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

Kittenkirst

Fantastic news!!!! Perfect Christmas present :xmassign:

Flower1976

Thank you! Yes he will still get his redundancy pay 😄

Flower1976

Merry Christmas! I've just transferred the £3000 that we had saved over to the mortgage. That will take the balance at the end of the year to £60975.

Kittenkirst

What a fantastic overpayment, you've done fantastically this year, very inspiring for a mfw newbie like me

Flower1976

Well it's Mr Flower's last day at work and payday - this also includes his redundancy money.

We've transferred £4355 across to the mortgage which means we have filled the overpayment allowance for year 3. So that means no more overpayments allowed until August.
This will take the balance at the end of January to about £56340 😀

He has a week off and starts his new job after that.

We will carry on saving each month as if we were overpaying the mortgage so we will be ready to pay another £9000 10% allowance in August.

Interest rate on the mortgage is 3.09% and struggling to find places to stash the savings with any decent rate.

So far we've opened a Tesco account each which gives you 3% on £3000. Plan on opening another one each as soon as they are set up.
Our Nationwide ISAs are only paying 1.05%.
Mr Flower has a Nationwide Flex Regular saver where you can put £500 in each month and get 5%. I'm looking to open one of those today too.

Also looking at the TSB account where you can get 2% but you need to have some DDs set up on the account.

We've also transferred £500 to our daughter's trust fund as that was a little short compared to our son's account.

Will keep looking into accounts over the next few days 🤓

Flower1976

Normal monthly payment of £433 paid today so balance at the end of the month will be £56040. Would love to pay that £40 but have already paid our 10% allowance for the year.

Flower1976

Missing not making overpayments to the mortgage but as we have met the maximum overpayment already for year 3, we are not allowed to pay anything else until August.
It's giving us an opportunity to do some work on our house so we are currently doing up our bedroom - totally being redone including plastering, decorating, lighting, carpet, new bed and furniture.

I can now confidently say that we are 'mortgage neutral' - we have £35000 savings in the bank, trying to earn more interest than being charged on the mortgage. We also have £40000 in shares, £4000 of which we should be receiving this week.

So overall, not doing too badly!

Flower1976

It's the start of year 4 of our mortgage so with that comes another 10% allowance. £9000 transferred over this morning. Balance at the end of this month will be £45275. Half of what we borrowed 3 years ago.

Next overpayment is not allowed until this time next year so will continue putting savings aside for then.

Still hoping to be able to clear it after our fixed rate ends in July 2019.

Flower

Flower1976

Hi there MFWs
End of the year and interest for the month has been added to the mortgage.
Balance at end of 2017 now stands at £44000.81!!
Not too bad for a mortgage that only started in July 2014 at £90400.

We keep saving and paying into pensions.
We will be able to make our next mortgage overpayment on 2 August 2018 for £9000.

Fixed rate expires at the end of July 2019. Had thought we would want to repay the balance of the mortgage at that time but need to consider what us best at that time.
Keep overpaying everyone and happy new year.
Flower

Cariad71

Wow Flower, that's £46 grand! Good going!! Well done and Happy New Year.😃