Forever Home Fund

katep23

December 2014 .
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd July 2020
Mortgage: £280,783.20Capital paid off capital last month: £1,385.39
Total paid off capital: £65,811.80
LTV: 62.40% 

katep23

So close to the 270s now!

katep23

December 2014 .
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

4th August 2020
Mortgage: £279,395.06Capital paid off capital last month £1,388.14

katep23

December 2014 .
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd September 2020
Mortgage: £277,983.95

Capital paid off capital last month £1,411.11
Total paid off capital: £68,611.05
LTV: 61.77% 

katep23

December 2014 .
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd October 2020
Mortgage £276,589.38

Capital paid off capital last month £1,394.57
Total paid off capital: £70,005.62
LTV: 61.46% 

katep23

So another milestone - £70k paid off the mortgage in just under 6 years.  Given the interest rate we were paying when we started this journey I am happy with that!

March 2021 we will be in the 260s so not long to go and June 2022 we will be sub a quarter of a million, something to look forward to as our mortgage was a third of a million when we started!  With a little over payment that could even by May 2022, fingers crossed!

katep23

December 2014 .
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd December 2020
Mortgage £273,771.73

Capital paid off capital last month £1,400.74
Total paid off capital: £72,823.27
LTV: 60.84%

katep23

So six years since we bought this house, we have paid almost £73k off the original mortgage balance and now have a daily interest less than £20, compared to around £43 when we first took out our mortgage.  Good progress when balanced against the renovations needed.

Almost three years into our 10 year fix, we have overpaid £18.5k by increasing our monthly payment (and an accidental overpayment early on!)  I need to run the predicted numbers to understand how much will be left at the end of the fixed rate period but it will be no more than £150k and hopefully closer to £100k based on current overpayments.  So I need to find a way to reduce that to 0 as I really don't want to remortgage in 7 years time! 

v1ckyt

katep23 said:

So six years since we bought this house, we have paid almost £73k off the original mortgage balance and now have a daily interest less than £20, compared to around £43 when we first took out our mortgage.  Good progress when balanced against the renovations needed.

Almost three years into our 10 year fix, we have overpaid £18.5k by increasing our monthly payment (and an accidental overpayment early on!)  I need to run the predicted numbers to understand how much will be left at the end of the fixed rate period but it will be no more than £150k and hopefully closer to £100k based on current overpayments.  So I need to find a way to reduce that to 0 as I really don't want to remortgage in 7 years time! 

That is quite some going, well done, especially as you say with the renovations you have had to undertake. 

katep23

December 2014 .
Mortgage £346,545.00
Mortgage free date 2044
LTV 86.64%

2nd January 2021
Mortgage £272,369.98
Capital paid off capital last month £1,401.75
Total paid off capital: £74,225,02
LTV: 60.53