fluffig's mf diary

fluffig

My first post in this particular forum, hello everyone

The plan was our 25 year mortgage would be paid off April 2011. Cutting a long story short at 31/12/11 our annual mortgage statement showed that we still owed £71,835.92 and had 10 years 4 months to go :mad:

Reading diaries here has insired me as I've always thought of it as too huge a debt to repay, but we are going to really try from now.

So far I've dug the mortgage papers out and discovered we can make just one additional payment in January of each year of up to 10% of the balance without incurring a early repayment charge.

So that's our first target. I am saving for whatever 10% will be in January next year and we will then over pay that.

The second target is to do the same the following January.

The third target is then to swap to an offset mortgage later that year when this 5 year fixed one ends.

I feel quite inspired ! :j

fluffig

Saved 40p already OH has just bought a dozen eggs at £1.60 from a different farm - we usually pay £2 !

fluffig

Me again. Happy new year everyone.

Target 1 achieved saved and saved and have managed to make the maximum allowed 10% repayment this month. Balance outstanding is now £59,682.39

Working on target 2 now and have started to save again. Determined to make another 10% repayment in January next year.

stedwell

Hi fluffig
I thought I would post because our 25 year mortgage should also have been paid off this year. We also owe a similar amount - 74,000. (We moved house:o) I look forward to seeing your next payment come in. We are currently hoping to have it cleared in 4 years but university fees are threatening to get in the way. Good luck.

Kodagirl

Hey fluffig,i hope you are proud of yourself,youve done really well!!! Keep up the good work,that mortgage free dream,will be reality,before you know it!! :-)

elantan

Well done that is a fantastic start ... Target two here you come

fluffig

Hello again :hello: That year went quick !
Have just paid another 10% and balance outstanding is now £48,717.88

Fixed rate comes to an end 30 June this year, so will now start to look around for another deal to swap to so we don't end up on their higher variable rate.

Feeling very pleased we've done another 10% and that mortgage is now below £50K (just), but still quite daunted at the £48k odd we have yet to pay. Hey ho ... :cool:

fluffig

Me again. Have just re-mortgaged We paid an extra £6,301.75 off and so now have a £40,000 mortgage over 5 years at 2.49%, unlimited overpayments allowed, and can pay it off penalty free after 2 years have passed.


So that's my new target. To pay it off in 2 years time !