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My Mortgage Free Diary
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February 2021 update
Opening Mortgage balance as of 15.01.13 - £252,621.11
Current Mortgage balance as of 01.12.20 - £114,394.57
Ticking away. Can remortgate in October/November, slow day at work today so looked at my options. This then led me down the rabbit hole of seeing how quick we could put this to bed... if everything goes to plan then August 2023 is on the cards.. however many fair winds required...Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.242 -
Did not realise it had been so long... anyway big change, we moved into our forever type home, told ourselves its "taking advantage of cheap money" but my god the level of debt is daunting!
October 2021 updateOpening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.11.21 - £437,589.27
Not overpaying properly (just rounded up a bit), due to interest rates so low still (1.34% and 1.29% on the 2 parts), but will use S+S ISA to overpay in future. Essentially means we have about £220,000 left until we are mortgage neutral again.
Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.241 -
Given how full on it seems you were with saving and the OP on the last mortgage I am sure you will enjoy wrestling this one into submission!
At least you have half of it in the S&S.
I think it is always much easier to ;pay things off than save up for things, more wind in the sails as it were.DON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest1 -
Thanks LadyWithAPlan, and fully agree - seeing numbers go down is very addictive - also they can't change, whereas a bad day/week in the market with the ISAs can mean we suddenly "owe" more than we did yesterday. But it is a bit of "head over heart" here, where with mortage rate being so low for next 5 years, we prefer our money to be working a bit harder - but it is hard! Quite a lot of work needs doing to the house too to get it how we like, aim is not to touch the ISAs, but will impact for next couple of years how much we can overpay/save. I do intend to try doing the "rounding up" trick when I can, just to start making some of a dent!Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.242
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May 2022 update
Opening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.05.22 - £433,160.44
Nothing exciting to report. Lots of work being done on the house in bits and pieces (electrics sorted, plastering, carpets, decorating etc), but not got anywhere with intended big redo of the downstairs layout. Did finish filling ISAs for 2021/2022 which is good, but nothing put in this year so far
Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.241 -
August 2022 update
Opening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.08.22 - £430,843.05
ISA balances - £228,120.13
Net Mortgage outstanding - £202,723.92
Figured would start logging Mortgage versus ISA balances again, as would like to get to a "mortgage neutral" situation, without necessarily paying it off (as still sub 1.5% rate, and have faith in S&S outperforming that). Also makes me feel better knowing its not such a massive amount to go to clear it!Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.241 -
September 2022 update
Opening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.09.22 - £430,079.31
ISA balances - £225,726.76
Net Mortgage outstanding - £204,352.55
Updating a day early as mortgage payment/interest gone on. Always disappointing when stock markets mean a backward step! however important to have long term faith that things will pick up.Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.241 -
November 2022 update
Opening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.11.22 - £428,533,71
ISA balances - £218,349.03
Net Mortgage outstanding - £210,184.68
Still going backwards!Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.240 -
February 2023 update
Opening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.11.22 - £426,216,53
ISA balances - £225,817.54
Net Mortgage outstanding - £200,398.99
Finally some market movement's in the right way to make things look a little prettier. Hoping we get under £200,000 any day now!Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.241 -
April 2023 update
Opening Mortgage balance as of 01.10.21 - £438,500.00Current Mortgage balance as of 01.11.22 - £424,631.43Filled both our ISA's before end of financial year so quite attractive looking!
ISA balances - £257,260.04
Net Mortgage outstanding - £167,371.39Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.11.24 - £409,492.240
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