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

hiddenshadow

Ali-OK wrote: »

Without wishing life away, I can't wait to have the mortgage paid off.

Me too! One downside to a detailed spreadsheet is how easy it is to see where you can be in X months/years.

Have come up with a plan to keep OPs to one side, which is to use the T$B 5% reg saver as a chunk of OP in the autumn, whilst I'll use the old repayment figure (£1032.41 including interest) as my monthly payment marker (so @ £110 OP monthly). All adds up to getting me to under £100k by end of the year

5 digits would be great!

shangaijimmy

struggling to quite on my iPad but...wishing life away till mortgage gone and spreadsheet make you look forward - so true and only a MFW would understand this. I couldn't cont how many times a week I look at my spreadsheet and say "...in 3yrs time I'll be..., when I'm 42 we'll only have...".

debtfreeoneday

I feel like I wish the next 8 years away sometimes, but am determined to put as much as we can into those years.

shangaijimmy

On reflection saying "wishing my life away" is perhaps a but harsh on ourselves. I think it's more like we imagine rather than wish... So long as we keep on the forward path I suppose.

hiddenshadow

shangaijimmy wrote: »

On reflection saying "wishing my life away" is perhaps a but harsh on ourselves. I think it's more like we imagine rather than wish... So long as we keep on the forward path I suppose.

Indeed - I keep catching myself thinking "after we move...", "when 3+ hours/day aren't being sucked into commuting...", "when we have the mortgage payment as disposable income..."

It is a very tempting vision - at least it provides incentive to keep going!

Ali-OK

Agree with imagining years ahead and 'all that disposable income' vision. When I look at the figures, it feels the home run will be when I get into the £40k's - long way to go though!

Picked DS's fixed laptop up earlier and Bank of Mum paid the £85, but DS is going to contribute half. Important he does, as half the problem was his lack of care and he needs to have a wake up call. The other half was conflicts caused by software updates.

In view of the new plan for splitting OPs, I've set a capital payment up for £825 for Feb (28th Jan) - that's @ £139 OP, plus the £250 to T$B that's ongoing - £1k in there including Jan.

And SJ - when I'm 42 I'll have been counting backwards a good few years :rotfl:

shangaijimmy

I even caught myself looking at remortgages and we're 11 months away! Hoping predictions of 2017 before rate rises is accurate and we can get another 2 yrs at 1.89%, or do we go 5 yrs at 2.49%...!

Ali-OK

That old chestnut You should be fine as you can book new deal 6 months in advance?

I did work out if I'd got a 1.99% rate, my daily interest would be £6.09 - £1.80 a day lower :eek: Will find out in 2 years if I made the right decision going 5 year rather than 2!

hiddenshadow

shangaijimmy wrote: »

I even caught myself looking at remortgages and we're 11 months away! Hoping predictions of 2017 before rate rises is accurate and we can get another 2 yrs at 1.89%, or do we go 5 yrs at 2.49%...!

Definitely mark down in your diary the 6 month mark - as Ali said you can lock in the rate at that time.

Re rates/times, our strategy was going to be to fix for as long as we thought it'd take to knock us into another LTV bracket to get the best rates next time. Original plan was 2yr fix from 80-75%, 2yr fix from 75-70%, 2yr fix from 70-60%, and then as long a fix as possible/practical given the financial scenario at the time (would have been 2020 I suppose?). Since the bank decided we'd gone from 80-60% in our first 2 years we jumped on the longest fix we could as rates certainly don't seem likely to drop much. At the end of the day it's all a crap-shoot when guessing what the economy will do, so we can only make the best choice available at the time!

Ali-OK

Not much to report today other than a NSD

Plenty of forward planning going on as gas and car insurance are coming up in March.

Tomorrow will see me commit to extra in my PPP when the FA visits with fund illustrations (probably going smoothed and slightly higher risk than current one).

Dental check ups tomorrow night too and food shop - lasted 8 days and still plenty in the freezer to base the next meal plan on.

Started writing a list of house things that need doing - all reasonably minor and fingers crossed DIY friend will be up for doing those in return for roast dinner and cake again .

And there's £1 in 2p's ready to bank