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

obay

i"ve upped my standing order to my mortgage company to £100/week, I am going to go steady with that for a few weeks and see what happens, my aim is to get it to £175/week mark soon but I need to increase it slowly.

I will aim to put my SO up every few weeks to meet my target (£700/mo OP) which is what I am aiming for.

Kittenkirst

Great progress Obay, very inspiring!

obay

So back after a few weeks, I've had a few problems here and there, house is finally 100% sorted so the extra funding I've got has stayed with me, I've not over paid it, and kept it to a minimum while this month is over, I'll start throwing at it again, I've done a total over payment of £300 this month, just to keep it simple. Here are the stats for everyone if interested.


When the month comes to an end I'd make a total capital payment to my mortgage of £516.05, with that, I've saved £22.64 on my mortgage this month that I'll never pay again, which is cool, my daily interest is at £19.61, I've got just shy of £2,987.99 in account credit which means I have 3.5 months in account credit if I wished to take it, which I don't. I am £2,987.99 ahead of my mortgage with a balance of £148,704.07

Calulating how much interest I've saved works out to be around £96.95... doesn't sound a lot but that's 4.84% for you.

Oh, I also now only owe on 83.60% of my house, meaning I own 1.57% of my house since November.

I seriously can not wait to remortgage, I applied for the HSBC advanced account, we will see if that'll give me decent mortgage rates as they 'promised'

obay

Well,

This has been a long and epic journey since April when I sort of stopped overpaying for a bit to focus on other segments of my life that got in the way, it's always the way, isn't it? We focused a bit more on decorating than anything else, plus I've been trying to remortgage but this has seamlessly failed as we had a really bad car crash back on our wedding anniversary - which just made matters worse because I undoubtedly had a stroke as well a few days after... I'm near recovered now but still being declined health insurance from my family perspective.


Anyways, done some quite good stuff, ie decorating the house, making it look nice considering last year we had the boiler done, this year we've had the electrics and re-plastering of one room (living room).

Saved £25/month on my house insurance, got the exact same cover that I had last year for £8.48 a month (building + contents). which is awesome.

So back to it, I have just made an overpayment of £158.15 to my mortgage, which brings me down to £146,196.85. So going on that since my last post I have paid off £2,000 (aprox) off my mortgage.

We had a valuation of our house a few days ago which valued our house at £200,000, so I actually owe only on 73.10% of my house, meaning I have £53k in my house, which is awesome.

No lumpy road at all, I also now have a good EF which we're adding near £400 a month to (this will eventually be paying off the car we had just bought) Our insurance had made our EF fund. On this car, I took GAP insurance just in case!

Business is still good for now, we've signed up 3 contracts worth around £150k a year which once they complete will significantly reduce my mortgage balance.

Just shy of 1 year on since we moved into this house 11/11/16 would be our 1 year anniversary should I surprise my wife and get her some flowers? Because this house has really killed us in a sense - We've been strong and worked through it.

I also cut my £75 phone bill down to £22/month for 2 phones, which again is awesome!

obay

I might not overpay in fact, going to focus on paying off some bills instead, starting this 28-day challenge over at the debt forum, got told by a broker that the only thing that is stopping me is this £47/month boiler that I took out, on top of a car loan. This + a £25/month interest free sofa's - So I got to get on and pay these off.

So, I have £923 + £2800 to pay off before I remortgage, I might consider overpaying the mortgage shortly, but not just yet, I aim to pay off the boiler in January (ready for my June/July remortgage)

This will help me much more than I think -- The broker has also suggested this too...

Boiler 1st because it's 18.9% and sofa's will be second as it is 0%.

obay

Just had my new stats come through today and KMC have updated, I am at £145,997.12 I have sent the overpayment of £7.12 to round it down to £145,990.
If I pay my sofa finance of this month, I will send an additional £90 to this mortgage to round down to £145,900.


I have also paid an additional £50 to my sofa's bringing it to £750 in 4 days instead of £923.

Debt busting is good, quite enjoying trying to earn more money to pay things off here and there, I should be able to remortgage after I have paid off the sofa finance. Then I have to sort out Cylesdale Finance and get that paid off, start sending a couple of quid here and there to it. All before June so I can save money to remortgage!

Will be back to normal shortly, these agreements have actually helped me improve my credit history as I started life with a default, and we are nearly finished with that (only 5 months left).

Tropically

A stroke at 26? Oh no. I hope you've recovered well since then. Good luck with the remortgage!

obay

Tropically wrote: »

A stroke at 26? Oh no. I hope you've recovered well since then. Good luck with the remortgage!

Been better!

25 y/o. Change of life considerably now more veg, less junk - less stress.

I paid off my sofa finance, it was 0% but it's a start.. Paid £200 onto the Barclays Boiler finance agreement. I am 4.5 months ahead of what I need to be at.

I am going to now focus on this one, waiting for me annual statement to come through also.

New money coming in on at work, should be decent!

obay

So had some issues here and there, been feeling a bit down, this week I've been battling out for a new contract at my company, I've secured it. I now have 2 x internet contracts signed which in total is £2400 per month with at least £1000 per month in profit. Which now means I will be able to pay my debt off faster + killing the mortgage as well.

Once these go live. I will be plowing money into everything I have.

I suspect with these, I'd actually become mortgage neutral pretty fast once these are live.

It's like having a credit card. but these are the most significant sales I've had this year - Since the world went crazy last June.

Desperately want to buy another house for investment purposes. So lots of routes here!!

obay

I think within the next 12 months I will be mortgage free. I've just signed the biggest contract I have with a customer today(12k). I will be plowing around £5-6k into the mortgage per month for the next 12 months. With very little costs on this.

This will make me extremely happy once he is live and I am able to pay my mortgage completely off within the 12 months.