Ajmoney's mortgage reduction diary

setmefree2

ajmoney wrote: »

I decided to cheer myself up and look on one of the mortgage calculators to see how my OPs have affected me. If I didn't OP at all I would have 19.67 years left until I was mortgage free. With my current OP of £100 a month (ignoring the odd extra OPs) this has dropped to just over 13 years. Even though I am not working to be fully mortgage free at the mo I am quite impressed. When we move (probably in the next couple of years) I will do calculations on that mortgage and get OH on board. All the OPs are currently done from my wages so it would be great if we could both attack the total.

Great news :T

pawlala

which calculator did you use?

twinklie

Well done AJ...keep it up!

ajmoney

pawlala wrote: »

which calculator did you use?

quote-engine.com, you can play with different terms and it will tell you how much you need to OP to complete in that time.

ajmoney

Good news today. My standard OP of £100 went out today and I have just made my extra OP of £35 so I have reached my target of £1000 in OPs during 2009 :j

Queen-Bee_2

Well done, it must feel good to see the remaining term dropping after your OPs!
QB

setmefree2

ajmoney wrote: »

Good news today. My standard OP of £100 went out today and I have just made my extra OP of £35 so I have reached my target of £1000 in OPs during 2009 :j

Fantastic. You must be well pleased. :T:T

ajmoney

Apologies for coming on and raving about my interest again but seeing as I don't make huge OPs it is the only thing that really shows a difference. The extra OPs I have made this week (£135) seem to have tipped the daily rate to under £3.50, typically now £3.48. I am quite happy with this as I know that more money will be going towards the capital.

OH is on his NQT year at the mo and has been hinted towards a job next August although initially it looks as though it may only be a temporary contract due to the way the Scottish system is working. The PT wants him there and he wants to work there (a school he had a placement at last year) so we are hoping that after a couple of years it would become permanent. Trying not to get my hopes up but he was invited on their Christmas night out last night and has been invited to a residential weekend next month so they obviously like working with him, the PT seems to be in the process of getting the Head teacher on board too.

This is going to mean we won't be moving until OH gets a permanent job so I have the opportunity to OP more and therefore get a bigger deposit to throw towards a new house. Only thing is I am remortgaging in February and this is probably going to be on a higher rate so the interest will probably go up again, I think that is right?!

pammyj74

well done on reducing your daily interest. Mine is currently £13.56 :eek:

Good luck to your OH on getting a permanent job soon. I do OPs on my own, there is only little ole me and 3 kids and still manage to do it.
You are on a really good interest at the moment mine is 5.89% and then it will go to SVR end of feb to 3.5% I will definitely notice the difference!

Good luck and hope you find the house of your dreams so you can then finally aim to be MF

uzubairu

Well done on your efforts so far. :beer:

Fingers crossed for your OH's job prospects. I hope it turns out well and like you say you can both attack the mortgage.

At present, I can only dream about a a daily interest of £3.48, because mine is currently £10.91 (I checked online last night). :eek:
My first plan is to get it below £10.00 per day (3 digits instead of 4), which should hopefully happen some time next year.