Project 2018

Ms-Bristol

Done some more sums on the situation -

Mortgage balance: £66,400
Savings balance: £50,900
Shortfall amount: £15,500

Months till end of fixed term: 7 months
Anticipated repayments minus interest: £250 x7 = £1750

Savings required: £15,500 - £1750 = £13,750
Monthly savings required to repay in July 2018: £1964

Ms-Bristol

An update at just under 3 months before the end of the fixed term - which is 30th June 2018.

Mortgage balance: £65,300
Savings balance: £56,400
Shortfall amount: £8,900

Months till end of fixed term: 3 months
Anticipated repayments minus interest: £300 x4 = £1200

Savings required: £8,900 - £1,200 = £7,700
Monthly savings required to repay in July 2018: £1925

erin_transport

Nearly there!
Well done

greent

So close! - well done! :T

Ms-Bristol

Approx 7 weeks to go and the balances are:

Mortgage balance: £65,126
Savings balance: £58,253
Shortfall amount: £6,873

Months till end of fixed term: <2 months
Anticipated repayments minus interest: £300 x3 = £900

Savings required: £6,873 - £900 = £5,973
Monthly savings required to repay in July 2018: £1991

Ms-Bristol

1st July came and Barclays sent a letter saying the interest rate was going up to 3.89% and that our monthly payments would be higher. This was the cue for overpayments!

The outstanding balance was just over £64K. So during July I have paid £10,000 amounts on six occasions (that is the limit I can transfer in one go). Each time Barclays send another letter to say that due to a partial redemption, they have adjusted the monthly repayment amount. The latest one, with a balance of just over £4,400 is £42 a month. It would take nearly 9 years to pay off at that amount!

I have now transferred a further £3200 and have a balance of approx £1200. The reduced payments (of £42) don't kick in until August so we have a payment of £550 at the end of July. I am going to let that one go through and then contact them to ask for a redemption balance which will be approx £700.

I'll update again when I have completed that final stage.

julicorn

That's so awesome to see you're almost there! It's really impressive how quickly you've paid off your mortgage.

greent

Fantastic! x

Ms-Bristol

Despite the over-payments and a notification that our new instalments would be £11 a month, the July payment based on the balance at the start of July and the interest at 3.89% was collected. This was £518.

As most of this 'interest' wasn't due because of all the over-payments, the balance was then reduced to £585. I ordered a redemption statement which you can do online. This had a schedule of amounts, one for each day of the month of August.

So I paid the amount that related to 1st August, which was £585.06.

It's a bit of an anticlimax as I have yet to receive anything further from Barclays. When I log into my online account, I cannot see anything as they have removed my statement. I will need to check that they aren't going to collect the £11 at the end of month.

So all paid off, 13 years and 4 months early. And that is that, the end.

SuperSecretSquirrel

Congratulations!

Hopefully the good times feeling will hit when your redemption letter is received, and when you no longer see around £500 debited from your account each month

What's next?