uzubairu's Mortgage Free Journey

MoneyQueen

StuartGMC wrote: »

Uzubairu
It's good to hear of the request at work; may be worth thinking of taking it if it enhances your CV ahead of the new boss arriving (who will need time to get to know you and may be less willing to help push you forward?). Take care on the pavements whilst walking too.

Uzubairu, I agree with what Stuart has said. I would take it if it gives me good experince and enhances my CV.

Good Luck

MQ

RosieTiger

Good luck with the salary increase, but more importantly what a great result on the mortgage term reduction !

uzubairu

OH has informed me that he has added £200 to his standing order payment to the bill account (it goes in on the 1st of the month).
I should be able to overpay £900 per month regularly which should keep us on track for the year end target of £65K.

It helps too because there isn't as much junk left to eBay and the drastic savings on fuel etc cannot be repeated this year (although we will still be sensible with our spending and utilities use).

A year or two ago, he would have spent that extra £200 on clothes or shoes (he has more clothes than me - 55 shirts in one of the wardrobes).

setmefree2

on coverting OH to the cause

uzubairu

Mortgage statement arrived today and it exactly the same as my year end summary.

The Overpayment Reserve has doubled in a year and was just under £18K and no charges whatsover were applied even though every single monthly overpayment was over £500.

uzubairu

Annual Mortgage Statement Summary 2009

Opening Balance = £97,343.47

Interest Rate = 4.79%
Total Interest = £4,279.61

Payments = £19,899.47

Closing Balance = £81,723.61

Early Repayment Charge = £2,648.72

Overpayment Reserve = £17,968.24

Basic Mortgage Payment from January 2010 = £937.16


The ERC has dropped by £1,000 in the last 12 months, as it was £3,643 at the end of 2008.

We should be able to add another £10K to the Overpayment Reserve this year, before we have to start looking for another place for the surplus.

uzubairu

First monthly update of the year.

Overpayment in blue, Interest in red and Balance in green.

Year starting balance = £81,723.61
Overpayment Reserve = £17,968.24

January Stats:-

Month / Payment / Overpay / Interest (per day) / Net reduction / Balance.
Jan / 937.16 / 1,000.00 / 326.49 (10.53) / 1,610.67 / 80,112.94


Year To Date Totals
Std Payment / Overpay / Interest / Net Reduction / OP Reserve / Balance
937.16 / 1,000.00 / 326.49 / 1,610.67 / 18,968.24 / 80,112.94

uzubairu

We're going to Egypt tomorrow morning and have just finished our packing.

We have to leave at 04:30 to drive to the airport parking facility.
It only cost £17.36 which is less than the cost of a taxi (one way).

All the housework is done, so that when we get back we can just spend the day in bed (if we want to).

The standing order overpayment of £500 for February should hit the mortgage account by Tuesday and we will have a mortgage figure starting £79,XXX.

I'm hoping to be able to add another £400 before the end of the month, as I've got a bit more stuff to get rid off on eBay (clothing, dvds, a mobile phone and a pair of trainers).

evab_2

Have a lovely holiday, well done on a great start to the year!

setmefree2

well done for getting sub £80k.


Have a great Holiday!