My Mortgage Free Diary

mpgsheep

December update:

part 1 - £88,723.44- 3.09% interest for 2 years
part 2 - £137,386.42 - 1.5% over base tracker

Total - £226,109.86

Second increased overpayment, lovely seeing things moving swiftly.

Next month interest will fall below £15 per day.

mpgsheep

January update:

part 1 - £88,002.58 - 3.09% interest for 2 years
part 2 - £136,461.36 - 1.5% over base tracker

Total - £224,463.94

nice to break through the £225,000 barrier as we start the new year. Total mortgage reduced over 2015 was £14,288.53. Should easily beat that this year, my overpayment is £1,214.29, so that by 12 months is £14,571.48. At current rates should be about 18k less this time next year, but goal is to get it below 200k, so need to find another 6-7k, which I think is doable. 4 items on ebay on Friday so they should help.

mpgsheep

February update:

part 1 - £87,316.28 - 3.09% interest, fixed until Dec 2016
part 2 - £135,513.99 - 1.5% over base tracker

Total - £222,830.27

Ebay items were a waste of time, think am done with that! Have managed to tweak the monthly expenses a bit so will be adding an extra £100 per month from next month onwards. Apart from that all steady, awaiting annual review at work over next 3-4 weeks...

mpgsheep

Just looking at the remortgaging options for next year (my current fix expires in December 2016), and should be able to reduce the term to 8 years basis current interest rates. This amazes me! (Currently 31 years left)

mpgsheep

March update:

part 1 - £86,636.04 - 3.09% interest, fixed until Dec 2016
part 2 - £134,455.61 - 1.5% over base tracker

Total - £221,091.65

From next month, should be increasing overpayment by another £1,000 a month. We (my wife and I) have decided to really make a massive push now, and try and get it paid off before I am 40 (8 years time). Exciting (how sad) stuff!

mpgsheep

So I figure with our new overpayment, and then fixing again next January, provided interest rates don't head north massively, that we should be able to pay it off in about 6 years, around my 38th birthday. This does depend on continuing good fortune with work, but even so should make it before my 40th for definite, which seems like an achievement

mpgsheep

April update:

part 1 - £85,560.69 - 3.09% interest, fixed until Dec 2016
part 2 - £132,760.36 - 1.5% over base tracker

Total - £218,332.05

This the first month of the really big overpayments. Can definitely afford this for the next 11 months, and then will reassess after that (depends on work basically). If we can continue then should be paid off in 6 years. What am most excited is that we remortgage at the end of this year, my plan is to fix for 5 years, and then that should with any luck be the last mortgage I ever get!

mpgsheep

May update:

part 1 - £84,554.31 - 3.09% interest, fixed until Dec 2016
part 2 - £131,021.42 - 1.5% over base tracker

Total - £215,575.73

Month no 2 of the super overpayment. Killing it!

mpgsheep

June update:

part 1 - £83,542.01 - 3.09% interest, fixed until Dec 2016
part 2 - £129,268.72 - 1.5% over base tracker

Total - £212,810.73

Snowball starting to get bigger...

mpgsheep

July update:

part 1 - £82,530.03 - 3.09% interest, fixed until Dec 2016
part 2 - £127,524.19 - 1.5% over base tracker

Total - £210,054.22

Sadly am starting to get excited about remortgaging in a few months time, and that this will most likely be the last mortgage product I ever have.