inigma's bimble to mortgage freedom

inigma

Payday tomorrow and I should be able to put £1450 as an OP and then have the monthly payment which will bring our outstanding balance to under £80k! It's a small victory but we are happy to take it £1 at a time.

inigma

Hello Mortgageslayers,

Well this will be the last post I make off the year, it has been a very successful year with regards to my mortgage, it started the year as a 6 digit number and was knocked down to a 5 digit number early on.
We paid off all of our non mortgage debt, we strangled every direct debit down to reduce what we were paying each month.
We set aside a bit of money each month in to separate savings accounts for Christmas and holidays, which was a bizarrely adult thing to do.
I also set up an emergency fund and have 3 months of expenses, this has helped my financial anxieties to wain!
I reduced the term of my mortgage by 5 years which was nice, I originally wanted to have my mortgage paid off this year, but I am still some way off, not even halfway to be fair, but I don't feel scared any more, it would be nice to pay it off September 2021, which would mean the mortgage was done in 10 years.
Either way I am proud of what I achieved with my wife this year and I hope we can match or better it next year, only time will tell.

I wish you all a merry Christmas and a prosperous new year.

inigma

Hello Mortgage Slayers!

So my mortgage is deflating like a bouncy castle at a fat kid camp. I can't believe that 8 years ago I was waiting on my flat purchase to go through, my mortgage started off at £144,500 and now sits at just under £60k. My 10 year plan means I have to find £60k by September 2021, so 25 months, less my monthly mortgage payments will leave me with a balance of £37.5k which means i need to save £1,500 a month. My wife is going down to 4 days a week and I have an ankle biter going in to day care next April.
So I might have to sit down look at my numbers and figure out how I can do this.

Just bring it

inigma

Hello Mortgage Slayers, 
Another month another overpayment!
Just a quick update, we made an overpayment that took us under £50k.  Our next milestone is to take it to under £44,500 as that will mean we have paid off £100,000! We now have nursery costs coming up so we will try and work out how much money we can set aside each month, my wife is also doing reduced hours when she goes back. I reread some of my posts from 2011 when I started overpaying.  I had no idea that I would be blessed 8 years later with a beautiful daughter but reducing our mortgage has been a godsend, if I could hug that 2011 me I would. (and the 2007 - 2011 me) who sacrificed so much to get the deposit together. 

Stay safe and I'll report once I smash the mortgage a bit more. 

inigma

So i don't think I will hit my target of paying the mortgage off by september next year (which the dream was to make the final payment in branch 10 years to the day of taking the mortgage out), I have done the sums and reviewed the models and it looks like i am going to come up short.  I feel like i have failed but I know that there are bigger problems in the world so i am keeping things in perspective and I am proud of what I have achieved.

LeighofMar

Be very proud of what you had achieved. You haven't failed. Even if you don't meet your target, look at where you will be and compare it with where you would have been had you never made one OP ever. For example, on my amortization schedule, I should be at payment 59 and still owe $58,920.00. Thanks to OPs, I am on payment 218 with a balance of $35,490.00. Would I like to have paid the mortgage off yesterday? Absolutely. But even if I for some reason could no longer OP, I'm almost $24K ahead of where I should be. So maybe you can plug in your numbers like that and see where you stand so you can be reminded of how far you've come, how close you are, and how you will achieve something that most people do not do in their lifetime. 

inigma

So it has been a while, I have been doing the sums and i think I can pay my mortgage off 3 weeks on Tuesday.

Zerforax

Well done! That's a huge milestone.

inigma

Like Icarus I flew too close to the sun, an unexpected bill prevented me from clearing the mortgage, hoping I can have a run at it this month!

inigma

Hello mortgage slayers

So here I am 4275 days later from when I purchased my flat, 5 prime minister's, 3 president's and 2 monarchs later I am mortgage free.  I tried to update this but sometimes life got in the way.  It has been a long journey, a lot has changed but I am glad I finally made it. To people still pushing for freedom remember it's a marathon not a sprint, I know rates are going up again but don't give up you can do this.  If you have the mortgage free mindset then you are on the right path even if you can't make overpayments right now.

I am signing off now, good luck everyone and stay safe.

inigma's bimble to mortgage freedom mission complete