Hope is not an Effective Financial Strategy

Busy_Mee1

Looks like you are on top of everything Jimmy as usual . I am looking forward to your 4 year update.......I really must get out more :rotfl:

I am another one who keeps herself permanently skint to achieve our goals. If we feel too well off the money just leaks away

jodles16

Glad everyone is better now, nothing worse than the winter bugs we can get! Great idea for the mortgage, makes sense to save money as much as you can when remortgaging!


Great work as always!


Jodles

shangaijimmy

Don't you just love it when your annual mortgage statement comes through and its pages long! Makes all those £1.38 OP's totally worth it!

shangaijimmy

A few days late (work gets in the way of life again...) but month 48 sees us at the end of year 4 of the challenge and the end of our 2yr fix.

Month Figures

• Closing Balance - £84,499.18
• Balance Reduction - £1,052.93
• Total OP's - £538.93
• LTV - 38.23%
• Challenge Remaining - 62.13%

Length of Diary Figures - Month 48

• Balance Reduction - £51,500.83
• Monthly Average Reduction - £1,072.93
• Total OP's - £28,238.54
• Monthly Average OP's - £588.31

shangaijimmy

A brief rundown of some key figures for Year 4 of this attacking the mortgage challenge.

• Opening Balance - £97,132.76
• Closing Balance - £84,499.18
• Total Reduction - £12,633.58
• Average Monthy Reduction - £1,052.80
• Total OP's - £6,672.93
• Average Monthly OP's - £556.08
• Daily Interest - £4.36 down to £3.84 (52p reduction)

So we now catapult into Year 5 with a fresh 5yr fix. Interest rates goes up from 1.64% to 1.99% so we'll have a rise in daily interest. Our overall monthly payment will reduce by £93, which naturtally becomes an OP anyway :j

Onwards and downwards... The first milestone is to get to the £70k's around July...

A_Frayed_Knot

shangaijimmy wrote: »

Don't you just love it when your annual mortgage statement comes through and its pages long! Makes all those £1.38 OP's totally worth it!

Glad you mentioned that, as I thought I would still receive mine but didn't, wonder if that's a hiccup.

Your doing great :T keep up the good work.

shangaijimmy

Carried on my financials this evening and had a rejig of our budget to take into account Mrs SJ's extra cash, and adjusted our standing order to reflect our new regular OP amount.

For the extra monthly cash I'm going to direct £50 to mortgage, £30 to Mrs SJ pension (to go with the extra percentage pre tax anyway), £50 to holiday fund and the final £74 towards our general living (so kids clubs/lessons, family days out etc...).

try_harder

Great numbers as always . I love how you have kept your eye on the goal right from day one and it certainly shows in your numbers

Busy_Mee1

Great numbers SJ. Great to see that you don't compromise on "living" whilst paying the mortgage down. You have real balance in your approach.

teapot2

Good plans for the 'extra' money - important to have a balance