Mortgage Free by 2018

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Imma_Number wrote: »

So I've not posted to this diary for a few months. This has been due to a sudden death in the family followed by redundancy. :(

Fortunately, because of the previous overpayments, my I monthly mortgage interest is much lower which means my emergency savings will stretch that bit further. Other than that, things were on track.

Hoping for a new job soon though. Well, not only hoping, more by applying, and then hoping.

Imma

Sorry to read that. It just shows how helpful emergency savings can be in a crisis. Hope you find work soon.:T

Imma_Number

Entering the final week before my final salary payment. All the goodbye drinks and meals put a bit of a strain on the budget.

From end of Dec it's living on redundancy payout & then emergency savings. I'm certainly hoping to get a job of some kind before too long so I can get back to overpaying

I've made enough meals to last until Friday so I shouldn't go hungry.

Imma_Number

What with one thing or another I've managed to pay off most of my mortgage (inheritance* & savings). Before the last large overpayment I switched from "Keep my existing payment and term as-is. (...)" to "Reduce my future monthly payments." The outstanding balance is now at about £3000 and the repayment is ~£20pcm for the next umpteen years and it's largely immune to interest rate rises. (I phoned up to check that the switch had been made. The website takes 5 days! Over the phone the switch happens overnight.)

I do have enough savings left to pay it off completely but for the time being I'm letting it sit since Nationwide have removed their nominal balance feature and, subject to affordability, I can still draw down on the over-payments.

You never know, one day I may decide to just finish it off.

Imma

* I'd rather have the person alive and be paying more for the mortgage...

Imma_Number

Final payment made to Nationwide complete with redemption fee. (Not sure what they'd have done had I not paid that too)
They've closed the account and I'm just waiting for the letter to arrive. If it looks nice I'll buy a frame for it

Tahlullah

Congratulations on your new mortgage free status. Enjoy! What will you do with your spare money now?

Imma_Number

Tahlullah,
Probably pay for someone to do all the jobs on the house that I started but didn't have time to finish