£161,044.25 reasons to be mortgage free

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  • abba1772
    abba1772 Posts: 7,746 Forumite
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    wantabetterlife wrote: »
    Staring 2018 in the £166's. I can change 90k of the mortgage on the 1st of February from 4.39% to hopefully 2.29%. This should mean a good reduction in interest paid :) . I have joined the 2018 MFW challenge to keep me motivated...aiming for £5k between our home and BTL :j

    That would be a huge saving ;)

    We remortgage end of April our Apr is 5.99% :eek: hoping to get a decent rate and we will just overpay using the savings xx
    NEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12
    POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.05
  • wantabetterlife
    wantabetterlife Posts: 1,292 Forumite
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    The new deal has went through and our daily interest has dropped from £15.28 per day to £10.08:j:j..unbelievably happy about this and we are only £9.00 away from the £164's. I eventually feel like we are making headway with this elephant!!
    Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,000
  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
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    edited 4 March 2018 at 8:52PM
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    Thats an awesome interest rate drop there :D
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • Lifes_Grand_Plan
    Lifes_Grand_Plan Posts: 1,083 Forumite
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    Great news, well done. Just remind be if you would please, how do you calculate daily interest? Or do your back provide that for you? Thanks
    A big believer in karma, you get what you give :A

    If you find my posts useful, "pay it forward" and help someone else out, that's how places like MSE can be so successful.
  • wantabetterlife
    wantabetterlife Posts: 1,292 Forumite
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    Hi LGP I'm with the Halifax and every month the interest you have been charged shows up on the online banking. This month the interest for Feb was £282.39 so you just divide that by the number of days in the month, so I divided by 28 and daily that is £10.08.
    Next goal is to get daily interest below £10. Tilly tidy just completed for £1.16...the 164s are sooo close :D
    Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,000
  • selloptape
    selloptape Posts: 632 Forumite
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    Congrats on the new rate!
  • wantabetterlife
    wantabetterlife Posts: 1,292 Forumite
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    Finally we have scraped into the 164's :beer:. .
    Balance is now £164999.25 :j
    Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,000
  • CathT
    CathT Posts: 7,115 Forumite
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    You should start to see a huge difference with that big interest drop now.
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
  • wantabetterlife
    wantabetterlife Posts: 1,292 Forumite
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    Hi Cath...yes we have kept our payments the same, meaning that we are actually overpaying the mortgage by £285 per month :j
    Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,000
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