Hurdler's Race to be Mortgage-Free

Lois_E

Cool. A big drop like that is really exciting. Do you find it motivates you to keep hammering that number down even further?

Hurdler

Thanks Lois - oh it absolutely does. Just back from Journo school and in bed, tapping on the iPad so will do the official bits tomorrow but:
£133,263.26 is my proper starting figure - so less than I guessed.
Monthly payment is now at £574.47 and I will make overpayments in £575 chunks.

I need to do my SA expenses as a chunk of that money is gathering interest in Vernon - but I think there is possibly 2-3 months overpayment funds already ....

Can I hear an oink?

mouche

Hi hurdler - glad you enjoyed SA and didn't have to dig into emergency funds there. That's an impressive drop in the mortgage and must make you so much keener to make it drop again. Look forward to seeing your house when you you publish it.

Hurdler

And we're off!
October's payment is at the slightly higher sum which can't hurt...
Aiming to get under £100,000 as my milestone!

Just going to work in round numbers! Should all come through in the end!

Hurdler

I'm not sure what is more irritating... the fact that the revamped recalculated mortgage and lower amount arrived BEFORE the "official" one, or that sore some inexplicable reason they decided all by themselves NOT to change the amount...
I understand that I would have been "naturally" overpaying, but readers to my ramblings would know that it's the psychological feeling of MAKING specific overpayments that is going to be my driver.

Still - on the rate I am on, with the rates as they are... and the terms I am on - I'd best just deal!

I am surreptitiously doing my finances (should be ploughing through endless yanwsome spreadsheets but I am working at home today thankfully)... so update to Vernon's Oink-o-meter coming up!


Edit: Wow - Vernon is one greedy piggy - once Payday and the resulting Sweep into Vernon has been and gone - he will make another appearance and kick off my over-payments in style!

Hurdler

Pay day tomorrow (woot) and automatic account sweep on the 1st of the month... and I have discovered something curious (or not?)
Whenever I check my bank balance on the first it will show me what has been swept into Vernon the Virtual Mortgage Pig account - but it shows the account number ON THAT DAY as 00000000 and also - I have noticed it will show all my interest payable on other savings accounts but won't show the Gross and Tax amounts until AFTER the first... which is v strange. I have to log back in a day or so after to see all the expected details in there.

Not sure if this is some foible with my bank account(s) or if this is usual practice ... it doesn't affect anything at all - but I do find it a bit irritating as I always feel I should wait until the online bank transfer reference shows the right account before I then start using that money... almost like until it looks "official" I daren't spend it... tsk... and that's MY money!

So as excited as I am about sending an overpayment to my mortgage... I will have to contain myself for a couple of days!

Hurdler

Just back from journo school - £13 on a cab home from the station and 99p on Maccy D fries for tea. Could be a NSD tomorrow as the workshops I am I'm have sandwiches delivered for lunch and I am going to a froend's place for dinner tomorrow night. Although I ought to take some wine and if I don't have any in the house I will have to pop into the Asda near the car park and get some. Sigh.

Hurdler

Well it's been a pretty tough week for me this week. But one bit of potential excitement - potential writing gig - and I am going to be really bold and see if I could actually do more/potentially full time work thus leaving where I am now... but that huge drop in salary would come sooner rather than later!

I had a good chat with my financial advisor, and what shares I have in my portfolio are just public issue investments, some of which have been really clobbered in recent times. It is a wrench as a lot were inherited from my late father, but... as I was chatting to my mum the other night, I really cannot believe that if I went to him to ask advice about becoming Mortgage-Free, he wouldn't have agreed it was the best step.

Anyway -
with the money that's been amassing in Vernon since I started my new role, and November's sweepsave, (hmm those will stop as well!) I was able to pay in a staggering 7 months off my mortgage!



Vernon almost had enough for another payment... but at least that means he'll get off to a trotting start for December...

gallygirl

I love the house . Mine is not moving much as I am paying off btl mortgage on late mum's house 1st (:doh:why didn't I do one for that - it was only a 30k mortgage on a bungalow so nice small house to 'draw'). Love the way you have done it by month - mine, and all others I have seen, are on £££££, but I like the way you can start at both ends........

Off to play..........

Great news on the writing front, if somewhat scary :T

ETA: oooohhhhhh, am liking my new bungalow

Hurdler

If I tried to do it in ££££ I think I would break all records of use of Excel cells!!!

I think I am going to ask if I can do maybe 3 days of copywriting work and have 2 days to do the features and articles... and if they say yes - that will change everything... I will lose my Barclays Premier perks but... if I get a chance to get into the journalism industry early, before I have even passed the Diploma... then that can only be a good thing!