On the road to freedom!

Anna_Glypta

I received the updated statements from the bank yesterday and as I am sure everyone on here will understand I spent a considerable amount of time staring at them and my spreadsheets and feeling a little big smug and pleased with myself that I started on this journey.

Looking back it's hard to believe that in January 2012 I was paying over £800 on my main mortgage a month and now it's only £49 ish. The term remaining number of 9 years 3 months is staring out the page at me and I can't help but thinking - not a chance, it should be done by November this year latest!! Cashing in the endowment policy was the best decision ever. Not only am I able to continue to make overpayments but I've had a couple of holidays this year already and am planning a trip to NY in December. Yes, I know - I could have wiped out the rest of M1 by now but a girl has to have holidays!!

I've seen some posts where people don't make an overpayment because of a charge from the bank but I weighed up the fee against the interest saving and decided I'd rather pay them a little bit up front (it's currently 3% on the overpayment amount) and sc**w them over for the interest they are expecting to make. I SO wish I'd realised this earlier but better late than never and IF my figures are right I am on track to save over £21k in interest payments by taking this road.

Anyway forgive my smug ramblings - I will be keeping an eye on the boards and will try to be more of a contributor.

Thanks for listening.

AG :j

misscousinitt

That's absolutely fantastic AG.

I hope you have a great time in NY - you deserve it.

MCI

LauraJo

That's brilliant and well deserved smug ramblings I would say!

Anna_Glypta

Not quite November but near enough. I've had the final redemption figure in from the bank and am putting the funds in place to pay off M1 on the 30 December plus I'm going to pay an extra £5k off of M2 to kick start that one. Still can't believe it's nearly done.

M1 will have finished 9 years early saving me around £20k in interest payments - I've said it before but I'll say it again - I SO wish I had realised this when I started the mortgage. Hey ho, least I can give good advice to my niece and nephews when they get onto the property ladder in the future.

I know I don't post very often but I do catch up on the diaries when I can and they provide such great inspiration.

Have a great Christmas and New Year everyone - look forward to following your stories in 2014.

AG :beer:

Anna_Glypta

Anna_Glypta wrote: »

M1 - continue to save to make quarterly Capital Repayments on this mortgage (it's on a fixed term and whilst I have to pay a fee for each repayment it still makes sense to pay it off quicker). I don't think the bank likes it but I figure if I do it in chunks of around £5k they can't refuse to accept my money - well that's the theory anyway.

1 Jan 2014 - Well it worked, they did not refuse to take my overpayments and M1 is now no more!! All done and dusted.


M2 - I had originally intended to leave this mortgage as it was until M1 was finished but I'm impatient to see it decreasing so I plan to start to make regular monthly overpayments immediately - plus I want to see movement on my goals on the MFW13 spreadsheet. Whilst it's on a low interest rate I cannot get more on the money in a savings account so I'm going to start chipping away at it.

1 Jan 2014 - I did end up leaving M2 alone until last month when I paid off a lump sum of £5k leaving me with approximately £6.7k to pay. I could take the money from my savings pot and pay it off however I am conscious that you never know what is around the corner so will be patient and add to the mortgage savings and clear this by April this year (all going well).

Continue to use cash back site - thanks to the MFW'ers I found out about these sites last year (first time I've said that this year!) and have so far received £116 back. Love free money!

1 Jan 2014 - Still loving the cash back sites - currently at about £370 free money for things I was going to buy anyway!! Cant' complain!


If I had not have found this site I would never have achieved what I have achieved and I am now far more aware of what I am spending - it doesn't stop me treating myself if I want something but it is really satisfying to know where it has actually gone.

Goals for me this year are finish the mortgage and then start on the savings. I'd like to change my car in 2015 and I plan to do this without any loans (unless of course it's 0% in which case I'll leave my money in the bank earning interest, such that it is !).

Good luck everyone with your goals for 2014. Happy new year.

AG (

nattypants

Happy NY AG:)

Well done for 2013 - does this mean you'll be mortgage free during 2014?

ETA ignore me!!! Just noticed your April date on the signature

Anna_Glypta

nattypants wrote: »

Happy NY AG:)

Well done for 2013 - does this mean you'll be mortgage free during 2014?

Yup - only a few months to go - so excited and it's really hard not to wish the time away but I'm really looking forward to April :j :j

littlegreenpeas

Fantastic News, Well Done on April.


LGP

Anna_Glypta

Well I'm not known for my patience and I couldn't wait till April so I decided to take some money from my savings (I haven't left myself in a scary place!) and I paid off the last of my mortgage TODAY!

Very excited and am looking forward to a celebration with the other half later on in the week.

[COLOR="rgb(255, 0, 255)"]Thank you everyone, I may not have been visible all the time but I was certainly drawing on inspiration from everyone of you.
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After some fun (I've booked a holiday with my Mum and my nephew in May) it will be time to knuckle down and start saving some money to put towards the next challenges - maybe early retirement/working part time…. who knows……. watch this space

:beer::j:beer::j:beer:

Yorkielass

I saw your post in your MFW 2014 thread so came to have a look at your diary - I'm so impressed by the speed at which you got rid of both.

Enjoy your fun and good luck with the savings journey.