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

gallygirl

obay wrote: »

I am left with £151,089.23 to pay - I'll update my signature in January!

Surely you can find £89.24p .

Great progress :T.

obay

gallygirl wrote: »

Surely you can find £89.24p .

Great progress :T.

Wife told me to stop looking at it and slow down I told her I'd like to move on to BTL after I've got this down to a good level!

I'll ask her nicely and see what she says!!

obay

Alright,

I've bit the bullet, I've put another £100 over to the mortgage with new figures that are rock solid, and this is awesome such a nice move, at least an extra £11.69 goes onto the mortgage now instead of on interest! My wife will kill me if I tell her!! I am close to my target also of £500/month, overpayment once I reach this I will have to stop until the next month rolls over!

So; let's get down to the new stats.

I should be around £150,989.00 left to pay on my mortgage, of which I am hoping nearly the end of next month it'll hopefully. be the £150k mark.

I've paid a total of £450.74 to my mortgage this month as an over payment. I first started out as £610.92/month in interest rpayment, with this payment applied to the mortgage, I now pay only £599.23, that means I have saved £11.69 on my monthly mortgage.

My daily interest on my mortgage works out to be now £19.97 so I have slashed my daily interest by 0.39p.

That means in total since the beginning of December, I have paid a total of £1,610.00 to my mortgage including my larger payment of £1209.03 as my first payment.

From adding that £100 into the mortgage, I now own 84.83% of which earlier it was 84.88% owned.

I have so far this month added an extra 0.34% to my ownership.

I still have to find an extra £5,549.26 to meet my target for this year of £6,000.

gallygirl

obay wrote: »

I should be around £150,989.00 left to pay on my mortgage

Following on from my earlier success - can't you find another £990 :rotfl:.

obay

gallygirl wrote: »

Following on from my earlier success - can't you find another £990 :rotfl:.

I will only overpay anther £50 unfortunately. It's the beginning of the month where I can send them now I need to slow down and pay the normal monthly payment

Must grow faster!

It's stupidly addictive to watch the numbers go down...

obay

I hate how the fact that my mortgage balance doesn't update automatically, and I must wait 24 hours before payment is applied to the account

I think I messed up and got a little bit less then I initially thought, I will need to await until tomorrow for the update

I also love only paying £599.23 in interest, even if I don't put much more over payment over to the mortgage, at least I'll know that will be the minimum.

It's not an option I need to clear £6000 this year!!

I've got about 11 days left until my company is featured on an online blog online, I am wondering if this will be a big hit or not, I hope so, I'd be happy as I can shoot that money to the mortgage if it comes out 'OK'.

We'll see.

JWPopps

Hi,

I'm really interested in your diary, probably because I bought my house last September, when I was 25 too! I notice up the thread you said you were stubborn about wanting an older freehold, well I was stubborn too - I refused to get a mortgage with anyone else, so the mortgage is entirely in my name. Luckily my boyfriend is very understanding, and we're not anywhere near ready to move in together anyway (long distance, two very independent - read: awkward - people!)

I have some debt to pay off before I can really start focusing on being mortgage free by any particular time: I have a 0% CC with the remnants of my Masters tuition fees on, plus a loan at 14% which I needed to use... to buy a new roof! The house was built in 1891 so I should have seen that coming really.

However, it's really inspirational for me to see someone in a similar position really looking to the future! Makes it all feel possible!

obay

JWPopps wrote: »

Hi,

I'm really interested in your diary, probably because I bought my house last September, when I was 25 too! I notice up the thread you said you were stubborn about wanting an older freehold, well I was stubborn too - I refused to get a mortgage with anyone else, so the mortgage is entirely in my name. Luckily my boyfriend is very understanding, and we're not anywhere near ready to move in together anyway (long distance, two very independent - read: awkward - people!)

I have some debt to pay off before I can really start focusing on being mortgage free by any particular time: I have a 0% CC with the remnants of my Masters tuition fees on, plus a loan at 14% which I needed to use... to buy a new roof! The house was built in 1891 so I should have seen that coming really.

However, it's really inspirational for me to see someone in a similar position really looking to the future! Makes it all feel possible!

Hi thank you for stopping by! It's unfortunate! Yes I believe we are the same person! Although my house was built in the 1970's.

We've only got to do half the roof but it's still a cost I didn't want to do at all!

And onto the freehold, my partner calls me a snob and same with her family for wanting the freehold on a property. It doesn't matter though! we're talking about extending outwards a little bit and of course with the free hold it's one less person to talk to about it!!!

I wish you luck, once you've got a diary let me know! I will be interested in taking a read!

obay

Alright,

From that I have put another £50 onto the mortgage that means my total overpayment for this month is £500, I will have to stop for now so I can gather some more money, I am hoping this makes a huge dent into the mortgage. I am pretty happy with the figures so far, It can go further but I just need to be able to afford everything else as well!!

So my new monthly is;

£597.91 per month is my interest rate now, a saving of £13.01 per month in interest, which means my interest per day is £19.93 - A saving of 0.43 per day as from where I first started which was £20.36.

That means I am £5,499.26 away from my target of £6000 this year. I now own 84.80% of my house, a difference of 0.37% from my first month of ownership.

Depending on how much new business I get this month, I am going to see if I can get up to £1k.

I am so very happy about this.

NorthernMonkey1

Looks like you're doing well.

I've stolen loads of ideas from the DFW board that I'm using to pay down my mortgage, including no spend days, and bringing lunch to work, then paying down a few pounds a day.

Today, I sold something else on ebay and overpaid an extra £13.60