Aiming high!

freedomby30

£150 overpayment made this month plus the usual overpayment that's set up as a standing order. Dreadful compared to what we have been managing but it's been an expensive month (even before plastering, birthdays etc) so trying to not feel too down about it. Interest has now gone on so finishing balance at the first financial year of the mortgage is £109,334.07 with a payment of 842.24 due to go out on the 7th taking us to 108491.83!!! can't wait to get it down into the 107's!! Feeling like its falling faster now we are heading to the sub 100's (telling myself that!) although interest this month was a huge 379.34!!! at least it's fallen from the initial 417.90 though!!!

freedomby30

So just had my first statement through for our first year (02nd sept to 1st sept) which works out as 11 payments apparently? Total interest paid £4715.26argh!!!!! Thats crazy money! So glad we have been overpaying as this would have been higher! Hoping this number will be much lower next year! Total payments so far have been 16181.19!!! so closing balance on 01 sept 2015 was 109334.07 and is already down to 108491.83 Must keep this up! Admittedly I was starting to loose motivation, possibly because I was just shy of my goal to hit the full 10% but hey, aim high get somewhere! That's what got us our deposit and it can blumming well get this mortgage gone too =D which is why I started on here. Just got to tackle a £2600 electric bill then get back to work on overpaying.

midnight_child

freedomby30 wrote: »

Just got to tackle a £2600 electric bill then get back to work on overpaying.

Either that is a typo, or you urgently need to change your tariff :eek::eek:

freedomby30

sadly not a typo its for the year and we are an electric only household. thought it was odd only 2 200pound bills for the year. im going to call to check the starting reading as i photographed the meter when we moved in.

TwentySomethingGirl

Hi Freedom,


I'm a lurker too, but haven't got the guts to start my own diary yet. Our situation is similar to yours except we're a bit older (25) and haven't got kids yet. I'm aiming for mortgage free by 33, but am realistic that it probably won't happen like that. No harm in aiming high as you say!


Good luck with it all, I'll be reading with interest


TSG

freedomby30

Hey! Welcome! Definitely would recommend getting a diary! I know mine has been a little inactive due to sorting out this electric bill (glad to say I now have my log burner in though so at least the heating is no longer electric! Aiming high is a moral I have always had, we were actually saving to buy brand new cars then on a drunken new year eve decided it would be fun to buy a house instead and then when we recovered from new year thought hell why not - why not see how long until we could? Turns out buying was cheaper than rent and long story short the house we loved became available again after the buyer died(!!!) so we told them not to put it back on the market and that we wanted it. Must admit, it helped lift spirits a little as our son was about to go in for surgery an hour after they called. I love this house so much. Every time we do something to it I love it even more, I just wish it had a bit more land for our ponies!

In house news the kitchen and living room are now decorated and look amazing! can't wait until both rooms are complete, shouldn't be long now! Also got the log burner in =D

FloppyDisk

Hope are enjoying Christmas in a nearly, if not totally finished home, it sounds lovely!

Gen_Y_Saver

Hi freedomby30

Best of luck with your journey! The sacrifice will be well worth it.

I'm a MFW too. Me and my partner brought our first house for £145K with a £80K deposit (so a £65K mortgage). We have got it down to around £54K so far (in around 6 months). Its definitely possible!

Peace and love x

Gen_Y

freedomby30

Hey everyone! Long time no post so firstly MANY apologies. We have had a rough few months where pay has been cut (resulting in us loosing over half our combined incomes) and the word redundancy came up ALOT. Slill things are a little better now and I am even more determined to pay this mortgage off fast. We have kept up some overpaying but no where near what we were overpaying so our balance is now 105,999.58 so it's still falling and at least the sub 100k's are not far from sight now! Floppy disk christmas was amazing thankyou and I hope yours was too! Wow Gen that is some serious overpaying! I'm guessing your interest must be getting left for dust =D Very impressive deposit too!

freedomby30

10 payments to go until christmas and with our standard op of 311 that leaves us with 1122 to find in other ops to get to sub 100k before christmas. Hoping that figure should be super easy but income is a bit hit and miss at the moment but i'm thinking a nice mini target of guaranteed sub 100k before christmas is a good place to start - I can always work on hitting it early. I know mini targets are not going to get us to our hopeful mf date but I want us to get back into the swing of things before it's all steam ahead =D