Quarter of a million reasons to be Mortgage Free!

coxj2901

The kitchen quotes have all come in and after a lot of bartering I have come in around £3k under budget which is great. I have therefore paid £400 into my dd's JISA and £400 in my S&S ISA. I have also paid £1,355.84 off the mortgage which means we have broken the £220k barrier :T

My daily interest is now sitting at £14.09 so I think we will dip into the £13.xx by next month.

I have also been going to the gym regularly and I am up to running around 4.5 miles per day (albeit at a pedestrian pace - 10:40 per mile!). I ran a total of 15 miles last week and I've done 17.5 miles this week. I am having a break from the gym for three days now as my legs are killing me and I have a kitchen to rip out over the weekend :eek:

Oct 2016 Target

Monthly overpayment target . . . . . £1,750.00
Actual monthly overpayments . . . . . £3,088.97
(Shortfall) / Surplus . . . . . . . . . . . . . £1,338.97

2016 Target to date

2016 overpayment target . . . . . . . £17,500.00
2016 actual overpayments . . . . . . . £14,873.77
(Shortfall) / Surplus . . . . . . . . . . . . (£2,626.23)

Cumulative Targets since Nov-15

Cumulative overpayment target . . . £21,000.00
Cumulative actual overpayments . . . £18,523.77
(Shortfall) / Surplus . . . . . . . . . . . . (£2,476.23)

Daily Interest Comparisons
Oct 2015 Daily Interest . . . . . . . . . . . £15.69
Oct 2016 Daily Interest . . . . . . . . . . . £14.09

coxj2901

I've shuffled some money around and reduced some of the cash we had in our 123 account as the interest will be dropping to 1.5% shortly and my mortgage is at 2.34% so I figured it was better to throw a bit more at the mortgage!

Therefore I've just made an overpayment of £2,500 which allows me to catch up a little bit in the annual targets and takes us below £14 per day in daily interest charges :j

Oct 2016 Target

Monthly overpayment target . . . . . £1,750.00
Actual monthly overpayments . . . . . £5,588.97
(Shortfall) / Surplus . . . . . . . . . . . . . £3,838.97

2016 Target to date

2016 overpayment target . . . . . . . £17,500.00
2016 actual overpayments . . . . . . . £17,373.77
(Shortfall) / Surplus . . . . . . . . . . . . (£126.23)

Cumulative Targets since Nov-15

Cumulative overpayment target . . . £21,000.00
Cumulative actual overpayments . . . £21,023.77
(Shortfall) / Surplus . . . . . . . . . . . . . £23.77

Daily Interest Comparisons
Oct 2015 Daily Interest . . . . . . . . . . . £15.69
Oct 2016 Daily Interest . . . . . . . . . . . £13.93

coxj2901

I've just withdrawn the last of my p2p interest which was £8.54 and paid this against the mortgage. I'm now fully divested from p2p loans which feels right given that the reduction in interest rates no longer warrants the increased risk.

coxj2901

The 123 account has been playing on my mind so I have taken the last £3,200 out of the account and paid it off against the mortgage. I now only have cash savings of £2.5k left in my n4tionwide account which is still earning 5% at the moment. I believe this stops after 12 months so I need to find a home for that aswell soon.

The overpayments this month have been huge but obviously falsely inflated due to the withdrawal of the 123 savings.

