saving £100,000 ten years to utopia !!

Hurdler

Sounds like it - you can then either track it as an overpayment knowing what the reduced rate is, or track any further over payments on top of that - whatever suits

streethack

Just made this months overpayment of £400 which takes my current mortgage down to 127,934. So I guess its about three years into this now so time to take stock and see if im on track. Going by the overpayments caculator im on track once this months mortgage payment goes through

· [FONT=&quot]0[/FONT]
[FONT=&quot]158,000[/FONT]
· [FONT=&quot]1[/FONT]
[FONT=&quot]148,058[/FONT]
· [FONT=&quot]2[/FONT]
[FONT=&quot]137,722[/FONT]
· [FONT=&quot]3[/FONT]
[FONT=&quot]126,976[/FONT]
· [FONT=&quot]4[/FONT]
[FONT=&quot]115,806[/FONT]
· [FONT=&quot]5[/FONT]
[FONT=&quot]104,192[/FONT]
· [FONT=&quot]6[/FONT]
[FONT=&quot]92,119[/FONT]
· [FONT=&quot]7[/FONT]
[FONT=&quot]79,568[/FONT]
· [FONT=&quot]8[/FONT]
[FONT=&quot]66,520[/FONT]
· [FONT=&quot]9[/FONT]
[FONT=&quot]52,955[/FONT]
· [FONT=&quot]10[/FONT]
[FONT=&quot]38,853[/FONT]


By the end of year 3 (now) I should have a remaining balance of £126,976 so give or take a few pounds im there pretty much there.

By the end of year 10 the remaining should be £38,853. My share holdings are currently £12,841 if the share price stays the same minus dividends the value will be worth £33,225 (hopeful I know)

My ISA will be worth £11,236 when in matures in May. Given want I thought at the time when I worked this all out, a modest!! return of 2% compounding year on year the ISA should be worth £12,906.

Adding the ISA and the shares together this will give me a total of £46,131 by the end of year 10. This gives me a surplus of £7278 once I clear the remaining.

This all relays on everything staying the same and me being able to get a good five year fixed rate when my current mortgage ends in two years. My heads spinning from all the figures now.

Hurdler

It does - I shamelessly copied someone's idea of a spreadsheet house that showed how their savings etc were offset against the money owed on the mortgage. It's a handy reckoner ...

streethack

I would like to know more about this spreadsheet Hurdler sounds intriguing.

midnight_child

Hi Streethack :hello:

You seem to be making some great progress, congratulations.

I noted your query about keeping your standard payment at £835, or lowering to £726 and using the extra £109 to OP with. By my simple maths........ Assuming it comes straight off the capital, and you dont hit any OP limits, then the two options would be no different.

Do you know if your current mortgage allows payment holidays, or you to claim back any OPs?
If not, then in the (hopefully exceptionally unlikely) event that you were to lose your job, you could stop any OPs for a short period, which would lower your monthly outgoings by £109. You have a large savings pot to fall back on anyway, but I felt it worth mentioning.

Midnight

Hurdler

streethack wrote: »

I would like to know more about this spreadsheet Hurdler sounds intriguing.

If you tootle over to my diary - I put my most recent on up at the start of the month ... (linked for you for easy clickage) :A
ETA: You might want to go to the last page and work backwards!!! You won't miss it!

streethack

midnight_child wrote: »

Do you know if your current mortgage allows payment holidays, or you to claim back any OPs?
If not, then in the (hopefully exceptionally unlikely) event that you were to lose your job, you could stop any OPs for a short period, which would lower your monthly outgoings by £109. You have a large savings pot to fall back on anyway, but I felt it worth mentioning.

Midnight

Hi Midnight

Its always been a worry of mine losing my job and losing my home, I guess that comes from seeing my own parents nearly lose there home during the recession of the 80s/90s. I guess this is what keeps me going and on point so its not all bad. I also have a small savings float which I like to bounce around £3000 so with my ISA I guess this can hold me for a while should the worst happen. Good luck on your journey:money:

streethack

Hurdler wrote: »

If you tootle over to my diary - I put my most recent on up at the start of the month ... (linked for you for easy clickage) :A
ETA: You might want to go to the last page and work backwards!!! You won't miss it!

Found it Hundler very interesting, great diary by the ways lots of dreams being followed, inspiring.

Hurdler

streethack wrote: »

Found it Hundler very interesting, great diary by the ways lots of dreams being followed, inspiring.

Thank you - it certainly has been a journey!

streethack

Here we go again overpayment time! £400 slammed down against the mortgage leaving an outstanding balance of £127,123.

My Santander ISA has matured giving interest for the year a whopping £444 leaving the total at £11,248, im going to miss that 4% two year ISA. Have transferred this into a cash ISA at a dismal 1.6% per year. Only way of getting a good deal is to lock money away for 5 years which I don't fancy at the moment.

After three years finally made it to page six.