My Mortgage Free Diary

mpgsheep

January 2020 update. Happy New Year!

£131,187.14 - 2.08% interest, fixed until Dec 2021
£100,343.15 - S&S Isa balance
£ 30,843.99- effective Mortgage balance

Is quite a regular conversation at home now as to what we will do once we reach enough in the ISAs to pay it off, whether we should or not. Is a classic "head says no, heart says yes" scenario.

mpgsheep

February 2020 update.

£130,86.60 - 2.08% interest, fixed until Dec 2021
£102,521.01 - S&S Isa balance
£ 28,348.59- effective Mortgage balance

Answering last Month's question, we won't be rushing to pay it off once we have it saved - too lucrative to have money invested compared to 2.08% (plus remortgage in 2 years, mortgages possibly even cheaper still at that point).

mpgsheep

April 2020 update.
£130,217.30 - 2.08% interest, fixed until Dec 2021
£104,514.80 - S&S Isa balance
£ 25,702.50- effective Mortgage balance
Not sure why i missed March.  Although Isa is "down" for now have just filled up full allowance for both of us hence still gone up since 2 months ago a little.  Hopefully will be quids in when (not if!) markets pick back up again.  Hope everyone staying safe!

mpgsheep

May 2020 update.
£129,897.80 - 2.08% interest, fixed until Dec 2021
£130,710.37 - S&S Isa balance
£ - 812.57 - effective Mortgage balance - ie we have more than we owe!
Bonus came through in March, and used that to fill up last year's ISA's (SO and mine) and also start on this years.  Thus as of this morning, we effectively have enough in our ISA's to pay off the mortgage at any time (subject to markets..).  Not sure if I count this as strictly mortgage free (more "mortgage neutral"), but we are pretty stoked! (hence early posting).

mpgsheep

June 2020 update.
Mortgage is now down to £129,000 (rounded it down this month).  S and S ISA is well over now, so i guess that is me done?  Seems bit anticlimatic when I am not actually paying it off.  

mpgsheep

September 2020 update
So am still working to get the mortgage down independantly of our savings, thus bumped up regular overpayments.  So current status is now:
Opening Mortgage balance as of 15.01.13 - £252,621.11
Current Mortgage balance as of 24.09.20 - £125,924.54
which actually means halfway towards paying it off!  Am 40 in January 2024, so the big incentive now is to clear it by then - did some projections on my sheet and looks a bit short at the moment,but will see!

mpgsheep

October 2020 update
Opening Mortgage balance as of 15.01.13 - £252,621.11
Current Mortgage balance as of 01.10.20 - £123,548.22
Big jumps every month for the time being, no commuting costs and ISAs full means focus on the mortgage until the new year i expect.

LeighofMar

Nice job. Seeing the big numbers come down is very gratifying, I'm sure.

mpgsheep

November 2020 update
Opening Mortgage balance as of 15.01.13 - £252,621.11
Current Mortgage balance as of 01.11.20 - £121,262.18
Same old this month, should break £120k next month.  Work on new kitchen starts in 2 weeks, once start paying for that may have to reduce overpayment a bit (but hopefully not).

mpgsheep

December 2020 update
Opening Mortgage balance as of 15.01.13 - £252,621.11
Current Mortgage balance as of 01.12.20 - £118,979.13
Sub £120k which is nice, though put into context by my wife - "its not under £100k is it".  Always looking for more!