Oct 2016 Target

Monthly overpayment target . . . . . £1,750.00
Actual monthly overpayments . . . . . £8,797.51
(Shortfall) / Surplus . . . . . . . . . . . . . £7,047.51

2016 Target to date

2016 overpayment target . . . . . . . £17,500.00
2016 actual overpayments . . . . . . . £20,582.31
(Shortfall) / Surplus . . . . . . . . . . . . £3,082.31

Cumulative Targets since Nov-15

Cumulative overpayment target . . . £21,000.00
Cumulative actual overpayments . . . £24,232.31
(Shortfall) / Surplus . . . . . . . . . . . . . £3,232.31

Daily Interest Comparisons
Oct 2015 Daily Interest . . . . . . . . . . . £15.69
Oct 2016 Daily Interest . . . . . . . . . . . £13.73

coxj2901

I've transferred the last £50 from my current account to the mortgage as payday is approaching! There's not much more financial news to report so roll on next month when the overpayments can start again :rotfl:

Oct 2016 Target

Monthly overpayment target . . . . . £1,750.00
Actual monthly overpayments . . . . . £8,847.51
(Shortfall) / Surplus . . . . . . . . . . . . . £7,097.51

2016 Target to date

2016 overpayment target . . . . . . . £17,500.00
2016 actual overpayments . . . . . . . £20,632.31
(Shortfall) / Surplus . . . . . . . . . . . . £3,132.31

Cumulative Targets since Nov-15

Cumulative overpayment target . . . £21,000.00
Cumulative actual overpayments . . . £24,282.31
(Shortfall) / Surplus . . . . . . . . . . . . . £3,282.31

coxj2901

I had a refund today of £54.94 from some extra kitchen stuff that went back. Therefore I've sent this on it's merry way to the mortgage!

The kitchen is coming along nicely and is nearly done now - The tiling is being done today and the skirting and radiators are being done tomorrow and then it should be finished. I can't wait to have a proper meal again after living on microwave dinners for the last two weeks

try_harder

Wow ,well done on the great figures ,you will have that mortgage paid off in no time .

coxj2901

My normal payment for £1,045 has left my account by direct plus a standing order for an overpayment of £750. I have a feeling that this month is going to be tight as we have a few extra expenses this month, including a weekend away so let's see how it plays out.

Nov 2016 Target

Monthly overpayment target . . . . . £1,750.00
Actual monthly overpayments . . . . . £750.00
(Shortfall) / Surplus . . . . . . . . . . . . (£1,000.00)

2016 Target to date

2016 overpayment target . . . . . . . £19,250.00
2016 actual overpayments . . . . . . . £21,937.35
(Shortfall) / Surplus . . . . . . . . . . . . £2,687.25

Cumulative Targets since Nov-15

Cumulative overpayment target . . . £22,750.00
Cumulative actual overpayments . . . £25,587.25
(Shortfall) / Surplus . . . . . . . . . . . . . £2,837.25

Daily Interest Comparisons
Nov 2015 Daily Interest . . . . . . . . . . . £15.68
Nov 2016 Daily Interest . . . . . . . . . . . £13.59

coxj2901

My normal payment for £1,045 has left my account by direct plus a standing order for an overpayment of £750. I have also paid another £1,000 off the mortgage today. I think that will be my last overpayment for this year but it feels like I've had a good year overall for overpaying the mortgage.

My mortgage is now £209,620 so not a million miles away from having a 1 in front of it. That will feel like a big milestone! I will do a full review before the end of the year of how things have gone and will sit down and put down my targets for 2017

Dec 2016 Target

Monthly overpayment target . . . . . £1,750.00
Actual monthly overpayments . . . . . £1,750.00
(Shortfall) / Surplus . . . . . . . . . . . . . £0.00

2016 Target to date

2016 overpayment target . . . . . . . £21,000.00
2016 actual overpayments . . . . . . . £23,687.25
(Shortfall) / Surplus . . . . . . . . . . . . £2,687.25

Cumulative Targets since Nov-15

Cumulative overpayment target . . . £24,500.00
Cumulative actual overpayments . . . £27,337.25
(Shortfall) / Surplus . . . . . . . . . . . . . £2,837.25

Daily Interest Comparisons

Dec 2015 Daily Interest . . . . . . . . . . . £15.50
Dec 2016 Daily Interest . . . . . . . . . . . £13.44

Kittenkirst

Such fantastic overpayments you have been making!
Have you thought about your 2017 plans yet?