The Journey Begins...

Thriftmaster1973

Good News & New "Overpayment Pot"

Overpayments are about to step up a gear from this month, I've received a very good payrise.

This means instead of overpaying by £500 per month, I will now be paying £833 on top of the £538 monthly mortgage payment - so a total of £1371 going towards the mortgage every month.

Bank Restrictions 

My overpayment limit is £6300 per year - April to April. I am at the limit now for 2021/22 so I'm holding money back in holding account until 1st April.

So, £500 per month extra is going direct to the mortgage from April as normal, add the normal mortgage payment of £538 - that's £1038 going in every month.

The £333 extra overpayment will be put into a higher interest account and left to build up.

I am in the interest rate fix till summer 2023, I'm not sure on early repayment charge (closing mortgage account down), but projections are looking good for December 2022.

Nurse2047

You have made incredible progress, well done 👍 

Bella_Budget

Congratulations, you are doing brilliant 

Thriftmaster1973

Thank you Bella.

It all seems surreal to be honest to think that by this December I will be nearly "there".

Whilst all this turmoil in the economy and many people in general being in dire straights, it does cause a touch of guilt that my position is about to seriously improve.

It's not been an easy ride though, years & years of doing without - not many holidays, driving round in a shed of a car, monitoring every expense, doing without heat at times in the depths of winter, scrimping at Christmas when others are splashing out - it's been a very educational journey and many of the frugal traits I've picked up will stay with me for a long time.

Bella_Budget

Don't feel guilty, you've done all the hard work to get here. I saw a quote by the woman who wrote the tightwad gazette who said, "If people would only do these things (be frugal) in the good times, then there are no bad times."
You've put in the work, be proud of yourself!

Thriftmaster1973

Well, getting close to June now and a £1000 overpayment is primed to be transferred to the mortgage.

The "Extra £333" per month overpayment pot is forcast to be at £2000 on June 1st, this means mortgage debt in real terms on June 1st is around £11,700.

The numbers seem to be coming into place nicely now & I can definitely see the light at the end of the tunnel.

The shock has come when I divided up what I'm now ploughing into the mortgage on a daily basis - around £44.70 per day!!! that's 7 days a week, 31 days a month!!!

Coupled with the cost of living nightmare, it is becoming more & more difficult - plenty of juggling is needed every week.

How's everyone else doing???

savingholmes

Great progress

Thriftmaster1973

Well, into August now, £11,665 on the actual mortgage with £2,666 in the overpayment pot.

This gives a grand total of actual debt at £8,999.

Would like it to be lower but I am running things so tight as it is, plus the added pressures of the cost of living crisis means that it's better to just carry on as I am.

I did want the mortgage cleared by Christmas but this won't happen now, looking at around £2,100 of debt on New year's Day.

I've give it a good effort and feel proud of what I've achieved.

savingholmes

You are getting so close now.

Bella_Budget

I think you  are  doing  amazing. Just imagine how good you'll feel when you can say that's it, zero owed to anyone. Well done