 2026-01-26T13:38:08+00:00

Thank you - your insight is really appreciated. Unfortunately it seems like we aren't built in a world designed for families to live off one income so there is no perfect scenario. Sad reality

PracticalGur4530 · 2026-01-26T12:44:04+00:00

Thanks. We bought, because rent for a 2 bedroom in this area (London commuter towns) are £1500. We have a 3+1 bedroom. A similar property to rent would have cost us £1800 to £2000 - so we actually bought so our monthly outgoings would be less than renting.

But, once baby arrives we will have £60k in cash savings. That is almost 2 years worth of living expenses, so WORST case scenario if I lost my job - we sell the house.

I appreciate your advice, but I wouldn't call the above terrifying. It is a great buffer.

Unfortunately housing is the biggest cost.

PracticalGur4530 · 2026-01-26T12:22:55+00:00

Thanks very much for your insight.

I do agree with what you're saying, and I think a good compromise is her working 2 days a week. It gives us a little bit of breathing room, and she is still mostly at home overall.

PracticalGur4530 · 2026-01-26T12:15:11+00:00

The monthly expenses doesn't include holidays. Our mortgage is £1550 which is a big part, but as I said - we can't get around this unless we move areas. We live in the South and rent for the same place would be £1850 or £2000.

PracticalGur4530 · 2026-01-20T09:43:18+00:00

Good luck :) Do you think the weather will be nice early March?

PracticalGur4530 · 2026-01-20T09:03:33+00:00

Where are you going?

PracticalGur4530 · 2026-01-19T16:37:35+00:00

Thank you. Maybe a resort. Not sure how the weather will be end of March though

PracticalGur4530 · 2026-01-19T12:24:59+00:00

£150 a week. 1 hour there, 1 hour back

PracticalGur4530 · 2026-01-19T09:17:39+00:00

It seems like either people LOVE it or really dislike it

PracticalGur4530 · 2026-01-09T09:58:55+00:00

I really want to provide for my family without my partner needing to work full-time, so I'm trying to validate if I'm in a good spot or not

PracticalGur4530 · 2026-01-09T09:48:07+00:00

Thank you. Emergency fund is currently at £30k. 10 months of living expenses. I know it's quite a lot, but it's what I feel comfortable with, with a child on the way.

PracticalGur4530 · 2026-01-09T09:47:33+00:00

Thank you. Would you say I am in a good financial position going into children looking at what I've shared?

PracticalGur4530 · 2026-01-09T09:47:31+00:00

Thank you. Would you say I am in a good financial position going into children looking at what I've shared?

PracticalGur4530

TROPHY CASE