Project 2018

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  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
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    Well, the 1st July has passed and because it was a Saturday I wasn't able to call the bank. I have a day off today (6th July) so I decided to call them to get my balance for the 10% payment.

    Barclays don't display a number on their website for existing customers. So I called a number on the back of the card I have. This was obviously not the right number but after answering loads of security questions, they tried to put me through to the mortgage team.

    Then they said that they were having technical difficulties so couldn't get my balance. They suggested a call-back in 2 hours so I asked what number they were going to call me on. But oh no! What they meant is that I have to call them back. So I am no further on.

    I can see my balance on my online account but because they add interest daily that will be slightly more than my balance on 1st July so if I pay 10% of that it will be too much and I would incur a penalty.

    Anyone would think that they don't want me to make an overpayment!
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
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    I have just managed to get my 1st July balance from Barclays and the resultant 10% overpayment amount which I can pay without incurring penalties. The amount was £7595.

    I have just made this payment but it will take a couple of days to show up. It is interesting to see how the repayments clear so little of the balance compared to the overpayment:

    July 2016 - £89K balance
    July 2016 - overpaid £8.9K
    Aug 2016 - £80K balance
    July 2017 - £75K balance

    So the overpayment cleared nearly twice as much as the repayments.

    I should now have a balance of about £68K and I have roughly £40K in savings accounts. This is money I have saved but not been able to overpay yet because of the 10% limit. This will be lifted next June when my fixed term ends. At my current rate of saving, I think I will be about £6000 short of being able to pay the amount off by next July.
  • EatingTheElephant
    EatingTheElephant Posts: 1,373 Forumite
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    Well done on making the OP, they don't make it easy do they?
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
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    edited 18 July 2017 at 11:36PM
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    EatingTheElephant wrote: »
    Well done on making the OP, they don't make it easy do they?
    Indeed not!
    I have had the follow-up letter from the bank now. This confirms the new balance is £68.4K and the new repayment amount is £490 per month.
    All I have to do now is save £2000 a month for a year! That won't be easy either as we have car trouble and the boiler has just broken!
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Fantastic progress. Are you now less than 12 months away from the finish line?
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
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    shangaijimmy wrote: »
    Fantastic progress. Are you now less than 12 months away from the finish line?

    My fixed rate ends in June 2018, I think. Not sure if I'll have enough money to repay the full balance by then but 2018 still seems possible.

    The boiler has now been fixed and I have bought a new car (albeit second-hard) so those were a couple of bumps in the road.
  • Silence101
    Silence101 Posts: 396 Forumite
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    You've done so well hitting the 10% target every year! We've just got our first mortgage, but I don't think we'll manage the 10% yet, maybe 5% at a push, although it's easy to see that it gets easier every time the balance drops.
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
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    As 2017 ends the balance is now approx £67K.

    My partner and I have just received letters about some fixed-term ISAs we had. These mature at the start of 2018 and the Building Society wants to know what we plan to do with them. Because we want to use them to clear our outstanding mortgage balance in June 2018, we will be withdrawing the ISAs rather than rolling them into a new ISA product.

    The finish line still looks possible for Sept 2018 but that will require some serious saving for the next nine months.
  • debtfreeforlife
    debtfreeforlife Posts: 215 Forumite
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    Good luck, Ms-Bristol! That's some impressive overpaying...
  • SuperSecretSquirrel
    SuperSecretSquirrel Posts: 1,045 Forumite
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    Nearly there Ms Bristol! Well done and keep going! :)
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