Onwards to freedom!

greent

Congratulations! xx

lavinia21

Congrats secretsquirrle had an inkling from your posts.such wonderful news sometimes when big things happen like that it makes you reaccess your circumstances.

SuperSecretSquirrel

Thank you both for the congratulations

It's going to be quite the experience I'm sure!!! :rotfl:

Mortgage_Reduction_Novice

A very many congratulations to you both.

SuperSecretSquirrel

Woohoo! Another £499.99 overpaid today, by my reckoning we now have a balance of £66,080... The two remaining standard payments of £828.48 off, plus interest on, should result in a year end balance of £64,870, so I have kinda already achieved this years mini-target of balance below £65k at year end

We have ~£1,300 remaining of our penalty free overpayment allowance for the year, so we'll still overpay the next two months if we can afford to It really has been a great year for overpaying!

We're actually in with a shot of hitting my original MFiT3 target of 60k by the time baby arrives, a whole 21 months early! :eek: Once baby is here the plan is to slow down on the OP front for a while, but I'm so pleased to have made such good progress while the opportunity was there for the taking Ideally, the mortgage will be gone by the time munchkin starts school, can't wait for the security of knowing we own our home lock stock and barrel (and all the choices that spare money each month will afford us)!


PS - Thanks Mortgage Reduction Novice

Yorkielass

Brilliant SSS, that's really coming down, being mortgage free by the time they start school is a lovely target to have too.

SuperSecretSquirrel

Thanks Yorkielass Had a quick catchup on your diary, you're doing great too!

I've not had anything much to report recently, but I've been doing some reading of diaries and stumbled across some "spreadsheet houses"... Of course having a little bit too much spare time on my hands could mean only one thing

We paid 116k for our house, and have a picture made of 116 blocks - the brightly coloured blocks are owned by us, the pastel ones owned by the bank. It's great for putting things in perspective, less "we owe 65k+" more "we own almost half of our house"



More OP's coming soon!

SuperSecretSquirrel

It's MFiT3 day, and we are now exactly one third of the way through the three year challenge!

Mortgage balance was £64,387.10 this morning. One swift 'rounding OP' later, and we're now on £64,300

The original MFiT3 target was 60k, so things are certainly going well - much better than expected this time last year! Even the super ambitious revised target of 40k is on course so far.

Another £499.99 OP planned later this month, and that will take us sub-64k - a second block on the spreadsheet house can be coloured in this month It also means that we'll have near as dammit maxed out the annual 10% OP allowance again this year - even after reducing the term to increase our standard monthly payments!!

Never would have thought any of this would have been possible just 12 months ago. A fantastic year for hammering down the mortgage!

Looking forward to the upcoming milestones and targets:

• Balance dropping into a new £1k bracket and a 'spreadsheet house' block filled (hopefully a near monthly occurrence)
• Aim to hit the original MFiT3 target of 60k by the time baby arrives (just four months to go!)
• Owing less than half the amount we paid for the house (sometime summer 2014 is looking likely)
• Daily interest dropping into a new £1 bracket
• Maxing out the annual 10% OP allowance (every year if possible!)
• Ending next year still on track for MFiT3 40k target
• Achieving the MFiT3 target in two years time
• Mortgage neutral!
• Mortgage free!!!

That little lot will keep us busy for a while As always anything could happen to scupper our plans, but there's no harm in being optimistic

Hope you are all doing well!

Yorkielass

Fab post SuperSecretSquirrel love your targets bullets.

SuperSecretSquirrel

Thanks Yorkielass, seen a few bullet lists in your diary too, makes things feel more 'definite' somehow