MFW: Next step towards total freedom!

caeler

365 days to go until I pay off the mortgage! 
So today I double checked the redemption figure and transferred the money to the account.  It will take a few days to show and a few days for Nationwide to close the account.  I'm been working really hard to reach today's milestone which is passing quietly as now I'm 365 days/52 weeks/12 months away from repaying the whole lot!  This morning I owed £92,857 and now I owe £54,933. 

Grogged

I'd been dying to ask all morning, but daren't!
So happy for you and your slimline mortgage! 🎉

caeler

Grogged said:

I'd been dying to ask all morning, but daren't!
So happy for you and your slimline mortgage! 🎉

My weekend plans changed (quick dash to see family due to lockdown 2.0 in England) and I've only just got home but I was so determined to make the overpayment today.  I will be impatiently checking online banking now until the end of the week to see when the account is closed! 

South_coast

Amazing news! What's your plan for the other half? 

caeler

South_coast said:

Amazing news! What's your plan for the other half? 

Over pay the max allowed 10% and save hard hard hard and I should be in a position to pay it off in 365 days! It means throwing everything I’ve got at it though so a lot will need to go right. It also would mean depleting the emergency fund too but I figure I can quickly build it back up if I’ve got no mortgage. 

South_coast

Fab! Good luck 😀

Ellie78

Congrats!

You could have made another £100/125 if you switched that old unused bank account.   HSBC/Lloyds/Natwest/RBS all have switch incentives at the moment.  

caeler

Ellie78 said:

Congrats!

You could have made another £100/125 if you switched that old unused bank account.   HSBC/Lloyds/Natwest/RBS all have switch incentives at the moment.  

I always assumed you needed to have direct debits and minimum values going into those accounts to "switch" and my halifax account which I think I switched to a current in my teenage years has been effectively dormant for years.  Thanks for the tip anyway! 

caeler

So I had a cheeky check of online banking this morning and the overpayment (and monthly payment that went out on 1 Nov) is now showing.  It is now also showing a credit on the mortgage account!  I guess all of that will get sorted out when they close the account.  I'll be really happy if I get a few quid back as my mortgage fund is looking extremely empty! 

caeler

I checked online banking again this morning and the further advance mortgage account is gone!  I guess the closure process has started.  I realised the money credited yesterday must have been the ERC.  I hope Nationwide write to me soon to confirm everything is in order.  I will try (but won't) to wait patiently.