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  • FIRST POST
    • Lexi-lu
    • By Lexi-lu 26th Dec 15, 4:28 PM
    • 148Posts
    • 739Thanks
    Lexi-lu
    For Sunshine and a Sea View .... eventually!
    • #1
    • 26th Dec 15, 4:28 PM
    For Sunshine and a Sea View .... eventually! 26th Dec 15 at 4:28 PM
    Hello,

    The plan is to pay off the mortgage of £90,472 in 36 months so that I can retire early and live somewhere sunny one day

    I have read many inspirational diaries over the past year that have motivated me to plan for the future, a big thank you to all for sharing your stories. I especially enjoy the posts from those of you that have completed your MF journey and are now enjoying the well-deserved rewards.

    Good Luck to everyone still on their MF journey and I am excited to be joining you.

    Mortgage Details

    2016
    £51,472 Repayment
    £39,000 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date March 2029

    2017
    £41,519 Repayment
    £24,960 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date February 2020

    2018
    £24,607 Repayment
    £22,464 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date October 2019

    Endowment Policy matures July 2019, currently on track for £30k

    DH Pension arrangements are respectable, mine are a WIP
    Last edited by Lexi-lu; 02-01-2018 at 5:53 PM.
Page 5
    • Lexi-lu
    • By Lexi-lu 2nd Oct 17, 6:22 PM
    • 148 Posts
    • 739 Thanks
    Lexi-lu
    Hello,

    September update - Month 21

    Savings for mortgage overpayment this month £1,270.

    I have managed to make a few extra payments to my pension this month - still a long way to go with this.

    £15 money off vouchers used against grocery shopping this month.

    I have just checked the mortgage balance and it is now under £50K

    LL
    Mortgage Balance £40,184
    Savings for O/P £20,694
    • Lexi-lu
    • By Lexi-lu 2nd Jan 18, 5:45 PM
    • 148 Posts
    • 739 Thanks
    Lexi-lu
    Hello,

    October- December update - Months 22-24

    Savings for mortgage overpayment

    October £1,270
    November £1,270
    December £1,270
    Mortgage Balance £40,184
    Savings for O/P £20,694
    • Lexi-lu
    • By Lexi-lu 24th Feb 18, 12:22 PM
    • 148 Posts
    • 739 Thanks
    Lexi-lu
    Hello,

    January update - Month 25
    Repaid £4,706 from savings for overpayment and added £1,270 to the pot for future overpayment when the fixed rate ends.
    2 ebay sales

    February update - Month 26
    Added £1,270 to pot for overpayment
    Switched gas and electricity to a cheaper deal.
    DH was paid for the overtime that he worked over the Christmas period.

    Just 1 week until our fixed rate ends and then there will be no Early Repayment Charge and we can make unlimited overpayments

    We will automatically be switched to the SVR at 4.74% but I have heard about a Follow On Rate at 3.75% (although this may increase as it tracks the Bank of England base rate) so need to investigate this to see if we can make unlimited overpayments without penalty if we transfer to the FOR. Although we donít yet have enough to pay off the balance in full I donít really want to get another deal with a lower interest rate that may limit the overpayments that we can make or incur fees switching to another provider with a lower rate. Hopefully the higher interest rate that we will be paying will motivate us to pay the balance off quicker

    LL
    Mortgage Balance £40,184
    Savings for O/P £20,694
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