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  • So we've decided to not re-mortgage and carry on with our tracker. If rates do increase slightly it shouldn't have too much effect on us, and it seems experts predict another couple of months extension.....what is it now, May 16 for the first rise I read the other day?

    Anyway great news, just been notified of a small pay increase so not wanting to waste it i've just altered the overpayment starting from October. Total monthly payment will now be £2,000 a month, and will put the term down to 4 years and 4 months until MF.

    As said in previous posts our aim was to be under 100k by the end of the year, looks like we will smash that target
  • Hi Dano,

    Just wanted to say you seem to be doing amazingly. The whole do we fix to we stick it out with current mortgage is a discussion we keep having. good luck with under 100k by christmas x
    1.7.15: £157,469.64, 10.02.16: £93,434.74
    FIT-4 #34, MFW 2016 #89 (£7350/24000)
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  • Hi Dano,

    Just wanted to say you seem to be doing amazingly. The whole do we fix to we stick it out with current mortgage is a discussion we keep having. good luck with under 100k by christmas x

    Thank you :) yes I am extremely proud to be overpaying by such a large amount. We work hard for our money (both in London 12 hour days including travelling) and all we want to do is to be mortgage free so we can have a choice of what we do in later life. Don't get me wrong, we both enjoy our jobs, but i'd like to be in the situation of one day if we decide stuff it weve had enough of the commute, long hours, and increase stress working in London brings, to be able to get work somewhere local and not have to worry about whether we can have a nice life or not

    Thought long and hard about the re-mortgage situation and decided against it. One main factor was that if we got a 2 or 3 year fix, at the end of that term we might not owe enough to get another mortgage as strange as it sounds (i.e. under 25k owing). So we would either have to save a large amount on top of the monthly mortgage payment, or move on to the SVR rate, or get a personal loan, which of course will be a lot higher rate wise.

    Better the devil you know!
  • GOAL ACHIEVED!!!


    So our payment that comes out on Monday will take our balance down to £98,622 so 2 months ahead of our target to break the 100k barrier by the end of the year


    Well chuffed to say the least


    Technically if we offset our savings in our ISA's we smashed the target a couple of months ago, but this is our emergency pot really incase of any disasters


    Think now the next aim is to make a payment of at least £2,000 a month for a whole year
  • turtlemoose
    turtlemoose Posts: 1,640
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    well done! £2k a month would be a great next achievement!
  • dano17439
    dano17439 Posts: 366
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    Not much of an update from me, only to say my payment on Monday will be the 6th £2,000 monthly payment in a row which we are pleased about
  • jodles16
    jodles16 Posts: 1,477
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    You are doing an amazing job! Well done! Will keep popping by to check in.

    Jodles :D
    MFW2020 #115 250/3000 J-250
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  • Bad news today.....yesterday my balance was £92,998, today because interest is added daily, my balance is £93,001.

    In my head I now owe a thousand pound more!
  • SueP19
    SueP19 Posts: 1,869
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    OP the £3 to make it right again :D:D
    Debt Free Diary - Second Chances! Life in a Tourer........Tilly Tidy Founder in 2016, Tilly Tidy 2023 £17.43, NSD Jan 2023 9/10, Debt £13,491.65
  • dano17439
    dano17439 Posts: 366
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    So when the monthly payment comes out tomorrow, we will be in the 80's!! whoop whoop (£89,166 to be precise!)

    Doesn't seem so long ago we were celebrating dropping below 100k

    However the Mrs is looking for a new car, so we might have to take some of the monthly overpayment to pay for it.......
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