Little big milestones

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  • dark^knight
    dark^knight Posts: 526 Forumite
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    Hi all,

    Quick update for May...

    Managed to OP £1320...a little bit less than planned, but hoping for better in June.

    19 months to go...
  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
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    Hi Dark Knoght, how did your June go?
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • dark^knight
    dark^knight Posts: 526 Forumite
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    edited 4 July 2017 at 3:40PM
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    Hi everyone,

    Was a little busy, hence have not been able to come on here.

    So, in June managed £1660 OP, which was the planned figure. Very happy with that :)

    How is everyone else getting on?

    18 months to go...
  • dark^knight
    dark^knight Posts: 526 Forumite
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    edited 4 July 2017 at 3:42PM
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    Kittenkirst wrote: »
    Hi Dark Knoght, how did your June go?

    Hi KK, thanks for asking...didn't think anyone reads this boring thread ;)

    ...we managed to OP the budgeted amount of 1660.

    How are you getting on?

    Thanks
  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
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    It's been going good this year, however not sure any more OPs will happen this month as money's a bit tighter this month and next, am surveyinglike mad to gain a bit extra and frugalising where we can to stretch the pennies :D

    Your mortgage figures are so inspiring! :D
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • dark^knight
    dark^knight Posts: 526 Forumite
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    Kittenkirst wrote: »
    It's been going good this year, however not sure any more OPs will happen this month as money's a bit tighter this month and next, am surveyinglike mad to gain a bit extra and frugalising where we can to stretch the pennies :D

    Your mortgage figures are so inspiring! :D

    Thanks kk...it has been a ten year journey...the first five years were very tough...and the last 5 have been easier. Feel so blessed to be where we are right now.

    You are doing really well...there will be tough months, but you have to keep your end goal in sight and keep going. :T
  • dark^knight
    dark^knight Posts: 526 Forumite
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    edited 27 July 2017 at 11:06AM
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    Hi everyone,

    I was thinking I have been a little dry on these posts, so I am going to try and add a bit more info from now on.

    We had a mortgage of £170k when we bought the house in 2007, and when the fixed rate ended in 2010, we kept our original monthly payment, so the additional money became an OP.

    I really had my light bulb moment in 2012, when I decided to try and OP more than the monthly payment that we'd always had. So over the next 3 years the monthly OP went from £500 to £1,000 to £1,500.

    Then at the start of 2016, we managed to get it down to less than £100k. This was a huge milestone for us. At this point I decided to try and aim to clear the mortgage in 3 years, and broke it down into 36 months, hence this thread and the monthly countdown.

    And the thing is, even if we don't reach the target in the 18 months, we won't be too far.

    So, in July we managed to overpay £1670, which was the budgeted figure.

    So right now the balance is £71,400.

    Actually, when I look back through the numbers, we've come a long way :)

    17 months to go...
  • hanb
    hanb Posts: 464 Forumite
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    Just caught up on this diary and wanted to say well done before running away again :)


    I like to come and have a read but we've already maxed our 10% allowance for the year so can't OP any more until Jan :(


    However, focussing on the savings to be able to OP the 10% in Jan - and keep doing so until the end of the fix and then be able to pay off that one mortgage! :D (We have 2 as one is a benefit from work on a very low rate but a regular mortgage to top up to what we needed which is what we're trying to get rid of!).


    Good luck!
  • dark^knight
    dark^knight Posts: 526 Forumite
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    edited 27 July 2017 at 3:45PM
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    hanb wrote: »
    Just caught up on this diary and wanted to say well done before running away again :)


    I like to come and have a read but we've already maxed our 10% allowance for the year so can't OP any more until Jan :(


    However, focussing on the savings to be able to OP the 10% in Jan - and keep doing so until the end of the fix and then be able to pay off that one mortgage! :D (We have 2 as one is a benefit from work on a very low rate but a regular mortgage to top up to what we needed which is what we're trying to get rid of!).


    Good luck!

    Thanks hanb...appreciate your support.

    Sounds like you are on the path to mortgage freedom and you have a plan...so good luck to you as well :)
  • dark^knight
    dark^knight Posts: 526 Forumite
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    Hi everyone,

    Hope you're all well...we've been away this week, had a few days down south...took the family to legoland and visited family around London.

    The update for this month...managed to OP the budgeted £1770.

    This has brought the balance down to under the £70k :)

    ...a little celebration will need to be arranged.

    16 months to go...
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