Sweetdaisy's aim to be mortgage-free

sweetdaisy

Received my Capital One CC statement today and earned £8.30 cashback this month, total balance is a whopping £23.90 (payable in January) which I will use as an overpayment.

DH's pay was finally paid into our Natwest current account this afternoon, but I am unable to transfer money into our Spending account. However as it is sitting in the Offset account, at least it is being offset against the mortgage !

sweetdaisy

My pay was paid into our Natwest account today :j and as I have spent quite a bit on the CC this month as I paid for our holiday, all the money is sitting in the current account being offset until CC is due to be paid at the beginning of July.

Monthly interest rate has been added to mortgage: £229 (£2 more than last month, but this is due to 31 days of interest in May). Current mortgage balance is now £80,144, so still due to repay mortgage in June 2024 - 1 year and 8 months earlier than original end date.

I am starting to feel that my aim of paying off mortgage by Feb 2022 is not going to happen . I know that it will be a long process but 10 years feels like a very long time.

Going to redeem some more money from survey sites rather then letting the money build up (which I tend to do). So makes sense that the quicker it is used an an overpayment, the less interest I will be paying.

Southernman

My mortgage is a similar amount but it's to be paid off in 2032!!! Out of curiosity, what is your monthly payment before overpayments? Mine stands at £495.

sweetdaisy

Southernman wrote: »

My mortgage is a similar amount but it's to be paid off in 2032!!! Out of curiosity, what is your monthly payment before overpayments? Mine stands at £495.

My standard monthly payment should be £643 a month. But since November/December 2011 I increased monthly payments to £700. So I automatically overpay by £57 a month and usually manage to overpay an additional £50-£100 a month.

We have just under 14 years remaining on the original term and we have an Offset Mortgage with variable interest rate - currently at 4%.

LauraJo

sweetdaisy wrote: »

My pay was paid into our Natwest account today :j and as I have spent quite a bit on the CC this month as I paid for our holiday, all the money is sitting in the current account being offset until CC is due to be paid at the beginning of July.

Monthly interest rate has been added to mortgage: £229 (£2 more than last month, but this is due to 31 days of interest in May). Current mortgage balance is now £80,144, so still due to repay mortgage in June 2024 - 1 year and 8 months earlier than original end date.

I am starting to feel that my aim of paying off mortgage by Feb 2022 is not going to happen . I know that it will be a long process but 10 years feels like a very long time.

Going to redeem some more money from survey sites rather then letting the money build up (which I tend to do). So makes sense that the quicker it is used an an overpayment, the less interest I will be paying.

Keep going with it - you never know what will happen a couple of years down the line - a pay rise, new job, lottery win!! You may then be able to bring it down by another year or so and it then feels really good. 10 years scarily isn't that long and you will kick yourself in 9 1/2 years if you don't continue with it. Take a month off occassionally, treat yourself and then get back into it - it'll make it less of a slog!

sweetdaisy

LauraJo wrote: »

Keep going with it - you never know what will happen a couple of years down the line - a pay rise, new job, lottery win!! You may then be able to bring it down by another year or so and it then feels really good. 10 years scarily isn't that long and you will kick yourself in 9 1/2 years if you don't continue with it. Take a month off occassionally, treat yourself and then get back into it - it'll make it less of a slog!

Thanks for the motivation LauraJo. I am only really at the start of my MFW journey and I will carry on chipping away at the mortgage, but it sometimes feels that I get a bit too carried away and obsessed with it all :rotfl:.

But my main reason for wanting to reduce the mortgage is that our children are very young and I would love to be able to reduce my hours in work so that I can spend more time with them and paying off the mortgage is the only way I will be able to do this.

sweetdaisy

I haven't posted for a while as I have been busy, but I am still lurking and reading the threads . Been busy trying to sort out Half-Term School Club for DS1 as the week after next he is off school for 7 weeks! With DS2 in Nursery it's hard to juggle it all, so we have a timetable on the fridge so DH knows where to pick up the children when he finishes work.

So far this month my mortgage overpayments have been £102. I am waiting for another redemption from a survey site so hopefully I'll be able to pay some more by the end of the month. Also at the end of the month the mortgage balance will be in the £70,000s .

PS: can anyone tell me why my signature looks all weird when I go to edit it i.e. lots of brackets: (colour), (font) etc. I don't know why it is doing this?

sweetdaisy

DH has just sold his old Downhill mountain bike on eBay and purchased a new one from an online Bike shop, so I used TCB and have earned £27 cashback. He has lots more bike bits to buy, so will not redeem the cashback until there is more in the pot.

Picked some peas and broad beans today from the garden and had them for lunch. However we have lost two pea plants as DS1 picked the peas and just yanked the whole lot out, root included! He really enjoyed picking the peas/beans and it took absolutely ages shelling them :rotfl:.

Completely sorted out the house and did jobs that I should have done ages ago, but couldn't be bothered to do . Feel happy now that my home is clutter free (well, at least for 5 mins that is).

sweetdaisy

So far this month I have made a mortgage overpayment of £167 . I now have £729 worth of childcare vouchers in my online account so from next week I am going to start paying DS2's weekly nursery costs of £66 out of this (he's in nursery 2 days a week). As I have already accounted for the nursery costs coming out of our Direct Debit (Bills) account, I hope to divide the extra £66 a week between savings and mortgage overpayments.

sweetdaisy

Monthly interest has been added to the mortgage: £216 (£13 less than last month) and my mortgage balance is now £79,520 .

So happy to be in the £70,000's, however according to my spreadsheet it is going to take me until May 2014 to reach the £60,000's! Seems like a lifetime away.

So far this month, mortgage overpayment is £192. Hoping to add another overpayment of £25 on Monday as I have started using my childcare vouchers to pay towards Nursery costs.