The "Mortgage-free in 2025-30" club!

Luckyinlife

Great job amycool i se by your sig its come down really well :]

Brokeattheminute

Hi everyone,rang the Nationwide customer service line and have set up to overpay my mortgage by £75 from June for 12months.The girl says that after a year if i want to do it for longer all i have to do is ring up when it is nearly up and extend it for longer.Decided on £75 cos i didnt want to stretch myself too much.She also recommended going on the internet so i could see my mortgage going down month by month so im considering doing this.I know £900 extra for the year isnt much but its a start and if ive any extra money over i can save it in the credit union and eventually pay the loan off in June 2019 instead of June 2021 then look to paying the other mortgage off by August 2025.!

shangaijimmy

Well done broke. Give it a few months and you'll be thinking about just £100 more to round the yearly total upto £1k!!

pinkteapot

Good work, broke! Every little helps as they say. I have an Excel spreadsheet where I can enter each OP and it gives me a running total of interest saved over the life of the mortgage and number of months reduction in term. It's really motivating. Do you want the template?

It's slightly fiddly to set up at the start - I wanted to show more stats than it came with so I over-complicated it lol, but once you get going it's good. If people are interested I can try and work out a way to put it on a file-sharing site so you can grab copies.

NorthernMonkey1

amycool wrote: »

I've also overpaid £500 for April so I'm still on track to have paid off £10,000 in our first year

Due to the way compound interest works, money paid of early works that much harder for you than money paid off towards the end of the term.


Go you for managing to pay off 11% in 12 months!!

Luckyinlife

Wow amy 10k OP in the the first year amazing work motivation right there :]

choccielover

That's fantastic work, well done!

shangaijimmy

pinkteapot wrote: »

Good work, broke! Every little helps as they say. I have an Excel spreadsheet where I can enter each OP and it gives me a running total of interest saved over the life of the mortgage and number of months reduction in term. It's really motivating. Do you want the template?

It's slightly fiddly to set up at the start - I wanted to show more stats than it came with so I over-complicated it lol, but once you get going it's good. If people are interested I can try and work out a way to put it on a file-sharing site so you can grab copies.

A file share would be fab pink. I'm addicted to spreadsheets and generating targets.:beer:

pinkteapot

I'll have a look at it over the weekend and see if I can work out a sharing method There's always email if not but this is 2015.

EDIT:

#facepalm

I already have Dropbox - I'll just use that!

shangaijimmy

I've just posted our mortgage dealings on my diary, so thought i'd post here:

120 Payment Challenge:
https://drive.google.com/file/d/0B-RWg-v4lfUubDRoMW1PaktlbGc/view?usp=sharing

Overpayment Schedule for current 2yr Fix
https://drive.google.com/file/d/0B-RWg-v4lfUuT2RVeGFTUUEzYjQ/view?usp=sharing