My Mortgage Free Diary

mpgsheep

Just cancelled sky sports (again), they rejigged something else too, so bill almost halved.

mpgsheep

In our annual report, noticed the overpayment had been incorrectly applied, so asked to have that corrected. It has been done now, thus new balances this month (as of 01.10.14) are:

sub account 1 - £99,521.13 (5.95%, moves to 3.09% on 1st November)
sub account 2 - £141,991.62 (1.5% above base)

Total - £241,512.75

Pleased to be below the 100k mark on the expensive portion, and hoping by end of the year to break the 240k barrier (think we will do as overpayment is £600 a month, so £1200 applied in last 2 months of the year).

mpgsheep

New mortgage fully in place now, so we have current situation as of 01.11.14

part 1 - £98,992.60 - 3.09% interest for 2 years, min payment £397.80
part 2 - £141.793.78 - 1.5% over base tracker, min payment £487.91

Thus total required payment each month is £885.71. We have kept our payment at £1500, meaning part 1 gets overpaid by £614.29 a month. To say i am pleased is an understatement!

mpgsheep

Obviously 3 weeks after the new 2 year fixed started at 3.09%, the rate is reduced to 2.79% going to check paperwork tonight to see if anything doing but i doubt it, not like i would accept it to be higher if rates went up.

The question now though is should i fixed the £140k at 2.79% - only 0.79% more than we paying but then 2 years security...am leaning towards no though, as don't really see rates going up for at least a year at present. Any thoughts anyone?

mpgsheep

Another month down, another overpayment credited, here is my latest status:

part 1 - £98,405.77 - 3.09% interest for 2 years
part 2 - £141.531.15 - 1.5% over base tracker

Total - £239,936.92

Nice to break through the £240k barrier before the end of the year

mpgsheep

First update of 2015, increase in our overpayment taking effect nicely

part 1 - £97,459.11 - 3.09% interest for 2 years
part 2 - £141.293.36 - 1.5% over base tracker

Total - £238,752.47

mpgsheep

February's update

part 1 - £96,702.91 - 3.09% interest for 2 years
part 2 - £141.045.23 - 1.5% over base tracker

Total - £237,748.14

M0ney

Seems like you're making good progress, keep up the good work.

mpgsheep

Thanks M0ney (nice name ). Yes touch wood it is progressing nicely, nice to see the balance dropping 1k per month everytime.

Just switched electric+gas company, should save circa £330 a year which will help. Had been procrastinating over doing it, but finally pulled trigger today.

Peonie

Well done knocking off 1k a month, especially with 2 kids.