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Originalmiscellany's MF dreams
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But i have to say, listening to Martin on Radio 5 was hugely beneficial in terms of my outlook and consideration to risk - e.g. if I'm happy to take a gamble, hold off, if not, fix!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
And the next month is assigned - ready for the final overpayment of the year - £500 by 12 = £6k off the mortgage on top of normal payments.
Final payment to go out on 1/12/2017.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Objectives met - payment through. Had some extra expenses (broken dishwasher, vacuum,kettle) in the space of a few weeks - all very useful and needed! (although we could potentially get by without a dishwasher for a bit). Off to the tip today to get rid of old dishwasher, as new one (a hand me down) has been installed - and I need to cancel the order for the new one we ordered. Money saved
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
A new 2018, another £500 overpaid on top of the mortgage. As mentioned previously, I will have to remortgage at some point this year, will realistically have to stop overpaying with the same enthusiasm but will aim to make even small overpayments every month.
Let's see how it works out in reality Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Oddly enough, does anyone else really enjoy getting letters from the bank telling you what your overpayment has done to the overall balance/length of the mortgage? Always encourages me to see it drop down, no matter how little/small the steps are.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Another £500 overpayment, but I've made the step to get a mortgage agreed in principle, to get a fix as I'm starting to get itchy feet. The benefit is that I have 6 months of it being valid so can see what happens for a few months before making a move one way or another. But there is movement.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
is afoot! Have a mortgage in principle (valid for 6 months) and a "last date" I need to contact the bank to get the mortgage through before the offer expires.
That gives me 5 months (March - July) to continue to overpay as previously, but with the benefit of meaning that when I do activate the mortgage I'll be able to have reduced the captial further.
Plus they have said that if a better deal comes along I can re-negotiate, ie I have plenty of time to consider my options. I am sure they are hoping I'll take the mortgage as it has taken 2 conversations taking up 2 hours so there's clearly commitment from both parties!
Benefits:
a) I can continue on my mortgage "as is" for the next few (5) months - which will take a further 3.5k plus off the outstanding amount
b) I have a decent long term mortgage offer out there, which is valid for 6 months
c) I can adjust finances to over pay for the next 5 then when I go fixed, the drawbridge will be pulled up on overpayment for a bit
d) Thanks to overpaying, the rate is only a bit more than (£50 a month) than i pay currently - which if not overpaying is managable
e) I am allowed infinite overpayments and in fact the length of the mortgage is reducing as I took out a super long mortgage last time as it was free to join, leave and infinite overpayments were allowed.
f) In some ways we are the "tightest" we have ever been financially, and if we can manage, when MOM returns to work we can get cracking on paying this down double fast.
Concerns:
a) 10 years - a long time!
b) We're not going to move, but what if something happens?Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Another £500 overpaid on top of the normal mortgage payments for March 2018. Mortgage booked to transfer end of July 2018 - so a few more over payments to go. Then financial lock down will commence Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
See month above for March 2018 - £500 overpayment - Still not returned the paperwork to our mortgage company as we've been super busy. Still aware financial lockdown will commence by the end of June at the latest, probably sooner. Not a lot to report, just plodding on trying to be sensible where possible.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
No overpayment from me this month - and mortgage paperwork all here ready to send off - I just need to post it.
This month looks expensive, car needs a belt replacing, have paid for 2 ferry crossings for our summer holiday etc. So lock down has commenced Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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