Closing the mortgage to Open opportunities

Emsky123

Right i have decided that my target MF date will be 18th February 2014, Day before my Birthday.

This is mean a very frugal few months with no spending, All home and Car insurance already done so no major spends planned which will help.

Upgraded my phone and got a free tablet pc as part of the deal so that will go in the Christmas drawer, Also got cashback so that will go into the pot, I am always waiting on cb from the holiday so that will also go into the pot.

With Christmas season coming up i think its time to start Ebaying.

Need to save around £500 per month to hit the target, This is on top of the £500 im already planning on Overpaying.

Need to find out about our critical illness insurance, We have had it throughout the mortgage but i think its one that reduces with the term of the mortgage so i think we will need to cancel and take a new policy which is not linked to our house.

right enough waffling, off to play with more spreadsheets

Emsky123

Sent off Oh's tax to the accountant, He has just told us that OH is due a tax rebate, even better news is that OH is given me some of the rebate so the OP pot is now up to £6000, at this rate i may just scrape together enough to finish the mortgage this year, Starting to feel real now.

just got to keep focused - Every penny counts

stewby

wow... without sounding smushy, you are an inspiration.

i am just starting my journey to be mortgage free and reading your diary makes me want to achieve my goal quicker. going to see if i can make a "pot" to put little bits and pieces in as well as making a standard monthly overpayment.


thank you so much for writing your diary. looking forward to hearing how the final 16k disappears.

Emsky123

Okay, Heres the scary thought, Oh just got paid the last few months OT, That along with the tax rebate and my OP pot equals £8k, leaving just 2500 left on the mortgage and just 1000 after this months normal payment.

I get paid in 2 weeks and can normally add an extra £500 to the OP pot.

If i could just find a way of making an extra £500 this month we could be mortgage free by Halloween.

Yikes!

Emsky123

First payments sent, Balance is now £5500, We have just looked over all money left and can just about make it.

Ahhhh , nearly there, Just got to send the rest next week then we can request a final settlement figure on Thursday and hopefully pay the balance on Friday.

............its the final countdown :-)

Emsky123

Second payment now sent, balance is.......£1500

Going to request the redemtion figure tomorrow and make my final ever payment on Thursday.

Might just have to have a pub lunch to celebrate on Friday :-)

sweetdaisy

Emsky123 wrote: »

Second payment now sent, balance is.......£1500

Going to request the redemtion figure tomorrow and make my final ever payment on Thursday.

Might just have to have a pub lunch to celebrate on Friday :-)

Just had a quick skim through your Diary and wanted to say Congratulations . Just looking at your signature and the amount you have reduced your mortgage over a short space of time is impressive.

RunningGirl

De-lurking to say congratulations! Such a massive achievement in a very short space of time! Well done!

egoode

Wow congratulations on your amazing achievement. I've just read your diary from the beginning and you've done great to keep up the motivation for so long. I'm currently in the process of buying my first place and I hope I can do as well as you with paying the mortgage off quickly.

BTW I noticed from your post back in Sept that we share a birthday but it's great you've been able to pay it off several month's earlier than you originally planned! Now the question is what are you going to do with all the extra money you have now :-)

Emsky123

I owe you nothing, ohhhhhh nothing at all :j:j:j:j:j

Sorry 80's child, had to be done.

Final payment made today, Balance should update to zero overnight.

Original Term 25 years
Actual Term 11 years 5 months
Original projected Interest £100,251.43
Actual interest £40,180

Saving 13 years and 60K - It has been so worth it.

Thanks to all on MSE for the tips, insperation and focus.

Now off to start my savings diary.