2015 mfw

Deadbeat

Evening all

#109 reporting in with...

£1,500 for June
£1,400 for July
£1,300 for August

I know it's not August yet but I've just been paid so got the biggest payment out of the way 1st.

Target date for final redemption is 26 August.

Lomcevak

Sorry for the lack of updates for the last couple of weekends, combination of yet more business travel (the states, this time) and a little time off. But all up to date now, I hope - as usual, let me know if i've missed anything

laura_hoggle - congratulations! And congratulations kitjos and Wombatchops for the recent arrivals. We have three (and not having any more! ) but early on found them quite cheap thanks to a network of friends and hand-me-downs, it's later on they get really expensive! Eldest is now a 6-foot tall 16 year old, who is always, always, really really hungry

Marie27lol and utopiah, i've updated your targets - well done for getting past the first goal!

diamondsonly welcome to the challenge, do you have any OPs that you'd like me to add?

greent - well done for clearing the mortgage, i'm very jealous! Enjoy freedom

and Sundaysgirl well done on the sub-£50k milestone, the end's in sight!

PiggyBankShaker

#27 here. Token payment of £14 in July.

We've decided to apply for a 5 year fixed mortgage with Virgin. I submitted the application today.

The main reason we started overpaying the mortgage a few years ago was to get it as low as possible in case / before the Bank of England increased the base rate.

We have overpaid a total of £8200 altogether (£5216 YTD) and this took us into a decent LTV bracket for a remortgage.

So for guaranteed stability and peace of mind we have applied for the 5 year fix with Virgin at 2.34% with a £1495 fee over a 15 year period. We currently pay 2.5% with Nationwide with the same term.

We can still over pay 10% of the mortgage balance each year.

We plan to save the equivalent of £750 a month so that when the fix ends in 5 years time we can clear the balance with savings.

So the long and short of this post is to say that we'll be bowing out of the challenge for now as we won't be making any further overpayments this year.

Thanks to Lomcevak for running the thread.

Thanks for all the inspiration and see (some of) you next year!

Good luck to everyone on your continuing mortgage free quest.

Lomcevak

Good luck PiggyBankShaker!

Your logic is very similar to mine, I OP'd to get below 65% LTV and then went for a 5-year fixed a couple of years ago to lock in some stability while we got prepared for the last push for MFW-ness. My current thought is that we'll go to an offset for the last stretch once the current fix runs out as we'll probably be 60%+ offset for that bit, but i'll do the calculations in a couple of years or so and see

Do please drop in from time to time :T

purplevamp

Hi Lomcevak. Please could you add £1000 for July? #108

Durban

#97 here with a whopping £600 overpayment this month done from overtime.
Many thanks again

apple_muncher

#1 here bringing my total up to date: please add £6,910 for me for July. This should bring me up to date on the spread sheet. And take me one step closer to FIRE.

And thank you for all the work, putting everybody's numbers in.

amycool

Hi,

I'm #14 and for July I have overpaid £550, bringing my total up to £4415 for the year so far.

Thanks a lot

shangaijimmy

Hi,

#76 reporting in with July total of £465.44

Overall challenge total of £2824.57

I'm about £600 short of schedule, but i'll keep trying to push for a few more pennies each month. Mrs SJ pay rise has kicked in so that'll be an extra £25 at least per month.

MortgageFreeMimi

#28 here with July's OP of £7,800 please.

I'd like to readjust my target to £30k but no more really painfully large OPs this year as we really need a new kitchen badly and I got sidetracked by overpaying but not simultaneously saving up for the kitchen!

Just want to reiterate how grateful I am for this thread - it keeps me focused - as a natural spendthrift, I couldn't do it without you all plugging away at the same goal.

Thank Lomcevak for all the admin!