Waving goodbye to my mortgage!

Sleepy_head_2

Hi Beachie

Great diary and it sounds like you are really focused on overpaying your mortgage. It's amazing when you hit targets, I became slightly obsessed by mine but the more you pay off the easier it is to reach the next one!

Sleepy head

beachie

Thats the exciting thing Sleepyhead. I am totally obsessed as well.

Very pleased with myself as managed to make a £355 overpayment this month (nearly 23% of my pay! :eek: ) from my normal monthly wage. In addition £200 came off the mortgage from the normaly monthly payment.

This was in a month where I had other bills to pay such as house insurance and a water bill so quite happy.

Only 2 more payments on the car left now at £193 a month so getting close on that. Credit cards are interest free until the start of next year so am gradually saving up £25 a month at the moment. I should have some money coming to me soon so can use this to pay them off.

Paying off my car loan would mean I could then potentially see my mortgage drop by £750 a month.

I'm really focused as keep looking on rightmove at lovely houses! Would love to buy one that needs work for a reasonable price and spend a few years doing it up however I know this would get in the way of my mortgage free wannabee-ness! :rotfl:

Sleepy_head_2

That's a cracking overpayment!

Ahh yes it's hard to work out whether to overpay or put the money towards renovation- I'm going for a 50/50 split from now!

beachie

Many thanks.

Up to £230 overpayment so far this month which means I have paid off £1000 (including regular payments) since the start of April.

Going to have to wait until the end of the month now before making anymore payments which I always find so hard! Will end up making small overpayments just to feel like I am making progress!

Quite pleased to see how quickly it is coming down.

beachie

Despite having to pay out for alot of things last month - cat sitting, concert and hotel I seem to have got through the month with money to spare.

Pay day today so have paid off £200 as an overpayment straight away. It feels so good! The overpayments total in my signature is climbing. Might hit the £1000 mark this month and bring my mortgage down below £87'000.

Last car payment this month to so from next month I will have an extra £200 to put to the mortgage bringing my default overpayments to £400.

I normally manage £375 so could see overpayments of around £575 from next month which would be more than my standard monthly payment and double the interest.

skateykatey

Just been reading your overpayments and am very impressed. Regarding the earlier points about getting a tad disheartened when you see others overpaying considerably more, it really is all relative. We overpay by about 1k a month but...we are both aged 40 and although our mortgage is smaller than yours (about 60k) in 5 years time (approx) when it's paid off we will be 45. We'll then be looking to move (as we don't particularly like the area and it's not going to get any better) and will no doubt have to get another mortgage which could well take us up to retirement age. On the other hand, you could well be mortgage free and sitting pretty by the time you're 55. Not a bad situation to be in.

beachie

Thank you very much.

Your right about it all being relative. I have just turned 28 so hoping that I can pay as much as possible till then and then look at buying a house in a better area.

I am hoping to pay off this mortgage (or the same amount of my new mortgage) in about 7 years - so mortgage free (or £100k deposit/equity) at 35yrs old.

Obviously alot can happen between now and then and certainly need to live a bit, but I am reasonable focused.

beachie

Have had 2 No Spend Days which is good. Quite hard though as would love some days out or something!

I'm quite excited about this month as my mortgage is finally going to be below £87'000.

I have decided my ultimate plan is to see my mortgage drop by £1000 a month but this is very much a stretch target. Hopefully something to work towards though. It would be great to see the 2nd digit falling every month abd bring it down to 87 months!

Think I will set myself a target of getting to £86'000 by the end of August. That's £1399 from the end of Junes balance.

I feel this may be a good month as fingers crossed I don't have many expenses.

beachie

Oh no! What have I done! Just made another £198 overpayment to bring the total down to £87'000 which is £10'000 paid off since moving there.

Brings my overpayments to over £1000 since April so really happy about that.

The downside is that I won't have less money to see me through the month so will have to have a very frugal month!

linz

lol you sound like me I get excited about payday, transfer money then panic near the end of the month thinking i've left myself too short. Have thought about leaving it til the end of the month then transferring but I like seeing the balance go down

Well done for such great progress by the way.