Mortgage Free ASAP

Queen-Bee_2

I've been doing some calculations, and given how difficult it is to secure even a part time job at the moment (my industry rag hasn't had a single job advert in its back pages for the last two weeks), have decided that November will be my last 'big' overpayment for a while.

Otherwise, I risk drawing on savings I might need to live off during the course of the next few months. The Comprehensive Spending Review has decimated opportunities in my sector - everyone is retrenching, rather than recruiting.

Thank goodness for the income from my Monday-Friday lodger! I'll update as usual at the end of the month, but after then I must batten down the hatches!!
QB

LilacPixie

QB thats good. plan is all that is required and you have made huge bites into your outstanding amount. PT job and you will be sorted

Queen-Bee_2

LilacPixie wrote: »

QB thats good. plan is all that is required and you have made huge bites into your outstanding amount. PT job and you will be sorted

Thanks LP. Frankly, whilst I'm studying, I'd rather not do anything that takes up too much time/energy. Now I've learned to live on less, my days of 24/7 working are firmly behind me!!!
QB

Queen-Bee_2

This month's figures are as follows:
Actual payments: Jan, £3,980; Feb, £3,980; Mar, £3,980; Apr, £8,900; May, £4,058; Jun, £3,980; Jul, £3,980; Aug, £3,980; Sep, £3,980; Oct, £3,980 (Total = £44,820 for year to date)
Original scheduled payments: Jan, £645; Feb, £645; Mar, £645; Apr, £645; May, £645; Jun, £645; Jul, £645; Aug, £645; Sep, £645; Oct, £645 (Total = £6,450 for year to date)
Payment over/above original estimate: Jan, £3,338; Feb, £3,338; Mar, £3,338; Apr, £8,254: May, £3,338; Jun, £3,980; Jul, £3,980; Aug, £3,980; Sep, £3,980; Oct, £3,980 (Total = £38,370 for year to date)
Interest per day: Jan, £6.55; Feb, £6.13; Mar, £5.47; Apr, £4.37; May, £3.88; Jun, £3.39; Jul, £2.90; Aug, £2.41; Sep, £2.07; Oct, £1.43
Mortgage balance: Jan, £51,230: Feb, £47,430; Mar, £43,620; Apr, £35,260; May £30,919; Jun, £27,050; Jul, £23,145; Aug, £19,250; Sep, £15,320; Oct, £11,350
% of mortgage now paid off: Jan, 48.77%; Feb 52.57%; Mar, 56.38%; Apr, 65.41%; May, 69.08%; Jun, 72.95%; Jul, 76.86%; Aug, 80.76%; Sep, 84.68%; Oct, 88.62%
% of house now owned outright: Jan, 91.74%; Feb 92.35%; Mar, 92.97%; Apr, 94.31%; May, 95.01%; Jun, 95.64%; Jul, 96.27%; Aug, 96.90%; Sep, 97.53%; Oct, 98.16%

Comments
As per one of my previous posts, I think that this coming month will be my last in terms of large overpayments – the job situation is so bad out there, I need to hold back more of my savings to actually live on… I’m hoping that once the implications of the Comprehensive Spending Review have been digested, organizations will take stock, rebalance their staffing requirements and start recruiting for the backlog of people with the skill sets they actually need (which hopefully will include me!). In the meantime, I’m focusing on my academic work, which I’m very much enjoying! (I was about to say that at least when I’m studying, I’m not spending anything… but I’ve just remembered the whopping course fees!!)

I also thought it would be interesting to take stock of my total overpayments payments to date (rather than those for this year only), to get a broader perspective on MF progress. I’m pleased to report it’s all looking rosy:

£14,850 Total original scheduled payments to date
£82,950 Total actual payments to date
£68,100 Total overpayment to date

Onwards and upwards – or, as us MFWs would say, downwards!
QB

SmlSave

Onwards and downwards!

RosieTiger

They are fantastic figures, at least this should mean that you have lower outgoings as result of what you have achieved so far, wgich should helop tide you through.

Queen-Bee_2

The November payment has just cleared... As of today, my outstanding balance is £7,400. Seeing such a low figure makes me want to press on and simply clear the lot. This however, is balanced by common sense, which is telling me to go easy until I've found that elusive part time job. I've another month before I need to make my mind up about re-extending the mortgage term - to be honest, right now I'm attracted to the high risk strategy!
QB

[Deleted User]

Hey QB
fantastic achievements!! well done ...Oh my gosh what a balance ... I have to say there is a part of me that would also go for the high risk strategy and pay it all off .... but I dont know what your other outgoings will be, and without any income its a different story isnt it... are you looking for a part time job in your specific field or could you do something just to pay the bills if you did decide to pay it all off? eitherway , the end is in sight now I guess- well done!!!

Queen-Bee_2

Hi TYO, I have a little bit of income at the moment - just under £500 pcm from my Monday-to-Friday lodger.

Pared down to the bone (and I mean right down!!), my monthly outgoings without the mortgage would be £988 pcm. This includes £240 for my pension, £149 Council tax and £52 insurance, £90 for food and so on.

I'm not sure to what extent I'm actually sticking to this budget at present (so far, I don't monitor every penny), therefore it seems that I'm cross subsidizing myself from my savings at a rate iro £500 pcm.

To date, I've been looking for a job in my specific field, but that might change in the coming months. It's proving a tough old world out there for job hunters!
QB

Queen-Bee_2

Fab free firework show at the local business park last night.

Usually, we pay £5 to go and see the one organised by the local council - invariably it's very late starting (a pain if you've taken little ones, cos they start getting cold and tired) and muddy to boot.

But this one was absolutely free and started bang on time. Fifteen minutes of spectacular, magnificent colour. Lovely and very MFW friendly
QB