Can i join your club???

dano17439

dano17439 wrote: »

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

And on Sunday we put a deposit down for one....Finance rate for the new car is 3.4% APR compared to 1.39% for the mortgage, so I know where all the overpayment will be going....

Although 99% super excited for the new car, i'm 1% sad that can't make any mortgage overpayments for a while. It's going to be strange...

McTaggus

Inspirational thread! I'm just starting my MF journey, and reading your thread has really galvanised me into thinking I can do this!!!! We've only been in the house 2 weeks, but I'm already trying to work out ways to overpay!!

dano17439

McTaggus wrote: »

Inspirational thread! I'm just starting my MF journey, and reading your thread has really galvanised me into thinking I can do this!!!! We've only been in the house 2 weeks, but I'm already trying to work out ways to overpay!!

Good luck buddy. Sounds like you have the mindset already so that's half the battle! The key for me was that for any bit of regular free money that became available (i.e pay rises/other DDs finishing etc) is to whack it straight onto your mortgage payments so you don't get used to having the extra cash

McTaggus

Thanks for the tip!!! Really appreciated!!! I'm already rueing how frivolous I was last year by comparison to this year It's all a learning curve and a mindset change, so keen to make sure I kick off on the right foot from day one!

dano17439

HOLY THREAD REVIAL BATMAN!!!


We borrowed 25k for my wifes new car, which we have managed to pay off in 2 years. Well chuffed about that!!


So today I have amended our DD to put our monthly mortgage payment back up to £2,000 a month


Potentially 37 months to go until mortgage free!!!

dano17439

Mortgage payment today of £2,000. On my calculator its now 2 years and 11 months to MF. Seems so much better than saying 3 years lol


Also a bit of another milestone, we are now in the 60s!


71k owed yesterday, 69k today!

beanielou

Great result :j

BookmobileBadGirl

Well done Dano!

dano17439

Cheers. Ive just increase our monthly payment to £2,125 per month as I am getting a small pay increase starting Monday so putting it to good use!


Taking into account a small bit of savings I have in an ISA the NET effect is that on Monday the mortgage will be dipping into the 50s!! (£58,318 to be exact lol)


2 and a half years to go on current repayment/interest rate levels!!!

Kittenkirst

Wow that's awesome!