Every little helps

Welcome to the first post in my mortgage free wannabe diary. I've spent months reading the wonderful diaries here which have inspired me to document my own progress.

My situaltion - I have a HSBC mortgage that I was overpaying by 20% of my monthly mortgage payment each month. This was the max I could pay without incurring any ERCs.

HSBC recently changed their overpayment limit to 10% of the outstanding balance each year. I've continued with the additional 20% monthly overpayment, however would like to pay down capital whenever I can.

So far in the past week I've:
- Banked £45 worth of 5p coins I've had in a wine bottle for over a decade and transferred it to my mortgage
- Activated a dormant HSBC account that had £47 in it and transferred the money to my mortgage

Outstanding mortgage balance - £98,849.56 (original loan amount £115k)

Next steps:
- See how much I have spare in my account just before pay day and pay off a couple of hundred pounds.

Wish me luck!
Mortgage - Sept 2015 - £98,849.56 (14.04% paid)

Replies

  • selloptapeselloptape Forumite
    598 Posts
    Forumite
    Good luck with your journey! :)

    Save 12k in 2019 #8 £2432.65/£2,500
    MFiT T5 #22 Save £20k over 3 years £5495.08
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  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    Good luck
    Do you have a time frame in mind
    how old will you be at mf :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Petal88Petal88 Forumite
    263 Posts
    Eighth Anniversary 100 Posts Combo Breaker
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    Best of luck h1rs, I'm looking forward to following your mfw journey!
    Mortgage Apr '15: £316,384
    Mortgage Oct '17: £305,399
    Daily interest at start: £38.23
    Daily interest Sep '17: £12.09
  • A_Frayed_KnotA_Frayed_Knot Forumite
    3.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Forumite
    Good Luck, you're already on your way !!!
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • h1rsh1rs Forumite
    6 Posts
    Seventh Anniversary Combo Breaker
    Forumite
    Thanks for the support guys. Will have to check to find out my current MF date. I'm 37 now so to be MF by 50 would be fantastic. To be mortgage neutral by 44 would be a huge motivator along the way. Will be following your diaries with interest.
    Mortgage - Sept 2015 - £98,849.56 (14.04% paid)
  • Good luck look forward to future posts.:)
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    h1rs wrote: »
    Thanks for the support guys. Will have to check to find out my current MF date. I'm 37 now so to be MF by 50 would be fantastic. To be mortgage neutral by 44 would be a huge motivator along the way. Will be following your diaries with interest.

    Great goal life and mf by 50 would be amazing good luck ill follow with interest :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
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