1-year in to mortgage free - Small steps make progress

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  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    tea_lover wrote: »
    Congratulations on your new arrival! And on the OP's of course :D.

    Many thanks! Good news received from HSBC, they are moving me onto the lower rated tracker product of BOE+2.29%, so that saves me around £15 a month that will go on top of my regular OP. Just need to find my feet on expenses for little-un to get back to making some more on-off's at the end of the month with whatever is left over...
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • elantan
    elantan Posts: 21,018 Forumite
    Photogenic Name Dropper First Anniversary First Post
    well done on the wee one :)
  • tootoo
    tootoo Posts: 681 Forumite
    First Anniversary First Post
    congratulations on your arrival.
    :)
    MFW.....Apr 33 Aim - Dec 26
  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Well I have changed the way I approach my overpayments now, I have set up a separate account that shows up alongside my main current account in online banking. Whenever I have incoming funds from (for example) ebay / paypal, quidco etc I am moving this over, and at the end of the month also moving whatever I have left in my account. That will all go into the mortgage as a lump sum after my payday!

    Main reason for doing this is so that I know I don't have the money spare and wont be tempted to spend it :) I can also move over small amounts at a time if I save money by not doing something etc. Hoping this will end up meaning OP'ing by more now...

    Just got £56 from topcashback so that's the first to go in :)
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • linz
    linz Posts: 1,914 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    Ive just started doing this too :) not got around to using a different account yet but I moved £3 from a survey site and a £1.15 saving I made with a supermarket fuel voucher last week. Small amounts but may as well OP them as they all add up!
    #2 - Save £2024 in 2024
    #35 - Save £12k in 2024
  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Quick daily update, have in the last few weeks changed mortgage products so am on a lifetime tracker at 2.19+BOE so saving an extra £8 a month which all helps!

    I've also started logging my major milestones for the mortgage outstanding balance in my tracking sheet, this will help me keep motivated and keeping going. My next milestone is to go below £120k outstanding and it's imminent!

    I've cleared £8k in the last 12 months which in comparison to £18k in the previous 5 years on my unlucky fix is great.

    My next goal is to get below £100k in 2 years by Sept 2015, lets see!
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • edinburgher
    edinburgher Posts: 13,455 Forumite
    Name Dropper First Anniversary First Post
    It sounds like you're making real progress (kudos to HSBC for helping you out along the way, unusual to hear of a financial institution making themselves so helpful!)
  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    It sounds like you're making real progress (kudos to HSBC for helping you out along the way, unusual to hear of a financial institution making themselves so helpful!)

    Yes, HSBC have been great, I know they get a lot of slating on here sometimes for various reasons but I (touches wood) have had no issues.

    I'm cracking on with the new process of moving money to a separate account I save by not spending or selling stuff, that's working well, I add that to what I have left at the end of the month and send one OP in. This is on top of my standard monthly payment that includes a £62 OP as well :)
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

  • Well done! One thing we have found amazing is aldi nappies! Really cheap but good quality. And if you can join Costco cos there's some amazingly good value stuff on offer there. But congrats on your mortgage clearing and your new family and your sensible approach to debt.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • 20vt-rs
    20vt-rs Posts: 674 Forumite
    Mortgage-free Glee! Name Dropper First Post First Anniversary
    Well my first milestone reached yesterday, I have dropped below £120k!! Next up is the £100k and below mark, goal for the next 2 years. Managed a great £400 OP last month but only £80 this, lots of spend on a new mountain bike and a trip to euro disney!

    All in all have cleared just shy of £10k in the last 12months :T
    Mortgage Free Wannabe Light Bulb Moment (Early 2012, started May 2012)
    Original Mortgage Amount - £147k (Oct 2005) / Term 27 years (To 2032)
    Target to Pay off by 2026 by overpaying - Officially Mortgage Free June 2023!
    Balance Reduction Progress: May12 £128k / Nov13 £120k / Dec15 £107k / Mar18 £87k / Mar21 £46k / Jun22 £28k / Jun23 £0!!

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