Mortgage free by September 2014 (or before!)

SmileyG_2

Hi everyone

I can't believe it's 6 months since I last posted. Here is my recent update

Mortgage at 31/10/2013
Outstanding balance: -£43,234
Estimated endowment value: £31,814 (value @ 30/10/2013)
Investments: £22,721
Surplus: £11,301


As in my previous post, I am now using all my payments to bring the mortgage down. I want to be around £40,000 by September next year, so I will apportioning my payments as follows:

Mortgage: £431.40
Investments: £0.00
Endowment: £68.00

This should give me at September 2014:
Outstanding balance: -£40,414
Estimated endowment value: £33,686 (at 30/06/2014)
Investments: £23,310
Surplus: £16,582

My fitness drive is now coming on a treat. I managed to resume running in the local parkrun but have now become involved in organising one of the seven new runs in Kent. They are fantastic as they provide 5K runs totally free, but until the volunteer roster gets bigger it's stopped me running on a Saturday morning. 10K is well within my capability now, but am just holding back until I can do reasonable time.

I am also targetting a one mile swim by the end of 2014

Weight wise, I seem to have stabilised at around 69Kg, a total weight loss of 6kg:j
Would like to lose another 2Kg, so still working on it!

SmileyG

angela110660

Another six months has passed. How is everything with you?

SmileyG_2

Can't believe it was 6 months since I last posted!

Everything is on track and I will be posting soon!

Very excited!

SmileyG

angela110660

Looking forward to the update.

SmileyG_2

Hi everyone

It's been too long since I've posted, but the news is as follows:

Mortgage at 11/08/2014
Outstanding balance: -£5,076
Estimated endowment value: £0 (Matured with a value of £34,876)
Investments: £23,013
Surplus: £17,937


My endowment matured on Saturday and the funds have already been applied to the mortgage account. The interest and dividends on the investments are now being used to cover the mortgage interest as the balance of the loan is not due until November 2020, so I am now for all intents and purposes "mortgage free".


I have decided not to pay off the mortgage until the date it is due. It has a facility for me to be able to borrow back my overpayments and at an interest rate of 2.5%, it seems absurd to do that whilst the outstanding debt is covered.


Today I am feeling like a happy bunny. As a reward, I bought myself a new camera which my 14 yr old daughter is going to teach me how to use.


All I need to do is teach her finance.....:j

SmileyG

Watty1

WOW ... well done!