When I grow up - my mortgage free journey

Yorkielass

So this week I've started my updated SOA - I've done everything other than the credit cards and it's shown the credit cards statements are where the key to the mystery of where the money after bills and money into savings pots/overpayment is going. Have some time at home over the next three days so will get onto this then, I know some of it is buying things on the credit card that there is money for in a savings account, like Christmas gifts, and then not putting money from the savings account into my current account when the credit card bill comes. So that's the challenge for this week, to finalise and balance everything.

Yorkielass

I've been awol again - I don't know why I've not been on MSE this year I really need to get back into it next year, I've found it so useful in the past.

I have been chipping away at the mortgage though and have the following updates to make:

Number 83

June: 642.54
July:642.54
August 792.54
September 792.54
October 792.54
November 892.54

We reviewed our finances in July and decided to increase our DD by £150 a month for the mortgage, and then also add £100 to a monthly savings account we have for long term purchases, having cleared it out buying a new car in July.

This means we're splitting our income 1/3 monthly commitments (mortgage, other bills, money put aside for holidays & gifts), 1/3 savings (including mortgage overpayment) and 1/3 food, petrol, clothes, fun stuff etc. It seems to be working ok so far.

An extra £100 for November as I've been using a Lloyds monthly saver as our 'emergency' savings fund this year and I got the interest so that, with a bit of other interest, is going on the mortgage.

So just over £10000 overpaid in 2015 so far - got the regular December payment to make so that'll take it to £11000 - my task is, once we've finished the decorating we're currently doing, to get together an extra £1000 so I can meet the £12000 target I set for the year - if I can do that our overall term will have been reduced by 7 years (so will have 20 years left) 3 and a bit of that this year.

I'm hoping to take some time over the next few weeks to read diaries and get some inspiration for 2016.

Yorkielass

Updated figures as of today:

Mortgage now (November 2015) £132020.04 - MFD March 2036

Down to £17.43 a day - that daily interest is really falling now.

Yorkielass

I can overpay 10% of the balance - so we're going to be at the point in the new year I think where we will be allowed to overpay about £13000, which is more or less what we've done the last two years.

Time to take another look at ISAs and other saving options I think.

Luckyinlife

Amazing OP really great job :]

SuperSecretSquirrel

Averaging 1k in overpayments per month, amazing! :cool:

It's incredible that you've managed to keep the momentum going, and well done on the plan to keep on going in 2016! :T

jodles16

I would say whether your here or not your still doing a great job! Amazing OPs and you seem to really know what your doing as well as maintaining a healthy money balance!!

Jodles