Milestone reached - More than half monthly payment paying off capital

JimmyTheWig

JimmyTheWig wrote: »

But I've got a fixed rate ending in September which I need to renew, so fingers crossed...

Milestone reached. Currently 70.9% of the monthly payment is going towards capital. Less than 30% of it is wasted money.

Next milestone... Finally get back to a single loan. Should happen in two years time.

JimmyTheWig

Still due to get back to a single loan in a year's time.

In the meantime, another milestone snuck up on me. Now got more than 60% equity which we hit 3 months ago. Currently 60.71%.

chelseablue

I find the Nationwide house price calculator accurate, but it updates once a quarter.


House worth approx. £433,000, mortgage outstanding £221,000 so almost at 50% ltv


Mortgage payment is £722 a month and about £420 comes off the balance so over half the payment now


Only another 30 years to go!

JimmyTheWig

What's that - 1.64% interest chelseablue? I'm envious of that rate!
[But then my balance is lower than yours and monthly payments higher, so mine will be paid off in half that time - so I guess I can't really complain!]

chelseablue

JimmyTheWig wrote: »

What's that - 1.64% interest chelseablue? I'm envious of that rate!
[But then my balance is lower than yours and monthly payments higher, so mine will be paid off in half that time - so I guess I can't really complain!]

Current rate is 1.49%

Fixed rate ends in March next year, so expecting to go up slightly. If I stay with Halifax they are currently offering 1.55% to stay with them

Madcatgirl

Well done - I like seeing this spread over the years! I'm off to check Zoopla for my house!

JimmyTheWig

JimmyTheWig wrote: »

Still due to get back to a single loan in a year's time.

There's another milestone I'm heading for before this. Not overly easy to put in to words, but will try.
Obviously the highest point of our mortgage was when we moved house 4 years ago.
But before that, the highest point was when we got our loft converted in our old house in 2010.
So next milestone is to get the mortgage below the point it was when we had our loft conversion. Should hit it in 6 months time.

JimmyTheWig

JimmyTheWig wrote: »

Obviously the highest point of our mortgage was when we moved house 4 years ago.
But before that, the highest point was when we got our loft converted in our old house in 2010.
So next milestone is to get the mortgage below the point it was when we had our loft conversion. Should hit it in 6 months time.

Milestone reached.

Next milestone (this time I mean it!) is to get down to a single loan. If I'm reading things right I should be able to do this next month.

JimmyTheWig

Technically still on two loans, but everything is in place to bring them together in a few months' time. One of them was at a lower rate than my new rate, so that's staying until it runs out.

But the good news is that reducing the rate on the other part means that I've reached the milestone where over 75% of the monthly payment is reducing what we owe.

Milestones coming up in the next few years with estimated dates of reaching them...
November 2018 - Mortgage balance down to what it was when we bought our last house in 2005.
July 2019 - Two thirds equity (assuming zero hpi).
January 2020 - Zero net worth excluding the house (i.e. value of pensions, etc, match balance of mortgage - though obviously not all of this is put aside to pay off mortgage).
October 2022 - Gains made on investments put aside to pay off mortgage match interest paid on mortgage.

JimmyTheWig

Some good, some bad...

JimmyTheWig wrote: »

November 2018 - Mortgage balance down to what it was when we bought our last house in 2005.

Reached September 2018.

July 2019 - Two thirds equity (assuming zero hpi).

Reached this month.

January 2020 - Zero net worth excluding the house (i.e. value of pensions, etc, match balance of mortgage - though obviously not all of this is put aside to pay off mortgage).

Now looking like September 2020.

October 2022 - Gains made on investments put aside to pay off mortgage match interest paid on mortgage.

Now looking like January 2026.