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£161,044.25 reasons to be mortgage free

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  • abba1772
    abba1772 Posts: 7,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    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: 1,296 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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: 2,468 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 4 March 2018 at 8:52PM
    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: 1,107 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    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: 1,296 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    Part of the Furniture 500 Posts Combo Breaker
    Congrats on the new rate!
  • wantabetterlife
    wantabetterlife Posts: 1,296 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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: 7,133 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You should start to see a huge difference with that big interest drop now.
    June 2025 - part 1 - £19,145 part 2 - £21,973 Total - £41,118 29 months to go!
  • wantabetterlife
    wantabetterlife Posts: 1,296 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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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