Getting rid of a London-sized Mortgage

Tropically

Yay, they processed it! And can you believe it, I did a bit of bad maths and our total debt is £500,600. Noooooo! That will at least be covered naturally. 

Now I am going to build up my savings a bit again, after that big OP. My husband doesn't like being too concentrated on property and he wants it to only be half of our net worth or less. Investments have really helped us, I had my first investments in my early 20s and I can see how it has improved my overall net worth compared to my salary. Invest early and often!

Tropically

Phew! Debt is now £499,282, sub the half million mark. 

mark55man

well done

that's a milestone worth celebrating

Tropically

Can't believe I haven't updated in so long. I haven't made an overpayment in a while but I intend to overpay another £6000. I have to physically go in and that hasn't happened. 
We did hit another milestone though. We are £500,000-aires.  

Tropically

I did intend to overpay £6000 but instead I went for £10,000. It cut into the Emergency Fund a bit, but it's quite tedious to make OPs. I figured since I was going through the effort, I could boost it up a little bit and replenish the Emergency Fund. 

I was reading about 'accidental savers' the other day. These are people who have had their lifestyle cut down so much because of the pandemic so they are accidentally saving lots of money. I definitely fall into that category. I've always had a very high 'entertainment' budget. I don't do very much shopping at all. I get many hand-me-downs from my sister and frankly, I already have a lifetime supply of clothes. I don't need more. She knows that I get first right of refusal when she empties her closet and she loves shopping. Being fashionable isn't really a part of my personality. 

But eating out and travelling were my two vices. Since I'm rarely doing either now, I'm really finding that I have so much more spare cash. Plus I stopped drinking too, so the bill is much lower when I do go out. 

I do feel lucky that my income hasn't been impacted. And I do feel lucky to have been able to save so much recently. 

The only exception is our house in London which we are renting out. Our tenants negotiated a lower rent, and then gave notice recently that they want to move back to their home country in Europe. Now we have new tenants being screened but they are on a lower income and they offered a lower rent. 

So our total debts now are: £483,412.80

mark55man

Agreed @tropically - enjoying the simpler things is life at the moment (and working obvs) 

blocpartyfan

Tropically said:

I did intend to overpay £6000 but instead I went for £10,000. It cut into the Emergency Fund a bit, but it's quite tedious to make OPs. I figured since I was going through the effort, I could boost it up a little bit and replenish the Emergency Fund. 

Well done Tropically! That shows some real steely commitment to have all the money sitting there and rather than frittering it away, using it for what will be wonderful long term gain. Hope you're enjoying the sunshine!