My story - determined

determined1_2

Hello all.

Apologies for the lack of updates lately (if anyone cares ). Soo busy and time is just flying by.

Given that haven't been as strict with money as I have been over the rest of this diary. But.... hey the balance is still coming down.

Passed another two exams :T

Have actually felt a slight change in lifestyle tbh. Nothing major just small things like spending more time (and a little money) on food and exersising more. All important things to maintain a healthy lifestyle.

Good news is that I have been given a £2k bonus at work for my efforts and performance. Not paid until Novemeber so a while to consider what to do with it. No doubt some will go to the mortgage.

Salary review also coming up in the next couple of weeks. Not expecting much as was bitterly disappointed last year, but I think I will be content will a small increase given the bonus noted above.

Anyway, rambling a bit.....

Rolling 12 month basis below so the post isn't massive. Total analysis in post #1 in anyone is interested.

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Aug 10: £120,000.00/£693.83/£1,807.98/£78,312.98/123
July 10: £120,9000.00/£377.79/£1,006.64/£76,505.00/120
June 10: £121,500.00/£299.15/£810.93/£75,498.36/119
May 10: £122,000.00/£433.17/£1,195.04/£74,687.43/117
Apr 10: £122,650.00/£807.11/£2,284.25/£73,492.39/115
Mar 10: £123,649.99/£502.57/£1,460.83/£71,208.14/111
Feb 10: £124,400.00/£413.64/£1,226.91/£69,747.31/109
Jan 10: £125,000.00/£768.24/£2,337.67/£68,520.40/107
Dec 09: £125,950.00/£1,154.91/£3,649.15/£66,182.73/103
Nov 09: £127,300.00/£1,030.56/£3,396.93/£62,533.58/97
Oct 09: £128,500.00/£714.74/£2,441.85/£59,136.65/91
Sept 09: £129,400.00/£940.22/£3,324.76/£56,694.80/87

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £18.94 was for 02.07.10 - 01.08.10

Aug 10: £18.85
July 10: £18.94
June 10: £19.02
May 10: £19.12
Apr 10: £19.28
Mar 10: £19.39
Feb 10: £19.49
Jan 10: £19.63
Dec 09: £19.84
Nov 09: £20.03
Oct 09: £20.17
Sept 09: £20.34

Important progress here is reaching the £120k mark which means the LTV (on purchase price) is now 75%. So... we own 25% of our home :T

Best leave it at that for now....

I have been popping in so congratulations and well done to everyone else for their progress.

Queen-Bee_2

Hi Determined, I have been looking at your diary and would like to congratulate you on your progress... and ask a question... how do your work out the interest you have saved over the life of the mortgage?

Last year, I shortened my term drastically from my original term of something like 15 years to less than 4 (to coincide with the end of my fixed term next March).

However, I would love to know how much interest I have saved, month on month, by doing this.

I see that you are a trainee accountant, and figures are unfortunately not my forte, but if there's an easy answer, please share it!!

Cheers,
QB

pammyj74

congrats on your exams and the balance going down so swiftly. fingers crossed for a good pay rise too

gallygirl

Well done on your progress! I love it when the daily interest goes below another £! Well actually, I love it when it goes below & stays below for the whole month, sometimes it goes over again during the month which is v disappointing .

Glad you feel you're getting the work / life balance better as well - we're all in it for the long haul

uzubairu

gallygirl wrote: »

Well done on your progress! I love it when the daily interest goes below another £! Well actually, I love it when it goes below & stays below for the whole month, sometimes it goes over again during the month which is v disappointing .

Glad you feel you're getting the work / life balance better as well - we're all in it for the long haul

That's the most important part.

Exercise can be really relaxing/rewarding. Me and OH go out on our bikes regularly (my bike is my pride and joy and well worth the investment).
He pays an annual subscription for the local swimming baths near his place of work, and goes for a dip before work or during his lunch break several times a week.

Several years ago we splashed out on a heavy duty treadmill, which gets used daily. It's nice to go for a 3 mile run when it's chucking it down outside.

We budget for a meal out with friends each month. We're going out for lunch today with them. :j

Well done on the progress so far.

determined1_2

Queen-Bee wrote: »

Hi Determined, I have been looking at your diary and would like to congratulate you on your progress... and ask a question... how do your work out the interest you have saved over the life of the mortgage?

Last year, I shortened my term drastically from my original term of something like 15 years to less than 4 (to coincide with the end of my fixed term next March).

However, I would love to know how much interest I have saved, month on month, by doing this.

I see that you are a trainee accountant, and figures are unfortunately not my forte, but if there's an easy answer, please share it!!

Cheers,
QB

Hi QB

I have a spreadsheet that tracks the actual mortgage with projection forward to the end (using same interest rate as I'm on at the moment) and another that shows how the mortgage would have run with no OPs. The difference between the two total interest columns is therefore the amount of interest that has been saved

I have heard others say whatsthecost or something may allow you to do what you want???????????

determined1_2

Hello all :hello:

No real changes since last month. Have pull some funds out of saving to make a larger overpayment. Will replenish the savings when my bonus :j is paid in Novemeber.

Rolling 12 month basis below so the post isn't massive. Total analysis in post #1.

