Hope is not an Effective Financial Strategy

greent

Ooooh - are you planning on being MF at the end of those 60 payments...?

shangaijimmy

Planning, wishing, hoping... although i recognise that hope is not a plan! I'd love to be done by those 60, but i suspect we may be approx 9 months more. So the plan is to make the shortfall, somehow.

I've still got half an eye on Mrs SJ's kidney... Whats the going rate on the black market???

shangaijimmy

Accounts time again...:j

Everything is all exciting again, as this next stage is starting to feel like the beginning of the end (lets just hope the end isn't too distant).

Monthly Figures

• Closing Balance - £83,356.83
• OP's - £758.77
• Balance Reduction - £1,142.54
• Challenge Remaining - 61.29%
• LTV - 37.22%

Length of Diary Figures

• Total Reduction - £52,643.37
• Month Average Reduction - £1,074.35
• Total OP's - £28,997.61
• Month Average OP's - £591.79

Suffolk_lass

Well done! Another 59 months at that reduction rate will see your mortgage cleared! Great progress!

I am also tracking my interest and mine is down to £36.11 a month now - and if I let the mortgage run its course that is £1444.40 left to pay the BS. It is also a £75 saving with last month's reduction in balance. It is theoretical as I really want to clear it before that and am deliberating whether to use savings or run it on for a few more months.

Karmacat

shangaijimmy wrote: »

Accounts time again...:j

Everything is all exciting again, as this next stage is starting to feel like the beginning of the end (lets just hope the end isn't too distant).

:j:j:j Great news!

shangaijimmy

Suffolk_lass wrote: »

Well done! Another 59 months at that reduction rate will see your mortgage cleared! Great progress!
I am also tracking my interest and mine is down to £36.11 a month now - and if I let the mortgage run its course that is £1444.40 left to pay the BS. It is also a £75 saving with last month's reduction in balance. It is theoretical as I really want to clear it before that and am deliberating whether to use savings or run it on for a few more months.

I feel your anguish with your deliberations...! Your figure sent me scurrying off to work ours out. Now lots of it is estimations as we may not continue to OP at this rate. But...if we do we have approx £5,251 in interest left to pay. Not too sure what to make of it as a figure, other than i know we're making some massive reductions in it by OPing. I think i need to muse over it when I'm on my evening dog walk!

Karmacat wrote: »

:j:j:j Great news!

Definitely Karma. Things are moving in the right direction and starting to gather apace with the snowball effect.

shangaijimmy

Well virtually nothing to report for the week. Work has been relentless for both of us and its starting to take its toll. Definitely ready for our week off in 2 weeks time!

Mrs SJs new wages are sorted and with it an extra 6 days annual leave, which makes me somewhat envious!!

shangaijimmy

Reg saver money in so interest has been OP'd and cash paid back to the kids accounts, so we're all square again. I got my weeks wrong and its been 2 more than i initially thought but no harm done.

After a wretched few weeks in work today i actually have a pretty clear day. I'm ahead of most tasks and really just have a few admin things to do. So I'm pretty much just on opening the building duties today, there will only be me in the office so I have a quiet "day off in work" ahead of me! Drinking tea, listening to radio...and no doubt looking at spreadsheets and moneysaving things on the interweb!

Suffolk_lass

shangaijimmy wrote: »

I feel your anguish with your deliberations...! Your figure sent me scurrying off to work ours out. Now lots of it is estimations as we may not continue to OP at this rate. But...if we do we have approx £5,251 in interest left to pay. Not too sure what to make of it as a figure, other than i know we're making some massive reductions in it by OPing. I think i need to muse over it when I'm on my evening dog walk!

Sorry for the radio silence - I'm at my Mum's in Scotland prior to a week off-line in the Highlands (probably - offline that is, definitely in the Highlands) - I get my interest figure from the letter the BS send me when I make an extra OP and then I simply multiply this by the number of months left and work out the difference by subtracting that figure from the previous total, so I know how much I have saved.

It is informing my internal debate as to whether to pay off the mortgage. Although it is only just over £36 a month, it is the 20-odd months I don't then have to pay it that I gain, if you see what I mean

lippy1923

Great progress SJ. Total overpayments are almost neck and neck with mine! Just waiting to hit the £30k total OP and I will be buzzing lol


60 payments to go.... you will smash it!