Mortgage free by 2023 (!)

greent

Yeah! Well done on doing a 2 brick OP!

It's my belief that PSB take the oldest bonds first when you withdraw - am sure it says that somewhere on their site x

South_coast

The other thing to take into account with reducing the payment is whether you are likely to exceed your OP allowance. Even though you would pay the same amount to make up the difference, that "difference" amount is now an OP so you will munch through your allowance quicker. 

You could do a bit of both and stash £1k away somewhere whilst still making small regular OP's. Then if SHTF you could bang in the £1k OP and they would recalculate your payment. 

(Or you could just be a plonker like me and accidentally make two OP's too close together so they count them as one and reduce your monthly payment to £61.90 🤦‍♀️!)

Suffolk_lass

Just to add, I took the monthly interest figure from the website and multiplied by 12 and divided by 365 (you could just divide monthly by 30 for an average) so I had as close to the average as possible. The monthly keeping the payments the same is a trickling OP that has a compound impact - when we moved from DH's first flat I had suggested we do this and we had paid off over 1/4 in 8 years on his endowment mortgage. 

I also used the mortgage calculator on the Skipton site (not sure it is still there) to put in an affordable monthly payment against a fixed amount borrowed to see how quickly it would pay off at my current interest rate and modelled this a bit by changing the amounts and times (the calculator I used had sliders) a quick look and the original one is not obvious but the overpayment calculator and the interest only would be quite interesting to have a play with (the interest only has a slider for the proportion you would be paying off. Here's a link if you want to play around

shangaijimmy

2 bricks to colour in...I'm so envious! Well done.

Karmacat

Two bricks!  Yay!  I want a goal where I can do colouring in  

Suffolk_lass

Karmacat said:

Two bricks!  Yay!  I want a goal where I can do colouring in  

@Karmacat your masterlist? instead or as well as the % complete. You could have an animal and colour in parts of that... 

debtfreeoneday

I checked the OP limit whilst on the phone to them and it’s 10% of the balance at the start of the mortgage anniversary so that’s £6k ish this year. We won’t get near that. 

Another £10 OP sent today. 

Looking like a wet wet Sunday so not sure if we will get out. I cleared a flowerbed yesterday ready for seeding in the next month or so. 

Karmacat

Suffolk_lass said:

Karmacat said:

Two bricks!  Yay!  I want a goal where I can do colouring in  

@Karmacat your masterlist? instead or as well as the % complete. You could have an animal and colour in parts of that... 

Oh thats true   the list is on my phone so it just didn't occur to me!

debtfreeoneday

Well I didn’t get outside. Hate it when that is the case but we did the rspb garden Birdwatch. Played some games and watched some films. Glad to see January go for another year for sure. 

debtfreeoneday

Having a having a quiet afternoon. Kids on screens!  They worked hard this morning though and we have been out for a good walk. 

Picked up enough surveys to hit payout on prolific when they clear and reached payout on Ipsos so £5 Amazon voucher requested. My fund there has gone though. Have about £80 worth of stuff in my basket. Retractable washing line. Replacement toothbrush heads. Exciting stuff, not but necessary.