Mortgage Free by November 2028

CountingPenniesClaire

Been paid. Made my first op on the loan today and transferred £200 straight to savings. If it's not in the current account the temptation to spend it is much reduced. Done quite well no spend days in feb. Will have to try to keep that up for March.

CountingPenniesClaire

Have updated my signature. Think my savings rate is probably going to level out a bit now but have got off to a good start. I might even be able to squeeze a bit more out of this month but I'll focus on the NSDs and see what I'm left with at the end of the month. I am (secretly) aiming for £250 a month, so £3000 for the year but I might have to dip into the fund for a couple of things so we will see. Will be ace to finally have got back to having £1k in savings!

Firegirl

Thats a good idea doing the no spend days and alcohol free days!

CountingPenniesClaire

Well it’s been a while! 

I’ve lurked quite a bit this year with all the    Implications of Coronavirus kicking in, but I’m having a renewed push. Myself and hubby have been affected (I guess not many haven’t) but touch wood we still have jobs (albeit restructured and part time for now so our employers can utilise flexible furlough). Future is a little
uncertain but over the intervening years we have built up a decent safety net if push comes to shove. 

Can’t quite remember where we’d got to but our mortgage is now £198,000 (down from £296,000 in 2011) and our monthly payments at £1460. We remortgaged with FD nearly two years ago on a 10 year fix. We opted for a shorter term at the time to bump the payments up and get through it quicker. DH has just turned 50 (a lockdown celebration as such!) and I’m 43 but we want to have paid the whole thing off inside the fixed term if we possibly can. Now is the time to
ramp it up and I think it is doable - assuming we keep our jobs and our circumstances don’t change markedly! 

The plan is to make one overpayment of 10% of the balance at the beginning of the year, each year. We could make an overpayment now but I’d rather ride out the rest of the year and see where the chips fall...just in case. I won’t be making super frequent updates but I’m in awe of those who do and who also provide such inspiration to the rest of us. 

Thank you one and all x

CountingPenniesClaire

Quick update as it is so useful to be able to look back and see where you were with things (utterly boring for anyone else reading this mind so apologies!)

mortgage 1 on home: £178k 
mortgage 2 on btl: £95k

Hope to totally pay off mortgage 1 by the end of the fixed period (approx 6 years from now). We have spent a bit on renovations (like a lot of others) so might be a bit of a stretch, but we’ve managed to keep quietly saving in the background.  Once all that is out of the way and we are in a period of consolidation will take stock and see what is realistic. Certainly want to be sub £50k I think. 

Anyway just a placeholder for future reference. 

If anyone drops by hello and take care x

Aimingforthegoodlife

Hi CPC, I have enjoyed this diary, moving through the years was fun! Great work on saving and OPing, you seem to have the balance down now and I really like the tentative goals!

CountingPenniesClaire

Checking in but not much progress to date (£161k/£83k). However plan is to make some decent monthly overpayments from October and drive the mortgage down (assuming life doesn’t get in the way!) Fortunate to be fixed without overpayment charges (as long as we don’t pay off in full) until end of Nov 2028. Take care all. X

CountingPenniesClaire

Okay so some calculations and discussions this morning. We have had a good look at how we can pay off the mortgage by the end of the 2.49 fixed period in Nov 2028 - about 5.5 years away. I’ll be 52 and OH will be 58 so that feels right timing. Once overpayments are underway in Oct/Nov this year and we are getting to the business end of things I’ll be reporting in more regularly - maybe do a comparison of amount outstanding each month before and after overpayment. Take care all x