uzubairu's Mortgage Free Journey

Sepa74

And healthy too!

uzubairu

Cycling to work is quite relaxing (I find).
I have spent more money than I expected on cycling accessories, but there are so many to choose from.
Cycling shorts, jerseys, helmet, cycle computer, better tyres, SPD pedals (all acquired as cheaply as possible - got some great bargains from Evans Cycles and Wiggle).

I cycle 2/3 times a week (hoping to make it a minimum of 3 soon - decent wet weather clothing has recently been purchased) and OH is every day (even when the weather is horrendous).

uzubairu

July Update

2012 Mortgage starting balance = £65,703.71
2012 Overpayment Savings starting balance = £23,991
2012 Net Mortgage starting balance = £41,712.71


Month / Payment / Overpay / Daily Int / OP Savings / Mortgage /Net Balance.
Jan / 581.13 / 2,590.00 / 4.14 / 26,597.00 / 65,246.73 / 38,649.73
Feb / 581.13 / 2,200.00 / 4.11 / 28,797.00 / 64,793.25 / 35,996.25
Mar / 581.13 / 2,100.00 / 4.08 / 31,077.00 / 64,338.74 / 33,261.74
Apr / 581.13 / 2,600.00 / 4.04 / 33,729.00 / 63,875.32 / 30,146.32
May / 581.13 / 1,910.00 / 4.02 / 35,644.00 / 63,418.98 / 27,774.98
Jun / 581.13 / 1,800.00 / 3.99 / 37,460.00 / 62,957.78 / 25,497.78
Jul / 581.13 / 2,000.00 / 3.97 / 39,462.00 / 62,499.82 / 23,037.82

Total overpayments (Year To Date) = £15,200.00

uzubairu

I spent loads of time last week trying to secure Olympic tickets for the Mens 100m final, but it was to no avail, even though I managed to enter my cards details on 6 different occasions.

By Friday, I gave up and decided that a better solution would be watch it at home in full HD on our 80 inch projection screen.
This meant we upgraded the current 4.5 year old projector that we had for a more advanced updated version.

Luckily it was available via Tesco Direct with next day delivery (and for once was the same price as other retailers), so I got 10% staff discount, 3% Quidco and 5% cashback since I paid with my Amex card.
In summary, we got a £900 projector for £745.
Our old projector will probably fetch £300 on eBay, so £445 to upgrade to a much better picture.

Watching the Athletics on Saturday and Sunday evening was amazing!
Jess, Mo and Greg for brilliant for Team GB.
Usain was just amazing.

This month I get paid twice (3/8 and 31/8), and I have a quite a bit of overtime due at the end of the month and £200 mileage, so I will hopefully be able to make a decent overpayment this month.

Can't wait until we are in the teens.

uzubairu

August overpayments so far are:- £1,100.
A bit more to come later this month.

Yesterday was my day off and I spent 2 hours practising clipping in/out of my new bike pedals.
Several falls later and I think I am getting the hang of it.

It's a bit hectic at work, with lots to do and not enough time to do it (unless you stay behind or take it home).
Every pay day gets us one step closer to Mortgage Freedom next year, so I won't grumble too much.

brenda10

I had a 60,000 mortgage taken out nov 2005 when I lost my job. I now have the money saved over the past 6 years, cutting down drastically and being savvy with my money on everything and following Martins tips, I then saw an offer with Newcastle buliding society recommended by Martin of a 4.2% savings for 5 yrs(loophole and not tied in, need to give 6 months notice) and I am making 90£ month interest clear over and above the interest expenses on mortgage as still paying off my mortgage monthly by dd. My mortage is variable rate so 1% above base rate=1.5% at present. I pay approx 45 int on mortgage and on £38,000 earn 136 with tax paid= 91 clear profit, took a chance and it is paying off. I am quids in, overpayments were benefiting the mortgage company, now they are benefiting me. If and when the bank of england interest rate is raised and I am no longer benefiting I will withdraw the monies from N/C bank and pay off the mortgage and have some left. :money: Martin is my hero!!

uzubairu

Well done brenda10. :T
We've got our overpayment money saved elsewhere as well.

With the interest on our First Direct mortgage at 2.29% we have several regular savings account generating us more interest.
Even though we had to pay £2,000 in ERC in 2010 to get out of our fixed rate mortgage, we have still saved thousands.
This website has played a great part in the savings that we have made.

uzubairu

August Update

2012 Mortgage starting balance = £65,703.71
2012 Overpayment Savings starting balance = £23,991.00
2012 Net Mortgage starting balance = £41,712.71


Month / Payment / Overpay / Daily Int / OP Savings / Mortgage /Net Balance.
Jan / 581.13 / 2,590.00 / 4.14 / 26,597.00 / 65,246.73 / 38,649.73
Feb / 581.13 / 2,200.00 / 4.11 / 28,797.00 / 64,793.25 / 35,996.25
Mar / 581.13 / 2,100.00 / 4.08 / 31,077.00 / 64,338.74 / 33,261.74
Apr / 581.13 / 2,600.00 / 4.04 / 33,729.00 / 63,875.32 / 30,146.32
May / 581.13 / 1,910.00 / 4.02 / 35,644.00 / 63,418.98 / 27,774.98
Jun / 581.13 / 1,800.00 / 3.99 / 37,460.00 / 62,957.78 / 25,497.78
Jul / 581.13 / 2,000.00 / 3.97 / 39,462.00 / 62,499.82 / 23,037.82
Aug / 581.13 / 1,100.00 / 3.94 / 40,762.00 / 62,036.89 / 21,274.82

Total overpayments (Year To Date) = £16,300.00

Mortgage_Reduction_Novice

Well done on all your overpayments this year... it's rapidly decreasing looking month to month!

uzubairu

Another £300 added to the overpayments, which has come from eBay sales.
August OPs so far:- £1,400.

Currently having to split my shifts at work to see all the relevant staff (meetings, training etc), so to say I am a little bit tired is an understatement.

I plan to list another 20 items on eBay tomorrow (clothing, DVDs and odds and sods), which hopefully should make about £150.