Mortgage free by 2021?!

hiddenshadow

Year-end recap for 2016:

Goals

1. Mortgage balance: £132,000 (bit of a stretch as our planned OPs have us at £132,220) Smashed this, dropped straight through the £120s, currently at £119,668.86
2. Stocks & shares ISA: £1,000 (would like £1,200 but this will be from extra budget money rather than a dedicated monthly amount) Also smashed this with a last-minute contribution to end up at £1,500 for the year
3. Fitness: Commit to this running thing, and aim for 150 runs in 2016 (3x/week, something I've managed for about 3 weeks in a row once ) Big fat fail here, though I was doing pretty well until May/June when I got sick. Did at least manage to get up to 5k distance, so know I can do it again if/when I'm healthy
4. Net worth: £200,000 (bit of a stretch, if we duplicated this year's growth we'd be at £193k, and this year included PPI claims and other "found" money. Note: does not include increase in house value.) Also smashed this, currently just above £220,000 excluding house appreciation.

3 out of 4 ain't too bad, really. Shame the fourth has such a life-changing impact.

Mortgage-wise all the numbers moved in the right directions:

                      2014         2015         2016         Change
Starting Balance      £197,100.00  £180,690.91  £161,668.86
Overpayments/Offsets  £12,019.78   £13,526.38   £22,856.23   up £9,329.85
Ave Overpayment       £1,092.71    £1,127.20    £1,904.69    up £777.49
Interest Saved        £17,246.02   £11,214.93   £25,732.87   up £14,517.94
Ave Net Reduction     £1,491.74    £1,585.17    £3,500.00    up £1,914.83
Ave Daily Interest    £21.84       £19.86       £9.46        down £10.40
Annual Interest       £7,291.70    £7,247.25    £3,462.80    down £3,784.45
Ending Balance        £180,690.91  £161,668.86  £119,668.86  down £42,000.00
Net Reduction         £16,409.09   £19,022.05   £42,000.00   up £22,977.95

Total
Overpayments: £48,402.39
Interest Saved: £54,193.82
Net Reduction: £77,431.14

Amazed at how much we achieved financially in 2016 - here's hoping it continues in 2017!

debtfreeoneday

Just awesome progress, well done!

lippy1923

Wow. Very nice indeed


Happy new year for 2017

CathT

Wow, the reduction in your daily interest is fantastic! Good luck with your test results.

hiddenshadow

CathT wrote: »

Wow, the reduction in your daily interest is fantastic! Good luck with your test results.

Thank you!

Can't take too much credit for the daily interest change - we swapped to a new fix at the start of 2016 that halved the interest.

hiddenshadow

Mini-money shuffle today, nothing too exciting as no DDs/payments will go out until Tuesday.

£1,085 off to the mortgage, plus another £61.63 in offset. Will do a further shuffle later in the week when the interest rates drop.

Tentative plan:
- leave £1,500 in each of the T$B accounts to earn 3%, this will also act as our EF
- switch flloyds to H$BC to get switching cash
- leave DH's n@tionwide account to earn the last bit of 5% interest until summer

Will un-offset some money as well, thanks to crap interest rates. At least it makes tracking a bit simpler.

In other MSE news, took advantage of am@zon sales to buy some very exciting things...rechargeable batteries, packing bags to store off-season clothes, a roof box for the car, and some presents for 2017 birthdays/Christmas. Just need to remember that we've bought them, and where they are.

Also finally (?) got np0wer sorted. They've given us £50 credit as a "goodwill gesture" for being so crap, and should be switching us back to e0n sometime in January. They should also refund all the money they've taken via DD, though I think we'll have to pay e0n for the energy used. Still, at least we'll be £50 ahead.

cjj_2

PHi there

I'm thinking of either withdrawing £500 from tsb or the whole £2000 & making an op. Tried to make a £500 op on 30th & as I'm within 10 days of my regular monthly dd I'm not allowed. So the £500 is just sat there waiting to go as an op dd along with the regular monthly dd on the 9th Jan. I think this is really poor of my bank.

hiddenshadow

That's ridiculous, cjj. At least it's ready and waiting to go.

I am very glad FD allows unlimited OPs, I think I'd have a lot less motivation if I couldn't OP anytime and get the gratification of the number going down.

cjj_2

I know HS as if they can't process an op within 10 days of my normal monthly dd. It's just rubbish.

Edit _ oops sorry wrong thread should be on mfw 2017 lol

hiddenshadow

Haha, no worries cjj!