saving £100,000 ten years to utopia !!

streethack

Share holding going crazy at the minute hit an all time high. Hopefully the with the merger approaching there is going to be a bit of a windfall. Current share holdings are £22,782

streethack

New year, New target, New overpayment. Kick starting the new year with an overpayment of £400 leaving the outstanding balance of £107,567, oh still seems so big!

Target- This is going to change some what when the new fixed rate kicks in around April time so im going leave the target for 2016 until then. Why? because its going to involve alot of maths.

Shares holdings are currently £21,832 hopefully a windfull coming with talks of a merger. Fingers crossed.

streethack

Overpayment this month of £400 smackers leaving the outstanding balance of £106,690 whoo hoo!

Shares all over the place at the minute current holdings are £22,123

streethack

Just laid down another £400 on this months overpayment leaving the outstanding balance at £105,810. Should be another month then my mortgage goes to my new five year fixed rate at 2.29%. quite a big jump from the 3.89% im paying now.

Shares levelling out at the minute with ongoing talks of a merger. Current share holdings are £23,972. Not much about the new share plan or whether we will be able to draw down the shares tax free. Would be nice if thats the case.

Had two FD regular savers mature toady giving a total interest of £184 pound for the year. This leaves the current savings to be paid of at end of mortgage term at £10,750

streethack

Just hit the end of year five of this ten year plan of paying of this darn mortgage have made another overpayment this month of £400 leaving the outstanding balance of £104,903. So looks as though im on target based on what this plan is built on and here it is for anyone interested.

[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

So here I am at the half way point happy that all my hard work has been paying off and I’m on track.

By the end of year ten the outstanding balance will be £38,835 this is when the second part of the plan kicks in and relies on company shares and my additional savings. My savings are currently £15,000 so if i can get a rate of 2% a year after five years this would be £16,560. Would imagine I could up this percentage if I look more into drip feeding into regular savers ect.

My shares are currently £26,000 assuming nothing changes and not taking into account any dividends I would imagine in five years’ time these would be an extra £16,000. That leaves my shares after fives years at £42,500

So with combining savings and shares at the end of ten years will be roughly £59,000 taking away the outstanding mortgage will leave a surplus of £20,000. This is more than expected and I’ve had some luck along the way with shares jumping up unexpectedly and being able to save extra funds.[/FONT]


Of course anything can change at any point but so far everything is going to plan... touch wood....

Kittenkirst

Fantastic progress

streethack

Thanks Kittenkirst and good luck with your new build this year.

selloptape

Hi Streethack - amazing progress, thanks for posting your breakdown, I might try and set myself some more structured targets

streethack

Thanks sellotape really cool user name btw.
Yeah having a plan has been essential for me with staying on track. I don't put the mortgage above everything else in life but it certainly influences my decisions. Going to Disney land Paris instead of Florida for instance. But it's pretty important to me having seen someone I was close to loose there home as they were not able to pay there mortgage.

A lot of time I think that paying off early is crazy, this is certainly how I understand other people view it. I mean non mse, many people say you only live once, you could be hit by a bus etc. I like to sugar coat it but I think it's fear driven and not wanting me or my family to experience what I have seen happen to someone close to me.

selloptape

That must have been terrible to see someone go through that... Luckily it's not something I've experienced,totally understand how that would push you forward.