NOW MORTGAGE FREE! In the big house - here we go again !

Flower1976

Hi there
We have received a refund from our gas and electricity supplier for £308.12 so we have transferred this straight to the mortgage. :j

They have also reduced our payments by £30 each month so that can also be included as an overpayment each month.

We should be able to pay £330 on payday on 19th.
Flower

Flower1976

Hi there
Well we didn't pay the £330 on 20 June as needed to buy some summer clothes for our holiday so the plan is to pay this plus a further £290 next payday on 20 July.

I have transferred £4138.46 from an ISA across to the mortgage today which will take the total overpayments for the first year, after the £620 on 20 July, to £9000. That is the maximum we can pay before 24 July without incurring charges.

We will be replacing the £4138.46 into the ISA in September when a sharesave expires.

I have calculated that once these overpayments are taken into account, we would have reduced our balance to £78830. Not too bad for the first year ! :T

Flower

ourcornercottage

That's absolutely fantastic OPing.

Flower1976

Thanks - it's great to have the support!

Payday today so transferred £620 across so that the full 10% overpayment has been made in the first year. Looks like balance at the start of year 2 will be approx £78850.

We are hopeful of being able to make the full 10% allowance again in year 2 by continuing with the normal £330 overpayment. In addition to this, a couple of share saves finish at work next month so we will pay the £300 that we had been paying to those onto the mortgage too! Some of the sharesave lump sum will be paid to the mortgage but we are going to keep a bit back for a new car as our existing one is getting quite old.

I have put a spreadsheet together on the computer which suggests that at the end of year 2 we may have reduced or balance to £67750 and have a bit put aside for full redemption at the end of year 5 when the fixed rate ends.

So overpayment plans for the next few months are:
Aug £330
Sep £630 (sharesave contribution ends, also intend to use some of sharesave as lump sum)
Oct £630
Nov £701 (inc water payment)
Dec £701 (inc water payment)

Now we have a spreadsheet, my husband is also starting to believe it could be gone at the end of our fixed rate in July 2019!
Off on holiday later this week to somewhere nice and hot.
Kind regards - Flower

Flower1976

Well it is payday again and I have transferred £380 across to the mortgage.

Expecting a small amount of interest to be paid on the ISAs at the end of the month so will transfer it straight across too.

Flower1976

That small amount of interest has been applied on our ISAs so I have transferred £77.28 across to the mortgage.

Next overpayment should be on payday 18 September when I hope to be able to pay at least £630 to the mortgage.

Flower1976

Well it is payday today so money sorted and transferred a further £640 to the mortgage taking the total for September to £717.28.

I have worked out that the balance at the end of the month will be approx £77300.

Next overpayment will not be until 20 October when I hope to pay a further £630 off the balance.

Pearla*Merle

Fantastic stuff, Flower :T Well done!

Luckyinlife

Flower1976 wrote: »

Well it is payday today so money sorted and transferred a further £640 to the mortgage taking the total for September to £717.28.

I have worked out that the balance at the end of the month will be approx £77300.

Next overpayment will not be until 20 October when I hope to pay a further £630 off the balance.

Some serious overpaing here flower well done

Very motivational stuff indeed :] keep it up 77k wont last to long at this rate

Flower1976

Thank you both :-)
It' s great to see the figures coming down each month. I've got a spreadsheet calculate the balance outstanding each month following overpayments. It's quite addictive - I keep tweaking it.
You are doing really well too!