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Sept 10: £118,000.00/£1,789.47/£4,465.39/£82,778.37/131
Aug 10: £120,000.00/£693.83/£1,807.98/£78,312.98/123
July 10: £120,9000.00/£377.79/£1,006.64/£76,505.00/120
June 10: £121,500.00/£299.15/£810.93/£75,498.36/119
May 10: £122,000.00/£433.17/£1,195.04/£74,687.43/117
Apr 10: £122,650.00/£807.11/£2,284.25/£73,492.39/115
Mar 10: £123,649.99/£502.57/£1,460.83/£71,208.14/111
Feb 10: £124,400.00/£413.64/£1,226.91/£69,747.31/109
Jan 10: £125,000.00/£768.24/£2,337.67/£68,520.40/107
Dec 09: £125,950.00/£1,154.91/£3,649.15/£66,182.73/103
Nov 09: £127,300.00/£1,030.56/£3,396.93/£62,533.58/97
Oct 09: £128,500.00/£714.74/£2,441.85/£59,136.65/91

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £18.94 was for 02.08.10 - 01.09.10

Sept 10: £18.71
Aug 10: £18.85
July 10: £18.94
June 10: £19.02
May 10: £19.12
Apr 10: £19.28
Mar 10: £19.39
Feb 10: £19.49
Jan 10: £19.63
Dec 09: £19.84
Nov 09: £20.03
Oct 09: £20.17
Sept 09: £20.34

Well done everyone else for there progress :T

determined1_2

Bit late on the update this month but never mind!

Rolling 12 month basis below so the post isn't massive. Total analysis in post #1.

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Oct 10: £117,000.00/£761.44/£1,818.56/£84,596.93/135
Sept 10: £118,000.00/£1,789.47/£4,465.39/£82,778.37/131
Aug 10: £120,000.00/£693.83/£1,807.98/£78,312.98/123
July 10: £120,9000.00/£377.79/£1,006.64/£76,505.00/120
June 10: £121,500.00/£299.15/£810.93/£75,498.36/119
May 10: £122,000.00/£433.17/£1,195.04/£74,687.43/117
Apr 10: £122,650.00/£807.11/£2,284.25/£73,492.39/115
Mar 10: £123,649.99/£502.57/£1,460.83/£71,208.14/111
Feb 10: £124,400.00/£413.64/£1,226.91/£69,747.31/109
Jan 10: £125,000.00/£768.24/£2,337.67/£68,520.40/107
Dec 09: £125,950.00/£1,154.91/£3,649.15/£66,182.73/103
Nov 09: £127,300.00/£1,030.56/£3,396.93/£62,533.58/97

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £18.40 was for 02.09.10 - 01.10.10

Oct 10: £18.40
Sept 10: £18.71
Aug 10: £18.85
July 10: £18.94
June 10: £19.02
May 10: £19.12
Apr 10: £19.28
Mar 10: £19.39
Feb 10: £19.49
Jan 10: £19.63
Dec 09: £19.84
Nov 09: £20.03

Would like to be at £115k on 1 January to start the new year having crossed another £5k marker.

Edging closer and closer to £100k as the months roll passed..............

Rgds

pammyj74

WOW your ops are so impressive! I think you look like your are on target for next xmas

determined1_2

Double update this month! Have had two more of my professional accountancy exams which has been my sole focus over the passed month Results not until end of January and very concerned that I have failed one of them! But, hey, not a lot I can do until I get the results so no point worrying much until them!

Rolling 12 month basis below so the post isn't massive. Total analysis in post #1.

Stats below for balance, overpayment made, "interest saved" that month, "interest saved" to date, and months taken off (denoted as balance/OP/interest saved that month/total interest saved/months saved).

Dec 10: £113,500.00/£2,252.07/£4,975.09/£91,370.34/147
Nov 10: £116,000.00/£774.97/£1,798.32/£86,395.25/138
Oct 10: £117,000.00/£761.44/£1,818.56/£84,596.93/135
Sept 10: £118,000.00/£1,789.47/£4,465.39/£82,778.37/131
Aug 10: £120,000.00/£693.83/£1,807.98/£78,312.98/123
July 10: £120,9000.00/£377.79/£1,006.64/£76,505.00/120
June 10: £121,500.00/£299.15/£810.93/£75,498.36/119
May 10: £122,000.00/£433.17/£1,195.04/£74,687.43/117
Apr 10: £122,650.00/£807.11/£2,284.25/£73,492.39/115
Mar 10: £123,649.99/£502.57/£1,460.83/£71,208.14/111
Feb 10: £124,400.00/£413.64/£1,226.91/£69,747.31/109
Jan 10: £125,000.00/£768.24/£2,337.67/£68,520.40/107

Daily interest below. Each goes from 2nd of previous month to first of the month stated. E.g. £18.08 was for 02.011.10 - 01.12.10

Dec 10: £18.08
Nov 10: £18.24
Oct 10: £18.40
Sept 10: £18.71
Aug 10: £18.85
July 10: £18.94
June 10: £19.02
May 10: £19.12
Apr 10: £19.28
Mar 10: £19.39
Feb 10: £19.49
Jan 10: £19.63



So where are we will the above stats:

• interest per day is now below £18 per day :T
• smashed my target of £115k by 1st Jan 2011. Still 1 month to go so will have to see what can be done. Hopefully down to about £112k
• Over 12 years now taken of the mortgage
• edging ever closer to having saved £100k in interest (assuming rate stays the same)

Our mortgage anniversary is on the 1 June 2011 and I have calculated that it will be beneficial for us to pay the ERC and move to another fix. We are only able to do this because our overpayments have given us below 75% LTV.

This means that rates need to stay low. I beleive that a mortgage offers last approx 6 months and this is pretty standard accross the market. Anyone know the answer to this???

If that is the case, we could apply first thing in January before the next base rate change and bingo some more money saved

Will be doing this for by brother and over the 3 years left on his fix he will save approx £10k in interest. Think he is going to owe me one!!!!!!

I would appreciate your kind thought on the above my fellow MFW'ers