My Mortgage Free Diary

mpgsheep

October's update

part 1 - £90,352.50 - 3.09% interest for 2 years
part 2 - £138,824.53 - 1.5% over base tracker

Total - £229,177.03

Nice little milestone in breaking the 230k mark. Part 1 will drop to under £90k next month too.

Have recently been reading "Mr Money Mustache", a very interesting and enjoyable blog about a Canadian (living in the USA) who retired very early. As a result of this have made some changes, including simplifying my finances (now both my wife and my wages pay into our joint account, with no more private allowances etc). My aim now is to get the mortgage paid off at a much quicker rate, seems to be plenty of room to do better, so have increased the overpayment by £500 from November 1st payment, to apply to the 2% portion (reason being am close to my max overpayment per annum on 3.09% portion) Total overpayment is then £1114, which I hope starts to really show a big impact every month going forward then.

mpgsheep

For those interested (mainly me ) it should be paid off then by September 2026. Term was booked for 35 years, this would bring it down to 13 years. This is obviously pleasing, but not quite good enough. Will be aiming to supplement this further going forward, have some opportunities with wife working more, children getting free hours/school (ie less childcare costs), plus hopefully bonuses from work. I think under 10 years is definitely possible. Am getting quite excited!

Luckyinlife

2 big milestones in 2 months that will be epic :] will defiantly give you a boost in moral to :] 10 years would be amazing to mpg go for it :]

mpgsheep

thanks! am trying to see if remortgaging (into shorter term) and paying the ERC makes sense from January 2016 - maths is hard!

mpgsheep

First "super overpayment" goes out Monday, and am getting excited! pretty sad...

Petal88

mpgsheep wrote: »

First "super overpayment" goes out Monday, and am getting excited! pretty sad...

How super is super? sounds exciting!

mpgsheep

£1114.29, really ramping it up now!

mpgsheep

November's update:

part 1 - £89,459.32- 3.09% interest for 2 years
part 2 - £138,177.75 - 1.5% over base tracker

Total - £227,637.07

So first of my increased overpayments went out this morning and the impact is clrar straightaway, with balance reduced by just over £1500 from last month! Onwards and upwards

gallygirl

That's a fabulous regular overpayment MPG, well done :T.

mpgsheep

Thank you. Yes it is, although I am a bit disappointed that I didn't clock earlier that this was possible, our situation had been the same for the past 2-3 months and we had just been spending the money without thought. But good to be on the right track now