£161,044.25 reasons to be mortgage free

Peonie

The SVR is great news. Do you know how much your payments will reduce by?

wantabetterlife

Not exactly sure Peonie but reckon by around £100 :j:j

justinj

I've been away from the MFW board for a while, I remember you saying to me that you would love to be into £130k's about 2 years ago, so how does it feel, I've also noticed that your SVR will drop by 1% which is fantastic. Mine dropped from 6.99 to 2.75 back in October last year and we haven't looked back. Well done on your progress you'll be into 120k's before you know it.

wantabetterlife

Hi Justin, thanks so much for popping in and posting, it does feel great to be in the 130's, but to be honest once you reach one target you stat thinking of the next.
I have joined the new MTI 3 challenge and hope to be under 100k by the end of it...not sure if its doable in three years but will give it a good try.
I dont feel as "panicked" by the size of the mortgage as i did when it was almost 170k...i kind of feel that even if one of us lost our job we would still be able to manage, where as before i could never imagine that and the thought of it used to keep me awake a night.
Another payment goes out tomorrow so will be updating the balance soon
Thats fab about your rate drop, you must be saving a fortune in interest...well done and thanks again for popping in.

wantabetterlife

Time for another update...the balance is now £132817 and i really cant wait to be below 130k!!!
I am hoping that we will be able to start paying off a good bit more on the mortgage as i have just got a payrise of 4k and some backpay. I decided to use the backpay to pay off the rest of my student loan...so the last 3k has been paid today and it felt great!!!! :j:j. I know the interest was only 1.5% but it was £145 per month out of my wages :eek:
We also have some money in savings and we are going to use this to pay off the last of the car loan, which is around £2300. This will give us an extra £126 per month in the bank
Hope all is well with everyone...am now going to update my signature

Peonie

Wow, congratulations on getting a wage rise, paying off your student loan AND car loan. Plus a lower SVR. By my calculations you will possibly have an extra £371 a month; plus you're wage rise. Not bad.

gallygirl

:j:j:j:j Wow, not a bad day then WABL :j:j:j:j. Great stuff . Funny how paying off the student loan in theory isn't a good idea - but in practice how great!!!!!!

wantabetterlife

Thanks Peonie and GG...you have inspired me to do a few sums ad all i all we will be £525 per month better off!!..not a bad payrise :j:j.
Now i need a plan of how it is going to be allocated so we dont waste it...watch out mortgage!

QB_Wolf

wantabetterlife wrote: »

we will be £525 per month better off!!..not a bad payrise :j:j.

Sounds brilliant imagine ploughing the majority of that into the mortgage!!:T

wantabetterlife

£300 o/p made this month :j:money: and another payment has cleared so we are now at £132095. meaning £722 has come off the Capital...oh how i cannot wait until all this hard earned money is ours and not the banks!!!
Am trying to keep up with diaries so that it keeps me on track...heres to a great 2013 everyone :beer: