Had a mortgage too long - it's going, going, gone!

AlexLK

You're still doing very well with the mortgage, Ali. Cannot believe you maintain 5 spreadsheets for it though. What do you need them all for?

Ali-OK

Thanks Alex - 29 months with May's payment this week and will achieve over £25k paid off. Pretty pleased with that

If my mortgage was 1 part instead of 2, and repayment instead of Interest Only, I probably wouldn't need so many spreadsheets, but I track as much as I possibly can from all angles to help find and achieve mini goals and plan forward. There are comparisons on scenarios, as well as the usual months chopped off, OPs, interest calculations per part, etc.

Not going to lie, motivation to OP more than the interest saved by the lower interest rate from January is now waning - current accounts interest is higher, however I'd set the goal of getting under £100k this year so still want to do that.

Saving and upping pension payments seems to be straining the divisions of money too (plus office overheads again) and SE income can be so variable - it's an ever changing picture and the spreadsheets help me decide which end of the see-saw I'm teetering towards every month

Good news is the smaller part of the mortgage I could be neutral on by autumn

How are things with you? I keep looking out for your diary update

hiddenshadow

Ooh, mortgage neutral! Even if it's only the smaller part that's brilliant. I have an extra column on our spreadsheet to track our current savings against outstanding balance, looking forward to the day (in...50-odd months ) when we'll reach full mortgage neutrality.

Re: Sky, our previous owner had Sky and we'd been on freeview so tried to use an aerial. Turns out over the years the aerial signals to our street got all wonky so only the dish works. You can get freesat, though, and re-purpose the dish (assuming Sky don't want it back or anything).

Ali-OK

I think it'll be at about the £12k mark for Part 1 neutral Only bit I'm not sure about is whilst savings earn more interest, does the compounding of mortgage interest make it less effective? Love your tracking of neutrality too.

Useful info on the dish, thanks for that. Pretty sure we get to keep it. Just the tricky matter of convincing DS he doesn't need the channel he watches!

in_need_of_direction

Surely the interest on your savings is also compounded?

Ali-OK

I've not been leaving the interest in their respective accounts, all comes back to my main Ll0yds account and then I divide overall savings to next OP and savings generally.

Maybe I should start leaving it where it's meant to be? But not sure if the interest will earn interest as at maximum amount for earning it in various accounts?

AlexLK

All fantastic news re. your mortgage, Ali. I'm starting to learn how to use Excel at the moment (lends itself well to parents' business). Don't think I'm going to ever be interested in having five spreadsheets on my mortgage but I can see how keeping records can help.

You know what my opinion would be about the Sky TV, though.

As for me, things aren't too good. To cut a long story short, Mrs K hasn't kept her end of the bargain, so no chance of an overpayment this month.

hiddenshadow

Ali-OK wrote: »

Maybe I should start leaving it where it's meant to be? But not sure if the interest will earn interest as at maximum amount for earning it in various accounts?

We sweep our interest out each month but we have our 5% accounts maxed so they'll only earn interest on the principal, not compound on the interest, so we're better off moving the interest to other accounts that aren't maxed out balance-wise or OP (for the psychological win more than anything, really).

shangaijimmy

Ali-OK wrote: »

Thanks Alex - 29 months with May's payment this week and will achieve over £25k paid off. Pretty pleased with that

Im in catch up mode so apologies for my abscence! I so hope my figures are like this in another 18months!

In terms of interest payments, i to sweep them all up and OP them whilst interest rates are so low. The psycholoigiccal effect for me of paying an extra days mortgage interest off is huge. My big goal at the minute is to get under 100k as soon as possible!

Ali-OK

Thanks for input on account interest, it'll carry on being moved in that case - likely into the 3% one as that won't be full immediately so it'll compound that way

Alex - good to hear you're starting to use Excel and finding it beneficial. Sorry to hear things aren't so good, have my fingers crossed they improve.

SJ - you'll be hitting £25k in less months than me at the rate you're going - under 2 years?