Pawlala's MFW diary (Part II now underway in earnest!)

pawlala

my aim in 2013 is to make a payment every day of the year and completely clear my remaining £71000 mortgage. I'll need to achieve an average OPment each day of approx. £195. but with various savings maturing this year I hope to pay some 4-fig numbers somewhere along the line.

pawlala

After some small overpayments each day this year I did another £900ish payment last night, bringing my 2013 total to just over £1100. Mortgage now down into the 60k's bracket :beer:

I've not stopped this month yet so I will update my sig with the final Jan figure at the end of the month.

I love online overpaying

pawlala

Hello everybody, how are you all?

Last month's overpayments came to almost £4000, and this month is approx £1500 so far. Mortgage down to about £66000 now. I am almost at the end of my fixed rate so when I move to a standard variable rate in a few weeks I can begin overpaying by more than 10% a year. Even though there are some good deals out there, there is no way I would remortgage as I know I can pay the whole thing off by the end of 2013. I don't want to ever be tied down to a fixed deal ever again.

When my bonds mature soon they're all going towards the mortgage. Almost £40000. I cant find ANY savings (not even ISAs) that will be better than the variable mortgage rate. I am effectively turning all my savings into overpaying (bar a longstanding ISA that will be my emergency fund until 2014).

I cannot believe, since starting this thread in 2009, that I am almost at the end of my MFW track. I've nearly done MF twice in four years. I can really begin to start thinking about my future beyond banks and mortgage rates and fixed terms this and standard variable rates that.

Just 9 months to go. I can see the light at the end of the MFW tunnel! :beer:

pawlala

huge craving for fish and chips. might have to drive to a takeaway.......!

pawlala

February overpayment total is £2132.47, taking my 2013 total to £6132.27. Spreadsheet has already been updated, and I am now 8.64% towards my £71,000 target. I'm slightly behind for this time in the year but I put that down to only being able to overpay 10% of the total because of early repayment charges. No way the bank is getting any more money out of me than they absolutely have to!!! :rotfl:

March should see a bond mature, which will almost double my tally for 2013. Also, my fixed rate will be coming to an end so I will not have any ERC's for the rest of the year. My new interest rate has already appeared on my online banking, and although it is a little higher than the fixed, I am now paying £30 interest less than I was at the start of January :money:

have a good weekend everybody

pawlala

Another 5-figure month for May, I hereby reduced my mortgage by £10329.84

So far this year I have reduced my monthly mortgage bill from ~£330 to ~£150. Council tax will soon become my biggest outgoing, ironically the same month we went to fortnightly collections.

The Corporation, :iloveyou: :lipsrseal

By my reckoning, only 7 mortgage payments to go to MF#2

pawlala

Well here I am sat in the garden enjoying the lovely sunshine while browsing the mse forums on my iPad.

I have no visitors today so I took the opportunity to work out some figures to the mortgage.

MOrtgage minus savings give me an interest to pay of approximately £50 per month. HOpeful of reducing this by about £7 per month until December when I should become mortgage free.

I have been researching the implications of owning a second home, perhaps a holiday home near the coast. All being well I could start saving for this from the beginning of 2014.

Anyone else have similar plans or have made the jump to a second home?

pawlala

Hello everybody. I haven't posted here for a couple of months but I have been updating the MFW2013 spreadsheet at the end of the month. I'm pleased to say I have overpaid £3480.98 this month and £5500 last month, I'm now on 72% of my target of £71000 towards my 2nd mortgage (free)dom.

I am still on target to be MF by 31st December, but living costs and other things are not making it an easy target. Thankfully, I seem to have accrued lots of vouchers here and there and plenty of stuff for Christmas already so the expense later in the year will hopefully not derail my plans too much.

I have found cheap car insurance and a penchant for batch cooking. Every little counts to what I hope will be one hell of a New Year's Eve!

#79

pawlala

Morning all! This month I have overpaid by £9336.24, which includes a matured long-term fixed ISA plus all its interest. I can't find anywhere near a comparable rate to what it was before (or higher than current mortgage rate), so I'm (rightly or wrongly) pulling it all out and making a huge capital repayment instead. I am saving some of it as my emergency fund.

This month's overpayments leave me with a mortgage of approx. £9K. for me to clear by New Year. Its a race against time now!

All the workings out over the last 3 years are final coming to a head though and I am still on target for MF for 31/12/13 as per my previous post (just!). I have made a call to the bank to recalculate my previous month's overpayments to reduce my monthly repayment. It now stands at approx £55 p/m which is about right for a 9K mortgage.

Off to update the MFW2013 spreadsheet now and do some property !!!!!! on RightMove, who knows I could find my 3rd MFW project further up that ladder! :www:

Don't forget to batten down the hatches for that storm everyone! :eek:

pawlala

LOL! Following their recalculation the bank have this morning sent me a letter for EVERY online overpayment I made since the previous recalculation. It took me well over an hour to open today's post!! :rotfl::rotfl::rotfl: