NOW MORTGAGE FREE! In the big house - here we go again !

24567…10

Comments

  • pinkteapot
    pinkteapot Posts: 8,040 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Flower1976 wrote: »
    Just read your diary pinkteapot. You have done really well in your first year!
    Flower

    Thank you! I always feel a fraud on here as we could certainly do more than we do. But hey, at least we're overpaying with our spare cash and not spending it on cars and holidays. :D

    Good luck to you! x
  • Yorkielass
    Yorkielass Posts: 2,235 Forumite
    First Anniversary Combo Breaker
    Great diary Flower1976.

    We're in our early thirties and we're busy overpaying too. We've got about 7 1/2 years left on our fixed rate and with interest rates it's making more sense to overpay on the mortgage than add to our ISAs.

    Good to see people who have done it once and are doing it again - will follow with interest. I need to get my diary going again.
    Initial Mortgage January 2024 - £160,000
    Initial Mortgage free date - January 2058
    Mortgage as of 1st February 2024 - £159,134.98
    Overpayments to date - £79.62
    Current Mortgage free date - January 2058
  • Flower1976
    Flower1976 Posts: 102 Forumite
    First Post First Anniversary Combo Breaker
    Pinkteapot - we certainly don't spend money on cars but we do like our family holidays! That is what we look forward to. It's hard to get the right balance sometimes. I was reading about budgeting for annual costs on your diary as this is what we started to do from last month for things like car tax, insurance, mot and service, Xmas, rugby season ticket, house maintenance etc. I put aside a sum each month so that the cost is spread out and the money is there when we need it.

    Yorkielass - thank you, it does make sense to overpay. We have savings for back up but I agree the interest savings made by overpaying to the mortgage makes it so worthwhile.

    Flower :)
  • Flower1976
    Flower1976 Posts: 102 Forumite
    First Post First Anniversary Combo Breaker
    Hi there
    First payday of the year and overpayment of £300 made to mortgage. Also an unexpected payment of interest of £25.26 so transferred that across too.
    So that takes the total overpayment for January to £360.26.
    Not bad at all :T
    Flower
  • SavingRaven
    SavingRaven Posts: 63 Forumite
    Hi Flower,

    Congrats on being MFW before and now doing it again! Have just started my own thread/journey so will be following your story with interest

    SR
    Target 1: Debt: [STRIKE]4459.02[/STRIKE] Jan'15 [STRIKE]2899[/STRIKE] Feb'15 0
    Target 2: Emergency fund: Feb'15 [STRIKE]1500/6000[/STRIKE] Mar'15 6000/6000
    Target 3: Buy-to-let fund: Mar'15 [STRIKE]1200/4000[/STRIKE] Apr'15 4000/4000
    Target 4: Pay sister back: 9000/40000
    Target 5: Get mortgage to 250k: Jan'15 271,659 Today 259,283.82
  • Flower1976
    Flower1976 Posts: 102 Forumite
    First Post First Anniversary Combo Breaker
    Thanks saving raven, it was great being mortgage free for 3 years but also great having a bigger and better house now.

    Just had a small payment from quidco so have paid that straight to the mortgage - only £5 but still brings the balance down! So total overpayment for January is £365.26.
    :j
    Flower
  • Flower1976
    Flower1976 Posts: 102 Forumite
    First Post First Anniversary Combo Breaker
    Another small payment from quidco so £2.50 paid to mortgage. Not much but it all brings the capital balance down!
    Total overpayment for January is £367.76.
    Think I will look to make another £32.24 to round that up to £400 for January - that's £100 more than I had planned for January! :T
    Flower
  • SavingRaven
    SavingRaven Posts: 63 Forumite
    Hoorah for OPing from Quidco - I can't believe I used to spend money online without it! My OH always gets a telling off if something is bought without going through it!

    Your OPs are fab this month - can't believe we're already nearly in Feb

    SR
    Target 1: Debt: [STRIKE]4459.02[/STRIKE] Jan'15 [STRIKE]2899[/STRIKE] Feb'15 0
    Target 2: Emergency fund: Feb'15 [STRIKE]1500/6000[/STRIKE] Mar'15 6000/6000
    Target 3: Buy-to-let fund: Mar'15 [STRIKE]1200/4000[/STRIKE] Apr'15 4000/4000
    Target 4: Pay sister back: 9000/40000
    Target 5: Get mortgage to 250k: Jan'15 271,659 Today 259,283.82
  • Cariad71
    Cariad71 Posts: 251 Forumite
    First Anniversary Combo Breaker First Post
    Subscribed! Your story sounds similar to ours.
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term😁😁
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033:j
  • ourcornercottage
    ourcornercottage Posts: 1,526 Forumite
    Flower1976 wrote: »
    Another small payment from quidco so £2.50 paid to mortgage. Not much but it all brings the capital balance down!
    Total overpayment for January is £367.76.
    Think I will look to make another £32.24 to round that up to £400 for January - that's £100 more than I had planned for January! :T
    Flower

    I've set up my mortgage account number as the recipient of both my quidco and topcashback account, which is a great way to go it if your mortgage account allows :-)
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards