My MF Mission 2015

kaycastle

Wow so good! Well done! You've done brilliantly! I love your focus and determination.

lippy1923

JUNE UPDATE- Huge financial changes for me AGAIN!

>£14000 OP sent to the mortgage  (Completing my 10% max OP allowance for this new mortgage yr)
>15 bricks coloured in 
>????? month knocked off remaining mortgage term  (Need to wait for this info from my lender once OP is calculated- EDIT - 2yrs 2 months knocked off remaining term)
>£?????????? added to savings pot  (Need to wait until end of the month for payday - Aiming for £2500)

Results-
Total mortgage OP - £61,000
Mortgage balance- £33,604
Total Savings - £23,000

Only £10,604 difference between my current mortgage balance and my savings fund! 

lippy1923

Also- I have just paid off my last 0% credit card, so I officially have ZERO debt, apart from the mortgage. Not been in this position for many years. 0 credit cards, 0 car finance, 0 loans

South_coast

Wow - great going 😀! 

lippy1923

Just had my mortgage term recalculated. So far on my MF journey I have managed to reduce my mortgage term by 10yrs and 3 months

lippy1923

END OF JUNE UPDATE

>£2700 added to savings pot  ... somehow

Results-
Total mortgage OP - £61,000
Mortgage balance- £33,604
Total Savings - £25,700

Only £7,904 difference between my current mortgage balance and my savings fund!  Down to just 4 FIGURES!!!!!
Right on track to being mortgage neutral by end of the year. So excited.

Shelley_SJFS

lippy1923 said:

Hi all,

I've threatened a diary for a while now.

Option 1 -Pay off in less than 10 years with intention to rent out
Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

Mini targets-

Dec 2016 - Balance below £100k - COMPLETE
Dec 2017 - OP £6k- COMPLETE
Dec 2018 - Balance below £75k - MISSED - £76,285
Dec 2019 - Balance below £65k - COMPLETE
Dec 2020 - OP £11.5K in May/ OP £14K in June/ Mortgage Neutral Dec 2020

Overall target 120 Payments to go (just under 10 years)

Lets see how I do

Mortgage Term Reduced by 6 Yr 2 mth

lippy1923 said:

Hi all,

I've threatened a diary for a while now.

Option 1 -Pay off in less than 10 years with intention to rent out
Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

Mini targets-

Dec 2016 - Balance below £100k - COMPLETE
Dec 2017 - OP £6k- COMPLETE
Dec 2018 - Balance below £75k - MISSED - £76,285
Dec 2019 - Balance below £65k - COMPLETE
Dec 2020 - OP £11.5K in May/ OP £14K in June/ Mortgage Neutral Dec 2020

Overall target 120 Payments to go (just under 10 years)

Lets see how I do

Mortgage Term Reduced by 6 Yr 2 mth

lippy1923 said:

Hi all,

I've threatened a diary for a while now.

Option 1 -Pay off in less than 10 years with intention to rent out
Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

Mini targets-

Dec 2016 - Balance below £100k - COMPLETE
Dec 2017 - OP £6k- COMPLETE
Dec 2018 - Balance below £75k - MISSED - £76,285
Dec 2019 - Balance below £65k - COMPLETE
Dec 2020 - OP £11.5K in May/ OP £14K in June/ Mortgage Neutral Dec 2020

Overall target 120 Payments to go (just under 10 years)

Lets see how I do

Mortgage Term Reduced by 6 Yr 2 mth

As a WOM mortgage broker this is amazing to hear, we often don't get to see people pay off their mortgage early! We have been doing a lot of re-mortgaging lately as people are trying to save on the interest rate while it's so low, some are using the savings to overpay and reduce the term, so maybe we will see more like you in the future. All the best with it

lippy1923

Thank you If there was one piece of advice I would give it would be to start doing it as soon as possible! When starting off with a big mortgage its hard to see the gains from normal monthly payments, so any OP's make good dents and it just spurs on the motivation to do it again the next month.
Reminds me, I need to update my front page to reflect the new mortgage term reduction - 10 yrs 3 months

lippy1923

JULY UPDATE- 1st of the month

>£0 OP to the mortgage but normal monthly payment made
>0 bricks coloured in  
>Aiming for £2000 added to savings pot when payday hits at the end of the month

Results-
Total mortgage OP - £61,000
Mortgage balance- £33,044
Total Savings - £25,700

Only £7,344 difference between my current mortgage balance and my savings fund! 

lippy1923

JULY UPDATE- End of the month
>Loooooooooooooooads added to savings pot   £4950 to be exact. This does include some forgotten savings so a little cheat there.

Results-
Total mortgage OP - £61,000
Mortgage balance- £33,044
Total Savings - £30,650

Only £2,394 difference between my current mortgage balance and my savings fund
Some re-calculations made.... I THINK I can be mortgage neutral next month! Might be a push as the last 6 months of the year are expensive for me, but I am really hoping I can save the dosh. Fingers crossed.