My Mortgage Free Diary

mpgsheep

August update:

part 1 - £81,504.23 - 3.09% interest, fixed until Dec 2016
part 2 - £125,773.68 - 1.5% over base tracker

Total - £207,277.91

Getting close to the 200k mark, my projections says November 1st will be when we break through.

mpgsheep

September update:

part 1 - £80,479.87 - 3.09% interest, fixed until Dec 2016
part 2 - £124,030.27 - 1.5% over base tracker

Total - £204,510.14

In middle of applying for 2.08% fixed for 5 years with First Direct, hopefully that will be the last mortgage I ever take out.

mpgsheep

October update:

part 1 - £79,444.02 - 3.09% interest, fixed until Dec 2016
part 2 - £122,285.05 - 1.5% over base tracker

Total - £201,729.07

Looking forward to breaking through the 200k barrier next month!

mpgsheep

November update:

part 1 - £78,402.55 - 3.09% interest, fixed until Dec 2016
part 2 - £120,508.76 - 1.5% over base tracker

Total - £198,911.31

200k is now in the rear view mirror, and hopefully fading fast! All geared up to move onto a 5 year fix at 2.08% around January 1st, with the intention that this will be the last mortgage product that I ever take. It has unlimited overpayments so can basically go nuts for 5 years and be done with it.

mpgsheep

December update:

part 1 - £77,364.90 - 3.09% interest, fixed until Dec 2016
part 2 - £118,735.67 - 1.5% over base tracker

Total - £196,100.57

Last payment on our current mortgage, all paperwork should be done for the remortgage.

As it is the end of the year I had a look at my spreadsheet and worked out we paid off £30,009.29 in 2016, more than the previous 3 years combined! We are both pretty pleased with that!

mpgsheep

January update:

195,000 - 2.08% interest, fixed until Dec 2021

We are now on the new mortgage. It is a 15 year mortgage, fixed for 5 years. Intention is to continue our payment level, which I calculate will have us mortgage free in May 2022. So that is the base goal. However I like a challenge, so have some stretch goals:

1 - Pay the mortgage off within the fixed period (ie by end December 2021). This i believe is doable, it requires an extra £2800 per year, my wife will be able to work more from October 2017, so this will help.

2 - Pay the mortgage off by February 2021. I turn 37 in January of that year, and my wife will be 35 in February. This is a real stretch goal though, as involves finding another £48k over 4 years. However I have some maturing sharesave schemes to come at work, possibilities of bonus etc etc, so it COULD happen, but it is a bit of a long shot.

3 - Win the lottery, and finish it this year. We are allowed to dream right?

hildosaver

You are smashing through that mortgage rightly! Well done!

mpgsheep

Thanks, It look's like you are doing the same too!

mpgsheep

March update (sorry missed February!)

£188,811.13 - 2.08% interest, fixed until Dec 2021

All progressing nicely - not too much to report!

mpgsheep

April update

£185,651.90 - 2.08% interest, fixed until Dec 2021

We increased our payment by another £300 a month (will come from poor ISA savings, plus my wife intends to take more shifts on in September when the youngest starts school). This puts our mortgage free date, by my calculation as November 2021, provided we continue in this vein (we shall see).