FinancialBliss: My mortgage free journey…

financialbliss

pawlala wrote: »

is there a minimum payment per month for that Barclays regular saver?

Hi pawlala,

Hopefully this link will work:
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14937&target=_self&site=pfs

Payments between £20 and £250 a month with a rate at 4.25% as per my earlier post. I make that £3,068.62 before tax at £250 a month.

FB.

financialbliss

financialbliss wrote: »

Barclays monthly saver. This matured today. Was paying £250 in a month over 12 months, so got the £3,000 capital back plus £133.86 interest - the rate on the account at the time of opening was fixed at 6.0% (correction - 7.75%).

Oops. Correction. Just having a browse in the savings and investments and based on the interest received, there is no way it could have been 6.0%. Now remember there was a bit of a issue over interest - but I'm pretty sure we got 7.75%

Barclays regular saver thread here:
http://forums.moneysavingexpert.com/showthread.html?t=1380583

Financial Bliss.

setmefree2

financialbliss wrote: »

Barclays monthly saver. This matured today. Was paying £250 in a month over 12 months, so got the £3,000 capital back plus £133.86 interest - the rate on the account at the time of opening was fixed at 6.0% (correction - 7.75%).

Nice

financialbliss

A long time ago in a galaxy far, far away....

Not quite. :rolleyes: Well on 10th November 2007 in post #40, I wrote this:

financialbliss wrote: »

We have 260 euros just sitting here. As I can’t envisage a foreign holiday any time soon, I want to convert back to pounds and bank the cash. Any tips on where to go to get the best rate?

Not being very MSE with the euros just sitting there, in recent weeks I've been getting quotes for euros to pounds. They started at about £180, then up to £201, then my last quote was £210.

Got another bunch of quotes today while out shopping. The last travel agent asked if I have any quotes today and they managed to beat them by a few pence, so I today converted 260 euros into £221.28. :j

Kept the £21.28 as cash and paid £200 into our current account. Will be spending the money on us as the euros were a gift, but currently using this cash to make a £200 overpayment on the mortgage.

FB.

setmefree2

Nice one! Nice sum just before christmas

financialbliss

financialbliss wrote: »

Nationwide estimate to be mortgage free : September 2015
My own current estimate to be mortgage free : February 2014

I'm analysing the effect of today's £200 overpayment and just noticed that my own estimated mortgage free date has moved from March 2014 to February 2014, so I've just updated post #1.

Still of the opinion that I've got a very optimistic 2012 target to meet, but watching the months slowly drop off is a very good motivator.

Need to pay £1,100 each and every month to attain the February 2014 target, though!

Financial Bliss.

financialbliss

Last day of the month again, which means mortgage interest. Nationwide add on the interest daily, but I need to wait until the last day of the month to get the actual interest for the month, rather that just an estimate. I see uzubairu has beat me to it! Here's how it's looking for us for January to November:

Mortgage at start of year: 59,500.00
Overpayments in Blue.
Interest in Red.
Balance in Green.

Month: Payment (Std / OP) / Interest (per day) / Net reduction / Balance

January: 1,200.00 (898.03 / 301.97) / 237.37 (7.66) / 962.63 / 58,537.37
February: 1,200.00 (898.03 / 301.97) / 210.99 (7.54) / 989.01 / 57,548.36
March: 1,200.00 (898.03 / 301.97) / 229.56 (7.41) / 970.44 / 56,577.92
April: 1,025.00 (898.03 / 126.97) / 218.94 (7.30) / 806.06 / 55,771.86
May: 1,025.00 (898.03 / 126.97) / 222.96 (7.19) / 802.04 / 54,969.82
June: 1,200.00 (898.03 / 301.97) / 212.08 (7.07) / 987.92 / 53,981.90
July: 1,025.00 (898.03 / 126.97) / 215.58 (6.95) / 809.42 / 53,172.48
August: 1,025.00 (898.03 / 126.97) / 212.28 (6.85) / 812.72 / 52,359.76
September: 1,100.00 (898.03 / 201.97) / 201.95 (6.73) / 898.05 / 51,461.71
October: 1,100.00 (898.03 / 201.97) / 205.03 (6.61) / 894.97 / 50,566.74
November: 1,300.00 (898.03 / 401.97) / 195.03 (6.50) / 1,104.97 / 49,461.77

Totals: Payment / Interest / Net reduction.

Minimum: 1,025.00 / 195.03 / 802.04
Maximum: 1,300.00 / 237.37 / 1,104.97
Average: 1,127.27 / 214.71 / 912.57
Grand Total: 12,400.00 / 2,361.77 / 10,038.23

Having looked through past mortgage payments, it appears that £1,300 is the most ever paid towards this mortgage in any one month. November interest is below £200 and monthly interest should now stay below £200.

With December tomorrow, intending to overpay tomorrow by £256.97 which then leaves around £3.30 to pay at the end of the month to attain the £48,500 end of year balance I recently said I'd like to hit.

Off to work out (and transfer) exactly how much I need to put into current account to cover direct debits and mortgage payments...

Financial Bliss.

gallygirl

financialbliss wrote: »

Having looked through past mortgage payments, it appears that £1,300 is the most ever paid towards this mortgage in any one month. November interest is below £200 and monthly interest should now stay below £200.

With December tomorrow, intending to overpay tomorrow by £256.97 which then leaves around £3.30 to pay at the end of the month to attain the £48,500 end of year balance I recently said I'd like to hit.

Off to work out (and transfer) exactly how much I need to put into current account to cover direct debits and mortgage payments...

Financial Bliss.

Great going FB :T. How sad is it that I'm pleased for you that your interest will stay below £200 :rotfl:

financialbliss

Tired this evening, so a quick update from me, then I'm throwing in the towel.

Reason why I'm making an effort to put in an update - the December mortgage has cleared. :j

Today we owe: £48,325.94

I've just updated the three charts on post #1 and uploaded to photobucket. As you should hopefully be able to see from the Payments v Reduction v Interest, I've now paid £13,555.00 to the mortgage this year - more than the £13,211.09 paid in 2008.

Also, our net reduction is more this year, currently at £11,174.06. As the month progresses, the daily added interest will reduce this net reduction, but I'll be paying a few more pounds to hopefully give a year end net reduction of exactly £11,000 - again up on the 2008 figure of £10,153.22, which will result in a year end balance of £48,500.00

As I've made a larger payment than expected at the beginning of the month, I have revised my MFiT-T2 stating figure down to £48,383, but I will give an exact value on the 12th.

So, with the December main payment and overpayment out of the way - we hopefully have just 36 more months until we are mortgage free - here's hoping!

Off to update the numbers in post #1.

Financial Bliss.

setmefree2

financialbliss wrote: »

Today we owe: £48,325.94

yay :T:T:T:T:T:T:T:T:T:T:T