Our Mortgage Free Journey

Mrs_Rachel_Trelfa

JimLad wrote: »

So apparently because we made the overpayment close to the direct debit date, the system took it as the standard payment before they had a chance to mark it as a capital payment.

They are now doing a forced payment of our usual monthly amount to compensate!


So from now on we need to do overpayments after our standard payment date.

It's almost like they do not want you to overpay. Have you asked for them to reimburse you the interest that has been added that shouldn't have if they did it right?

JimLad

Finally got the letters through detailing the extra over payment because of their mess up! Will let MissW fill in the details of how much is left...

I downloaded an app yesterday called Spending Tracker which does what it says on the tin and provides a place to note down every penny you spend. I am convinced that i waste money and hopefully this will allow me to see where. Just need to be disciplined and log every penny on it!

First entry...30p for a bread roll to go with my home made soup!

JimLad

Final overpayment of the year made. £1911 which takes us exactly up to our 10% limit for the year. Phoned them and they said if they calculate it to be anything over 10% they will refund the amount over so we dont get charged.

When we get our confirmation letter we are going to set our targets for 2014. Looks like its going to be approximately 1k a month to meet the 10%.


Merry Christmas everyone! Hope you have a happy but Frugal time :-)

MissWillow

Hello Everyone, It's been quite a while since I've posted. My OH and I have been planning and saving up for our wedding next year so we have been rather distracted.
But we are still doing well on the mortgage free wannabe path, we have overpayed by our 10% allowance this year and are now just under the £100k mark. We are both delighted at this! This was the first major milestone we set for our selves and 2014 was the year we achieved. We took out the mortgage 3 years ago (2011) and have overpayed £55k in that time. This is a combination of some money my parents gave us, but the majority is both my OH and myself overpaying the 10% in those 3 years, it has been tough, particularly in the first two years but we have made it. I wreckon we will have paid off the mortgage in about 5 years (2019) but i'm hoping we can get this done sooner.

We have made some changes in our life such as where we shop which has made a big difference to our monthly grocery bill. Our fuel bill is expected to go up unfortunately though. Although we both lift share to work which is fantastic, one set of parents have moved about 2 hours away and so weekends will start to see a higher increase in fuel consumption but this can't be helped.

We have also kept to not buying 'things' unless we have too which is working out pretty well so far. As Christmas is approaching we have started our xmas shopping to spread the cost and it also means we don't panic buy and spend more than we want to so we are on track wit that spend too.

Well thats all for now. I will check in again soon.

xx

MissWillow

We took out a 30 year mortgage and are down to 15 years with all of our overpayments!!! Yippeeeee

JimLad

Some Airbnb guests coming tonight for 2 nights, so thats another £56 in the pot :-) Got one booked for next week too!

tootallulah

You are both doing so well, many congratulations on having made such brilliant overpayments in such a short time. The 10 per cent a year clearly gives you a tangible target to reach.

JimLad

Happy Anniversary MissWillow :-)

5 Years ago today we went on our first date to a fireworks display.

Now we are getting married in 3 months and are well on our way to being mortgage free

:j

JimLad

tootallulah wrote: »

The 10 per cent a year clearly gives you a tangible target to reach.

It actually is really good your right. Every year we have a target set for us automatically! Think in 2015 its actually going to hold us back though now we at less than 100k

JimLad

Refund of £90 from EDF Energy for the amount we have paid too much this year! Apparantly they run November - October for their billing year. That pays for our anniversary meal out!