Quarter of a million reasons to be Mortgage Free!

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  • coxj2901
    coxj2901 Posts: 207 Forumite
    I've just made another overpayment of £700 to the mortgage and also topped up my ISA with £500. Updated figures are as follows:-

    Jun 2017 Target

    Monthly overpayment target . . . . . £1,666.67
    Actual monthly overpayments . . . . £1,500.00
    (Shortfall) / Surplus . . . . . . . . . . . (£166.67)

    2017 Target to date

    2017 overpayment target to date . . . . £10,000.02
    2017 actual overpayments . . . . . . . . . £19,498.52
    (Shortfall) / Surplus . . . . . . . . . . . . . . £9,498.50

    Cumulative Targets since Nov-15

    Cumulative overpayment target . . . £34,500.02
    Cumulative actual overpayments . . . £46,835.77
    (Shortfall) / Surplus . . . . . . . . . . . . £12,335.75

    Daily Interest Comparisons

    Jun 2016 Daily Interest . . . . . . . . . . . £14.76
    Jun 2017 Daily Interest . . . . . . . . . . . £11.96

    Mortgage Balance

    Starting Balance (Dec 2013) . . . . . . . . £255,000
    Current Balance (Jun 2017) . . . . . . . . . £186,404
    Nov 2015:- Mortgage Balance £244,671
    Aug 2017:- Mortgage Balance £183,832
  • coxj2901
    coxj2901 Posts: 207 Forumite
    I thought I would post a quick update on where we are with our finances. I had reached my 10% over payment limit earlier this summer so I won't be able to make any further over payments until 1st Jan 2018.

    In terms of the share sale the first payment of £40k came through about a month ago and the remaining £38k will come through in two payments around Dec 2017 and Apr 2018. I filled my stocks and shares ISA for the year and then paid off some credit card debt with the rest as we had changed both cars over the summer (lease deals ending) and also booked Disneyland florida for the summer of 2018.

    To say it was an expensive summer would be an understatement!

    In other news the company pension payments have increased to £1,500 per month so we are playing catch up a lot quicker than I thought we would.

    My mortgage is due to be renewed in Jan 2018 so I'm thinking that I might leave it on a variable rate for a couple of months to try and make some decent over payments before I fix in again for a couple of years. I will be below 60% LTV so my rate should decrease quite a bit from the 2.34% I am currently paying.

    Here is a quick snapshot of our finances

    Assets
    My Pension £52,934
    Spouses pension £15,856
    S&S ISA £31,910

    Liabilities
    Mortgage £183,832
    Unsec Debt £8,491
    Nov 2015:- Mortgage Balance £244,671
    Aug 2017:- Mortgage Balance £183,832
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