When I'm 64! 25 June 2013 at 6:23PM in Mortgage-free wannabe 108 replies 15K views

Staffordia

Managed an overpayment of £385 this month the only problem is I don't know how I managed it. Mortgage now stands at £116,852.

Staffordia

I joined this site a year ago today. At the time my mortgage stood at £120,745, it now stands at £115,306. I have also had to buy a car this year, which affected my overpayments, but I have kept plugging away and hope to up the overpayments over the next year. My current mortgage free date is October 2031, so I have knocked off 5 months so far, again I hope to improve on this over the coming year.

Staffordia

I have scraped together £1000 and moved it to my offset, so feel like I am moving in the right direction. I have also helped OH with sorting out her mortgage and she is now due to finish in 4 years rather than the 11 she had left. I think she now understands why I have been trying to overpay as much as possible.

hanging_on_in_there...

Well done! That's allot of money to put by!

Staffordia

I have had a lot going on recently, but the upshot of it has meant that I have been able to move a large amount to my offset, clear my car loan and put some money into a couple of 5% interest current accounts.

Mortgage balance = £113,991.68
Offset balance = £32,305.76
This means that I have £81,685.92 outstanding

I have cleared over £45,000 since February 2012. I'm pleased with this, but definitely need to keep going.

Thanks to all of you who are regular posters on the MFW board, you are keeping me going. :T

Tilly_MFW_in_6_YRS

That's brilliant progress :T


Tilly x x

Staffordia

Time for my anniversary update.

Current mortgage balance is £110323, of which £33711 is offset leaving £76612 owing. Daily interest is £5.96 down from the original £11.18 in February 2012.

In addition to the offset, I have £5000 earning 5%, although this will reduce to £4000 once my Flexdirect year is up. I also have around £1000 set aside for yearly bills etc.

Since July I have been investing in a S&S ISA and have invested £3700 so far. Current monthly contribution is £200 but this is under review as I had a pay cut of £170 net per month

I tend to browse the forums most days and am grateful for the regular posters who have helped keep me on track. :T

Staffordia

In the dim and distant past I was persuaded to take out an endowment for my first mortgage. Through various moves I kept paying into this and this month it paid out. While it was not enough to clear that original mortgage it has made a healthy contribution to my offset.

I now have just over £62,000 offset, which leaves me with just £40,000 left to pay. I have various scenarios worked out, but if all stays the same then I should be fully offset by March 2020, which would be fantastic and hopefully allow for retirement three years later at 57.

Staffordia

Well over a year since I last posted, although I do read a few diaries on a regular basis.

I remortgaged in February and currently owe £52340, offset is £20000 so £32340 owing in total. The fix will finish in Feb 2020, and by my calculations I will be left with a balance of around £7300, I currently have this in accounts earning more than my mortgage interest.

All being well the mortgage will be done and dusted in 8 years! Early retirement at 55 is not a forlorn hope after all :j

Kittenkirst

Fab to read your progress

You'll smash those figures!