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First step, in the long road to being mortgage free.
Comments
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I'm another six figure sum and have only recently got below the 200K mark, so here for the long haul with the rest of you:DMortgage Free Date
[STRIKE]Original: Jun 2041[/STRIKE], Current:Nov 2022, Target: Oct 2020
Debts
[STRIKE]2010/02 £14,500[/STRIKE], 2011/02 £13,000, Target 2012/01 £0K
11k in 2011 challenge #32 4.8%0 -
I've gone from 6 figures down to 5 and in a few days it'll be 4 figures. WooHoo!MFi3T2 #98 - Mortgage Free 15/12/20110
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I have just made our third overpayment in four months. Last month was an expensive month, so we skipped the overpayment.
This month we over paid £564.48. A weird figure, I know but there is a method to the madness.
To date £1593.59 has been overpaid.MFW 2015 - #88 £3,345 / £3,500
MFW 2014 £2,990,MFW 2013 £7,905, MFW 2012 £12,216
Opening Mortgage Balance (15th July 2010): £200,999
Current Mortgage Balance(2nd July 2015): £150,999
Total overpayments to date: £30,292.00
Updated 19/05/20150 -
I too am a 6 figure MFW
Well done with your overpayments too!0 -
I hope everyone overpayments are going to plan.
We didn't make one last month as we did some work to the garden, but I've just made the 4th overpayment in 6 months.
£571.22 this time, yes there is a method to get to the strange figure.
That's £2164.81 overpaid in 6 months, averaging £360 a month.
I want to keep the average above £250 minimum, so thats on target.
A couple of weeks ago we also got free cavity wall insulation from British Gas. I need to relag the loft next week too, we've only been here a year but I noticed the other week the insullation is left than half an inch. The new stuff is 11 inches, so hopefully that will make a big difference too.MFW 2015 - #88 £3,345 / £3,500
MFW 2014 £2,990,MFW 2013 £7,905, MFW 2012 £12,216
Opening Mortgage Balance (15th July 2010): £200,999
Current Mortgage Balance(2nd July 2015): £150,999
Total overpayments to date: £30,292.00
Updated 19/05/20150 -
Today I received the letter confirming my latest overpayment and what the current balance is.
We now owe £195,502.23
The original mortgage was £200,999 (started July 2010)
So we've paid off £5496.47 off the balance, £2164.81 of which is overpayment.MFW 2015 - #88 £3,345 / £3,500
MFW 2014 £2,990,MFW 2013 £7,905, MFW 2012 £12,216
Opening Mortgage Balance (15th July 2010): £200,999
Current Mortgage Balance(2nd July 2015): £150,999
Total overpayments to date: £30,292.00
Updated 19/05/20150 -
Congratulations! You must feel really good seeing the results of your hard work!Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)
Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)0 -
I've made another overpayment
Last month we skipped a month, due to other bills and the with minimum overpayment being £500.
This month we've paid £835.19, which means we've now overpaid by exactly £3,000 in 8 months. I'll post the new outstanding balance once the confirmation letter arrives.MFW 2015 - #88 £3,345 / £3,500
MFW 2014 £2,990,MFW 2013 £7,905, MFW 2012 £12,216
Opening Mortgage Balance (15th July 2010): £200,999
Current Mortgage Balance(2nd July 2015): £150,999
Total overpayments to date: £30,292.00
Updated 19/05/20150 -
Another overpayment
£539 this time, which brings out total overpayments to £3,539 in the 9 months since we started on the overpayments.MFW 2015 - #88 £3,345 / £3,500
MFW 2014 £2,990,MFW 2013 £7,905, MFW 2012 £12,216
Opening Mortgage Balance (15th July 2010): £200,999
Current Mortgage Balance(2nd July 2015): £150,999
Total overpayments to date: £30,292.00
Updated 19/05/20150 -
Got the confirmation letter of last last overpayment. The new balance is £191,906.58.
Still a long, long way to go, but nearing £10k being knocked off the mortgage in 16 months.MFW 2015 - #88 £3,345 / £3,500
MFW 2014 £2,990,MFW 2013 £7,905, MFW 2012 £12,216
Opening Mortgage Balance (15th July 2010): £200,999
Current Mortgage Balance(2nd July 2015): £150,999
Total overpayments to date: £30,292.00
Updated 19/05/20150
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