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  • jodles16
    jodles16 Posts: 1,477
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    19 more payments is just incredible! Oh and how exciting it must be to know you can have hols out of school time! I have to admit, it is nice to see how much cheaper holidays can be just by going a week either side!!


    Jodles :D
    MFW2020 #115 250/3000 J-250
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    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • dano17439
    dano17439 Posts: 366
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    Just compared our exact holiday to going 4 weeks early than what we've booked - £700 cheaper in total. Ridiculous!
  • dano17439
    dano17439 Posts: 366
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    Another payment of £2,293 to come out Monday. This puts the official balance to £47,900, with the NET balance taking into account a small bit of cash savings to near 42K.


    Some news on the job front - our employers pension contribution is being raised from 4% to 5% in April, so this is about £45 per month extra going into my pot. Also my wife always gets a pay review every year in April so looking forward to hearing this within a couple of week woop woop


    Its been 12 months since we started overpaying again, and i've just totalled up the amount of the payments we have made over the year. £25,890! This is £9,168 of contracted payments, and £16,722 of overpayments. Couldn't be more proud of us!
  • Kat78MFW
    Kat78MFW Posts: 257
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    Wow! You are absolutely flying with your overpayments. How exciting to know that you only have 19 more payments to make.

    We are stuck with expensive school holiday prices until DH retires as he is a teacher.
    MFW since March 2019Mortgage-free 30th June 2023 My diary https://forums.moneysavingexpert.com/discussion/5974849/six-years-and-counting#latest
  • beanielou
    beanielou Posts: 89,307
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    Fantastic figures :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

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  • dano17439
    dano17439 Posts: 366
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    Happy 1st May! Honestly cant believe how quickly this year is flying


    Mortgage payment of £2,525 made today woop woop. I had always believed that I had no restrictions on the amount we overpaid on the mortgage, however when I looked online, it stated that we could only make a maximum of 3 x the contracted payment, hence why i've been making the random amount of £2,293 per month.


    So I decided to call them up a few weeks ago, and yes they confirmed that I could make any payment amount at any time, and the online details were just a default setting


    My wife received a nice £1,500pa pay increase this month, so we have upped the monthly payment to £2,525. This now takes the projected months left to 15!


    Also the NET balance taking into account a bit of cash savings is in the 30s!! £39,636 to be exact,
  • LeighofMar
    LeighofMar Posts: 672
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    So exciting. It's something about being under 50K that really keeps you so motivated. I guess it's because you can truly see the light at the end of the tunnel. Great job!
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • dano17439
    dano17439 Posts: 366
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    LeighofMar wrote: »
    So exciting. It's something about being under 50K that really keeps you so motivated. I guess it's because you can truly see the light at the end of the tunnel. Great job!


    Yes well happy to get into the 30s, although we have a family holiday to pay for in a few weeks, which has to come out of savings, so the NET balance will be back in to the 40's for a short while


    Our next massive milestone is when we've got potentially 12 more payments to make. This is be around when the balance is approx. 30K. Hoping to reach this goal around Sept/Oct time if we can
  • dano17439
    dano17439 Posts: 366
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    Update time.....decided to change tact a little bit from this month, instead of overpaying, we've decided to invest the overpayment instead.


    Our interest rate on the mortgage is currently 1.64%. We have opened a 5% regular saver account, and will put the remainder of the overpayment amount into an cash ISA


    So the plan is £765 per month mortgage payment + £1,760 per month savings = £2,525 x 16 months = Mortgage free!
  • lexington013
    lexington013 Posts: 335 Forumite
    Brilliant thread dank, enjoyed reading it, your so close now!
    I managed to shave off 8 years of my term by overpaying.
    I used savings yesterday to make an overpayment of £21,500 which has brought me down to £58,500 owed to the bank. It's a great physiological barrier to get under 60k when the amount borrowed 9 years ago was 195k.
    I'm hoping to make another 10k overpayment in August and then jump onto a 2 year fixed rate. I'm aiming for 4 years to be MF. ��
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