Little P Starting as I Mean to Carry On!!

Jock_Tight

Handy bonus especially at this time of the year, well done for putting toward the mortgage!

Thats what we do if we get a bonus, goes towards the mortgage. Also when we get a pay rise at work the extra per month gets added to our monthly op. Every little helps!

Cheers,
Jock

LittleP

Jock_Tight wrote: »

Handy bonus especially at this time of the year, well done for putting toward the mortgage!

Thats what we do if we get a bonus, goes towards the mortgage. Also when we get a pay rise at work the extra per month gets added to our monthly op. Every little helps!

Cheers,
Jock

Thanks Jock, I think it’s a sensible way to look at things. I never take the bonus for granted because they are never guaranteed and I think this is the best way of using it. Using the overpayment calculator on the homepage I have already saved myself about £1000 in interest over the term of my mortgage and about ten months….. ….. I’ve only had the keys a week today!!!

sweetdaisy

You'll be paying off the mortgage in no time .

misscousinitt

Hi LittleP and welcome to the boards.

I started off with a £26k mortgage and bought the house about this time of year, so we are quite similar really.

I know what you mean about about moving in for Christmas - I was desperate to. Had my keys on 24th Nov and moved in 24th Dec - it was hard work, but worth every minute of time.

Good luck and I look forward to reading about your progress.

LittleP

Quick update.

I have now settled in my house. After a long spell of decorating and getting things sorted (including the saga I had with Dreams Beds!!) I finally moved in 3rd February.

I have already started making overpayments and have kept fairly consistently to overpaying the same amount as my mortgage payment for two months now so instead of paying £159 I am paying £318. If I keep that up I could have the mortgage paid off by March/April 2021, not taking into account my offset balance and potential bonuses that will go straight into overpaying.

As it stands even if I don’t overpay again I have cut a big chunk off of my mortgage and that feels great, but my aim is to be paid up before I hit 40 which is in July 2019. That gives me focus now and I fully aim to achieve the goal.

LittleP

Hi just another bit of an update.

Took my mortgage out November 2011 and it stood at £30,134.00 and as you can see below I’m improving it every month.

Where I should be with normal payments and no offsetting – £29,769.50
Where I should be as above but with regular £159 OP - £28,820.00
Current Total including extra OP and offsetting - £28,178.32

LittleP

LittleP wrote: »

Hi just another bit of an update.

Took my mortgage out November 2011 and it stood at £30,134.00 and as you can see below I’m improving it every month.

Where I should be with normal payments and no offsetting – £29,769.50
Where I should be as above but with regular £159 OP - £28,820.00
Current Total including extra OP and offsetting - £28,178.32

Just a quick update on this one seeing as it is over a year and a half since my last update.

My current running total is £19,092.77

[FONT=&quot]I am way ahead of schedule and should hopefully be mortgage free before I hit thirty-eight. I will defiantly be free of it by forty. Not bad for a single bloke on a modest wage.[/FONT]

LittleP

Just another quick update.

Current Mortgage - £16,668.37
Current Off-set Amount - £6,930.95

I’m still on for being paid up by thirty-eight but hope to be fully off set by the end of the year. If not then, definitely by June 2015.

LittleP

Yet another quick update.

Current Mortgage - £11,740.23
Current Off-set Amount - £2,966.11

I got pretty lucky this year because the annual bonus was at record levels so I was able to pay off a good old chunk in one go. Of course George Osbourne took his share too but still mustn’t grumble.

I have loosened the spending a little because I have been walking around in clothes with holes in for the last few months so was in desperate need of replacements. Never been a big fan of spending money but at the end of the day needs must, and as the Mortgage Neutral date draws nearer I find myself looking at ways I can finally start treating myself for the first time in my 35 years.

LittleP

Thursday is a big day for me I will be fully offset and my mortgage will slip below £10,000.


I have had my mortgage since November 2011 but have been preparing to be Mortgage Free since I was about sixteen. I have always saved part of my wage even when I was on £2.26 an hour pushing the trollies at Morrisons.


The very moment my Mortgage his £0 I am going to start treating myself because in my 35 (nearly 36) years on the planet I haven’t ever done that.


I am proud of my achievements and having done so on my own, all despite the fact that seven years ago I never felt I would get my own house never mind own it out right.