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Free By Forty-Five
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Regular overpayments also has the added bonus of mahoosive mortgage statements :T.A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
Another £349.30 put away at the start of this month. Same again planned for March. Feels good to know that I've already saved myself a good few hundred pounds in interest alone."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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Congratulations on the overpayments made so far this year.0
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Well done on the overpayments, it gets a bit additive!
A fellow scot here as well (although born in wales). We are planning to be mortgage free hopefully within the next 6 years.MFW - currently at £23,610 (Aug 2014) MFD 20200 -
Congrats on the OPs, it is very addictive and you find yourself rejigging the spreadsheet to see what would happen if you paid this and that.
When the mortgage is near the start as you are and that rate it is great to see the interest you save on small payments alone. Its great to see the daily interest go down to. I used to be on £400+ a month and now its just £62. (you dont save so much on interest in the last few years of the mortgage)
I started with my target of being the year my kids finish school but now I hope to finish in a couple of years so 3 years earlier than my original target I was aiming for and a whopping 16 years earlier than the mortgage company set me up for! Thats how addictive it is lol
You will find that people wont understand why you are doing it and some even become jealous after a while so most of us just vent it all on here with likeminded people.MFW 16 No 33
2016 OP Paid/Target 2063/£2063 (100%) COMPLETE
Mortgage Free - Apr 2016 -DONE!:j0 -
norfolkdream wrote: »You will find that people wont understand why you are doing it and some even become jealous after a while so most of us just vent it all on here with likeminded people.
I completely agree with this. The only people in the real world who know about our MFW plans are my parents (who also became MF 6 years earlier than planned through regular overpayments) and my Sister - no one else knows. When I mentioned it to others to test the water, they just looked at me silly! I can't wait until I am MF as it will give me the opportunity to change jobs/reduce my hours. 0 -
Everyone I've talked to about mortgages all agree that paying extra is a good thing, but I think I'm the only person I know who's actually doing it!
The thought of being an outright homeowner by the time my daughter's finished secondary school is tremendous. I want to build my own home at some point in the future as well."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Most of the people I talk to would rather spend their money having a good time.
I'd rather my money worked for me now and then live the dream after (hoping I live long enough is the only downside!)MFW 16 No 33
2016 OP Paid/Target 2063/£2063 (100%) COMPLETE
Mortgage Free - Apr 2016 -DONE!:j0 -
Was hoping to put a wee bit more away at the end of this month. But decided to take the wife and daughter away up North for the night. Looking forward to it "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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So, a quandry. I've managed to save a bit more than normal this month, and had a bit of overtime as well. So I've got £663.69 sitting there.
Was thinking of paying it all off to the mortgage (so my total payment this month would be £1,314.39) but I've also got a personal loan.
The interest rates are pretty similar (5.59% for the mortgage, 5.4% for the loan) so part of me is thinking just to overpay my regular £349.30 to the mortgage and put the remaining £314.39 to the personal loan. But I like seeing the mortgage balance come down on my pretty spreadsheet!
What would you do?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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