Mortgage free by 2021?!

A_Frayed_Knot

Oooops, I mean 5 months :rotfl::rotfl::rotfl:

hiddenshadow

A_Frayed_Knot wrote: »

Just keep your eye on the pension, you don't want to forget its just short term.

We've kept the pension at 20% (plus employer contribution which adds a bit), so I think that's an OK baseline for us. Ideally we'd keep putting in the best amount for tax relief (which we were doing earlier this year), but we'd like to get the standard mortgage payment below £1k before we move. At the moment we're on track for that, if we can reach sub-£110k mortgage balance before we move. Ideally post-move we'll have enough leeway in the budget that we can bump up the pensions again.

Have you noticed your figures and mine (thats Posts and Thanks lol) are at a parallel (almost) what's the chances of that happening? at the same time.

Haha, I hadn't noticed that! Shall we race?

Pity o/p's are not on the same par :rotfl: totally envious your o/p for Oct is more than 6 months of my salary Now you know why I think ]WOW :T

If it makes you feel any better, the only reason we have it is due to the £10k loan stoozing we did earlier in the year. Payments on the loan at 2.9% over 2 years, interest at 5% for one year and then paying off mortgage at 2.5%, so the math (mostly) works out. Would have been nice to keep it in 3%+ interest rates for the second year like our original plan, but we're still ahead a bit. (Plus as a bonus, steady loan payment history for DH as most of our finances are in my name rather than his.)

hiddenshadow

Sigh.

Signed up for BT broadband via MSE to get £125 voucher and £40 M&S voucher. It errored out so had to phone up later to try again. Was promised £100 voucher and £40 M&S voucher. £100 voucher has come but can't claim M&S and customer service snottily said that I'd have to take it up with..someone?...to track the attempt that had the error and didn't work, even though BT themselves said they'd honour the deal?

Also still struggling to leave np0wer - their system shows that our switch back has gone through fine and dandy, but we're still with them for electric. So clearly not. Have been promised a call back from our personal complaints handler twice now and hasn't happened. One upside is that we're meant to be getting electricity for free, so I'm not that bothered, but it would be nice to sort this out sometime soon.

Applied for a credit card with n@tionwide purely for cashback. Got accepted and offered a ludicrous credit limit (over £17k :eek:). Opted to cut it by a lot, so just need to do some sort of balance transfer (0% no-fee) and pay it off. Win.

shangaijimmy

8 bricks is amazing! Loving the 2015 to 2016 comparison and definitely going to include it in mine figures later today. Great progression on here as usual and very motivating.

hiddenshadow

shangaijimmy wrote: »

8 bricks is amazing! Loving the 2015 to 2016 comparison and definitely going to include it in mine figures later today. Great progression on here as usual and very motivating.

Thanks!

2016/17 comparison won't be nearly so sexy/exciting as we won't be comparing 4.19% to 2.39% rates anymore. Still, I suppose we will be comparing figures made solely by OPs, so that'll be motivating (I hope).

Thinking about it, though, we may only be going gung-ho at the mortgage for 3-4 months of 2017. and in equal measure about that, I think.

SueP19

Love the brick house, great idea, just made myself one :j:j:j

lippy1923

Feeling very jealous and very happy for you at the same time lol. Well done, what a fantastic result.

me1234

How do you calculate the daily interest on the mortgage? Is there a calculator I could also use by any chance?

hiddenshadow

It's a pretty simple calculation. You need:

current mortgage balance (e.g. £200,000)
mortgage interest rate in decimal form (e.g. 2.5% or 0.025)

£200,000 x 0.025 = £5,000
this is your annual interest

£5,000 / 365 = £13.70, daily interest rate

me1234

Thanks for that - Mine works out at £4.83 (£64000 at 2.53%)