A way to pay! Clear this mortgage before 30 years!

obay

kirtsypoos wrote: »

Is this your first mortgage payment Direct Debit obay?

It's my second month now.

I just can't understand why it is so large with interest, it does say 'OUT' on the page but I am unsure what it means..

obay

Alright,

Well after all this stuff has gone on, I now have some stats for this month, now January has come.

My monthly interest payment stands at £608.24 per month, a drop per month £2.68 per month as when I first started, that was after paying £2,110.00 off my mortgage last month in December, sounds fantastic doesn't it?

My new daily interest is £20.27, which is a saving of 9p per day for last month where I was at £20.36, I did hit £19.50/day but obviously my hopes and dreams was crushed when the interest got added on lol.

I did own 84.54% of my house in December, but now with the added bonus of interest I only own; 84.67% which is a 0.13% difference with the interest added...

I am now at £150,709.18.

Of which, I will see what will happen and see when I start overpaying the mortgage, I don't think I can do that much this month because of tax.

NorthernMonkey1

Your first month is always a bit screwy, as they try to align interest with your payment day. The downpayment on my mortgage was on the 20th of July, and my payment date is the 30th. The first payment included 41 days interest (11 from July and 30 from August). It all settles down on the second month, although my interest is charged daily, so I get charged more on months with 31 days than on those with 30 days

gallygirl

The good news is it is only a few months before you get below £20 interest a day, that's a pretty big milestone to reach :T.

obay

Hi!

Just popping in to shove an update as it's been a little while now, a week.

I have been pretty manic at my work so have been unable to update this thread, I am still busy now but I still miss it..

So, I have not sent any over payments to the mortgage just yet, I am going to submit £100 shortly, but just working on the tax thing first. Got to pay for that.

Then i'll be back on it making sure that I can get it under £20 a day interest.

I hope everyone is doing OK, we've had to get a new boiler this month also from BG, we had 3 plumbers out telling us that our boiler is 25 years old! Which is amazing it hasn't broken, one of the plumbers told us that he remembers fitting one of these boilers back in the day.

We've gone and got a new bosh boiler, which is apparently more energy effective, considering he worked out we're spending about 35p in the pound on gas on this current boiler we have, where we would be only spending around 7/8pence in the pound on the new boiler.

We're getting all the radiators flushed as well.

We've had 2 radiators taken off as well, this week which only cost us £40, plus the plumber fixed our washing machine, as there was a massive stench coming out of it...

obay

Alright,

So, heres a latest update that sees me near the £150k mark, which is awesome.

I figured out that in the month of January I pretty much paid for most of my interest for the year I think, because this month my actual repayment came off the monthly payment.

I submitted £259.18 to my mortgage last month, bringing me to a total of £150,264.76 in total for the month of January so total was pretty decent.

For this month so far I started off with £150,264.76 on my mortgage I have already submitted £114.76 to my mortgage this month bringing me down to £150,150.00 in total, meaning that I own 0.17% more of my house then I did last month, 84.35% - I've also got down to £20.01 in daily interest, which is pretty decent, I am hoping that I can get that below £20/day to around £19/day in the next 3/6 months.

I am having a mad one at work unfortunately so it's a bit touch and go updating this!

JWPopps

You're doing impressively well though!!

Work can be a right pain for keeping on top of this kind of stuff, however of course it is a necessary evil!!!

obay

Hello!

So here is an update.

We're having the upstairs window panes replaced tomorrow, and we're having a door window replaced also, just with upvc insulated boarding instead of the massive window we have there currently, problem is that that next to the front door, is the bathroom, which is why we've wanted to replace it from day 1!


I've been plastering the wall, currently which has been fun, made a bit of a mess, but wasn't as bad as I initially thought, we've wallpapered the otherside on Saturday, which looks fantastic, we are using this as a feature wall.

We've solved our damp problem also, it's now no more, we're water tight and free from rubbish walls!.

So, heres the brake down from what I've been doing.

Until today we was at £150,150 on our due balance on our mortgage, we are now at £150,055, which means we'd definitely hit the £149's this month!, which I am very happy about! We've saved about £10-15/month on interest all together, I am hating the fact that I am seeing deals for our mortgage level for 2.29% while we are paying 4.84%!!

I have got only £4,530.09 left to pay for my target, which since I started in November, I have managed to pay £1470 off my overall target, which works out to be around £490/month as an over payment to the mortgage.

The mortgage company phoned us and said we're 7 months ahead of our mortgage currently, which has been fun! lol

Also worked out if I sent an additional £2500 to the mortgage over the course of a year I save my self a year!!

obay

Fantastic!

I have just got to £149,999,76 on my mortgage! Oh, yes finally some progress! Let's see what the interest does to me this month to stay like that!

Saved £10.30/month in interest as well!, I've paid a total of £1520.15 to this mortgage as an over payment since I started back in november

We are just shy of 8 months ahead of our mortgage by doing this. I now owen, from this month 0.25% extra then I did back in January (woot), seriously need to get that 2p away from my £20.02 interest per day mark. That'll be awesome, wondering how much I've got to pay to get that 3p down to £19.99 haha

Edit, another £40 will save me 3pence per month in interest, so will aim to pay that off shortly. That'll take my total over payment to £300 this month, as I am currently at £260.00 currently.

NorthernMonkey1

£19.99 x 365 / 0.0482 = £151376

You're already less than £19.99 per day