Team Remote_Control: Mortgage-Free before I'm 63

remote_control · 16 May 2021 at 12:51PM

So as there is not a lot to update I thought I would share my daily interest figures.
27th March: £20.32 per day
15th May: £20.09 per day
I hadn't really thought about this before but I'm enjoying measuring this. It seems like it has come down alot in 6 weeks and it won't be long before it is £19 something. Looking forward to that.

rugbymadfamily · 18 May 2021 at 11:55AM

Good calculation, made me go look at mine....its currently a whopping £21.33 per day 😳 I should break the £20 mark in early 2023 which seems a long way off! Currently 41% of my standard monthly mortgage payment is interest which is crazy....my aim is to overpay by the interest amount each month as a minimum to try and get it down.

remote_control · 18 May 2021 at 8:04PM

I like that, overpay the interest each month. So crudely my interest each month is £20 x 31 = £620. I'm not overpaying quite that much.
I think your first target is sub £21 a day. I do like having multiple milestones

rugbymadfamily · 18 May 2021 at 8:17PM

Even OPing a small sum starts to feel like indents are being made though which is what's so great! Yes, also like multiple targets, I've got an overall target prior to re-mortgage date hut smaller ones for the next 3 years before that happens!

remote_control · 7 June 2021 at 7:43PM

7th of month update (sorry I forgot to do it on the 1st!)
Mortgage: £370,253.82
Daily interest ~ £20.08
Debt on 0% £11,767.40
Overpayments in May: £857.71
Savings £3000

Targets and milestones for the next few months: I haven't put anything in savings for the last two months as we've had very spendy months. We're close to going in our overdraft for the first time in 5 years so I need to make sure that doesn't happen! Daily interest is going to go under £20 and mortgage is going to go under £370 which are both very exciting. In August the 0% will begin with a 9. So my main focus for the next few weeks is to ensure I can maintain the planned £125 a week overpayment to the mortgage between now and payday.

Target for 2021: One bit of our mortgage is £110,112.08, I would like to have this bit starting with a 9 by 31st Dec. Also to have £5000 in savings.

remote_control · 7 June 2021 at 9:12PM

Ok I need about £850 before pay day to avoid my overdraft/taking money out of savings. £450 of this I can probably delay until pay day. The rest of it is all payments to the 0% cards and the mortgage so I suppose I should reduce them for this month..... I prefer the challenge of trying to find £400 though!

remote_control · 14 June 2021 at 9:30PM

Middle of the month and nothing to report. I had to raid my savings to get through the month. We just bought too many big things last month. Our bills for this month will be small though as I don't think we've bought anything! So I should be able to top up savings at pay day.

remote_control · 28 June 2021 at 9:43AM

After a very tight month we have been paid and I have over paid the mortgage the amount we missed in June. I have also transferred the money back into savings that we borrowed from savings. Nice to be back on track. Must remember in future not to buy several expensive things all in one month!