MFW: Next step towards total freedom!

caeler

Grogged said:

What a great position to be in and well done!
Do you plan to keep your mortgage payments the same once you've made THE payment?
That way you can stealth OP every month and not notice?
ATB,
G.

Yes I will keep the payment the same so it makes little difference to monthly finances. I’ve been focused on the further advance so I’ve made no OP so far this year. My OP allowance resets on 1 May so I can max out effectively 2 years allowance, ERC free OP between now and my target date this time next year.  I will add in a bit more so will need to continue being very frugal which will be tough but what’s 12 months in the scheme of things? I’ll reassess if any unexpected spend is needed! 

caeler

9 days until major overpayment!  I've been reviewing everything and I'm all on track.  I've started spending towards Christmas but that is all under control.  Most of my family were furloughed at some point this year so finances are tight, so we've all agreed to small and modest this year.  (Not the modest where we say it and all go crazy anyway!).  I actually think it is harder to buy small modest christmas gifts than having a big budget.  I'm doing quite well so far and all part of my budget.  I will not overspend.  I do have a haircut booked next weekend, first since January! It will be quite pricey but I have just enough left and I think I've earned it. 

caeler

So this time next week I will be making a huge overpayment and getting rid of one of the mortgage accounts. I've checked all my numbers again, still the same from when I looked on Saturday!  I've read the mortgage company guideline about redemption about 100 times.  It will take them up to 15 working days to close the account so I will have to be super patient for the rest of the month as I'll be desperately wanting to see it finished and gone from my list of accounts!  So by this time next week my mortgage will go from £93K to £55K.  

Grogged

Time to get the sparklers out then!😆
That will be a massive achievement, a 40% mortgage reduction.
It will take us another 5 years if we carry on with our current OP levels.
Hats off to you!

caeler

Thank you @Grogged.  I never thought I'd be in this position.  As we all know overpaying means sacrificing and we all wouldn't be here if we weren't prepared! I might have a nice bottle of fizz that I could open although can't help but think I should be saving that until the rest is gone!

Ellie78

You're making amazing progress!

caeler

5 days to go!  Seriously this is all I can think about!  I'm still excited and focused. 

I've now officially finished Christmas shopping.  I'm very pleased because now I can enjoy the lead up without stressing about spending or finding things.  I might even start wrapping everything.  The rest of this week should be NSD culminating on me spending a small fortune on Saturday's hair cut!  I'm still on track and on budget.  For weeks now I've been building up to the day I make this particular overpayment but I have to remember I have another year to go for the rest of the mortgage, I will need to think up ways to keep my motivation high. 

Separately I've also been thinking about selling unwanted things.  I've got several bags of brand new with tags clothes which normally I would give to the charity shop, and maybe still will but there are a few pieces that I think could sell well.  I have a few bits of furniture too.  I'm really put off ebay/marketplace as I hate being messed around, etc.  I don't think I'd raise enough to cover a mortgage payment but if I could raise some additional spending money it would take the pressure off a bit for the incidentals.  Any top tips on how to approach?! 

Grogged

Didn't realise you were taking the OP so seriously...
New hair style - got the cocktail dress, caviar and champers on ice? 😆

Umm, Christmas, better start giving that some thought... 😕
You have nothing to lose by trying to sell unwanted stuff, especially if they are tagged/as new.
ATB,
G.

caeler

So selling items has got off to an ok start. 2 items gone. 4 due for collection tomorrow. All worth £27. I got a rebate on my car insurance today due to doing less mileage (thanks covid!) of £39 and I found £25 in an account I had mostly forgotten about (which I’ve now closed).   Haircut and a small grocery shop paid for!  Hopefully a few more bits will go and I will list a couple more items at the weekend. Feeling quite pleased! 

caeler

2 days to go to big over payment!! 

I bagged up some coins and took to the bank this morning worth £8. Paid in the market place money and found £7 in an old PayPal account I’d forgotten. So with all my recent thrift it’s paid for the hair cut and this weeks groceries. Hurrah. I didn’t want to dip into what I have earmarked for the mortgage on Monday. 

Talk of national lockdown has got me rattled. But it won’t change my OP plans.