Sweetdaisy's aim to be mortgage-free

gallygirl

Being 100% offset would have been great but it's only one tool in the great money saving box . I would probably have done what you have done - simplifying your finances at the same time :T. Good luck to both of you.

SuperSecretSquirrel

Sounds like you've done the best thing for you under the new uncertain circumstances. That's what I like most about this savings business - the luxury of calmly dealing with what could otherwise be a disastrous scenario, no stress

To be fully offset in just 12 months time while benefiting from increased cashflow on the way there is pretty great too!

sweetdaisy

Not much to report at the end of this month. Monthly mortgage interest was £29.10, therefore made an Overpayment of this amount, which bring balance to £37,450. Slowly building up my Savings again and according to my spreadsheet, could be 100% fully Offset by next October.

Done around 60% of my Christmas shopping (mostly done online) and used cashback sites where I can. I have an Exam the week before Christmas so I need to get organised and do some wrapping now, otherwise I am not going to have much time the closer I get to my exam.

slowlyfading

Ooh, your mortgage interest is enviously low!

sweetdaisy

Hi slowlyfading

When I started my MFW spreadsheet 3 years ago, we were paying around £186 a month interest. I'm so happy that all the hard work over the past few years is paying off, despite really scaling back our overpayments for the past year.

Looking forward to going into 2017 and hopefully we will become fully Offset. I have a few things that need doing to the house: decorating, new kitchen, back garden to be re-done etc that will cost a lot, but looking forward to not having to pay the bank any interest .

Tilly_MFW_in_6_YRS

Hi Sweet Daisy, sorry to hear that you're going through the mill but really pleased to see how close you are to being fully offset.

I really admire the way you have kept your focus and 'done it'.

Best wishes Tilly xxx

Secret_Saving_Squirrel

Hello,

It seems like you have really retained your focus, and by paying off those oddments you can keep your head clear should the worst happen. However, chances are it won't and you will very soon be mf. Good luck to you all!

Squirrel x

sweetdaisy

In 2016, I have been quite absent but hopefully in 2017 I will be a lot more active. I have been very busy - I’m 14 months into my new career after a change of direction and love it; I am continuing with my ACCA studies and passed an exam just before Christmas and have 2 exams to do by June/July for my current course; Children’s school work has increased lots so evenings spent supporting them with reading/writing/school work etc., then as soon as they go to bed I start my studying for around 2 hours an evening then somewhere in between, I manage to make tea and do the usual housework!!!

Overpayments in 2016 were £8,854, which included a large overpayment of £5,000 in December. As of today (based on Offset Savings accounts) we are 80% Offset and we only paid £10.20 this month in interest .

In 2017 I have quite a few things that need doing around the house which are going to be costly, so not sure if we will become fully Offset, as I need to get the back garden dug out, build a retaining wall, new patio, decorating etc which is going to cost a fortune.

Therefore, no ambitious finance plans for me in 2017. I just want to build on Savings so that I can try to get as close to 100% Offset as I can. Whilst it has always been my aim to pay off the mortgage as quickly as I can, I have my sensible hat firmly on my head as I know that it takes a long long time to build up Savings and I want to keep that safety net there for whatever comes our way, whilst continuing to do fun things as a Family and building memories .