saving £100,000 ten years to utopia !!

streethack · 31 May 2016 at 7:52PM

Ok so my mortgage finally switched over. The new mortgage amount is £104,617 on a 20 year term at 2.29%.

The new minium payment is £545. So here is where it starts to get complicated. On my original mortgage my current minium payment is £835 this is a difference of £290 but as my rate has gone down so much I have decided to save the difference in a family holiday fund the difference between the 2.29% and 3.89% is £84 a month. That means on top of my normal overpayment I will be over paying an extra £206 and saving £84. This will keep me on target for clearing the mortgage in five years. Man my head is spinning.

streethack · 30 June 2016 at 12:54PM

Over payment just made this month of £606 leaving the outstanding balance of £103,160.

The merger share deal didnt quite go how I had hoped we recieved a one for one share in the new scheme with an additional payment for each share in cash. The fall of the pound has helped with the cash payment but the fall in shares has effected what I had. This in a way is good as I will be buying every month at the lower price. Will they recover in this new world we now find are selves in. Share holdings are currently £17,981, still waiting for confirmation of the cash payment.

Lot of uncertainy around just glad I went down the overpayment route and havent remortgaged my house for cars, extensions or holidays.

streethack · 28 July 2016 at 9:15PM

Double bubble on my wages this month. One of the benefits of getting paid 13 times a year is I kind of treat this wage as a bit of a bonus. So Have whacked a big over payment of £1206 this month, this leaves the outstanding balance at £101,611.

Bit of scary news recently my wife may be getting made redundant so may have to revise this plan going forward. I have now pooled all my various savings including share dividends, ISAs, different pots from different accounts. The total is £23,000 if my wife is made redundant we will be putting a lump sum on the mortgage to bring down the monthly payments. Even with my wife working part time with four kids we are thinking it will be better for her not to work until our kids are a little older.

My company shares are currently £20,929 so these will still play a part when I come up with a new plan of action as im still committed to overpaying the mortgage.

streethack · 25 August 2016 at 4:09PM

Just made an overpayment of £400 taking the outstanding mortgage to £100,860, so close now to breaking through the £100,000 mark, Whoo Hoo.

My wifes redundancy is still up in the air at the moment so we are not sure whats happening, still worrying but more so not knowing whats happening?

streethack · 30 August 2016 at 10:12AM

Small overpayment of £206 just now taking the outstanding mortgage to £100,654, tiny steps closers to the £100,000 mark

Current share holdings are £21,833 and savings are £23,000

streethack · 22 September 2016 at 12:52PM

Overpayment of £400 this month means I have finally broken the £100,000 barrier leaving the outstanding balance at £99,907. This has always been a bit of a mile stone for me.

Shares appear to be on the move up since the merger. Current holdings are £22,593

Lrimas · 26 September 2016 at 8:27PM

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.

Hey Streethack. Just read through your journey and this stood out for me as I've heard people say that to me as well.

My answer is always this: Yes, I could be hit by a bus tomorrow, but I am more likely to happily live to an old age. Which one would you prefer to happen and thus rather plan for?

You are making great progress. Keep at it!

streethack · 29 September 2016 at 6:10PM

Lrimas wrote: »

My answer is always this: Yes, I could be hit by a bus tomorrow, but I am more likely to happily live to an old age. Which one would you prefer to happen and thus rather plan for?
!

Like this quote makes alot of sense to me. I probably do have a bit of an obsession with paying of this dam thing. I enjoy it though, sad as it might be I like filling in the spread sheet when I make an overpayment. I like watching the figures drop and knowing ive saved myself a fair chunk of interest over the past five years. Thanks for checking in Lrimas.

Talking of overpayments just made a small one of £206 smackers. Leaves the outstanding mortgage at £99,701. Right got to go theres a spread sheet to fill in with my name on it.