FinancialBliss: My mortgage free journey…

bertboy60

Wow 1000 posts. It's some achievement.

Vixstar

Re the Green Flag renewal you could try calling their bluff, phone up to cancel and see if they'll give you a lower price. I managed to get a fair chunk knocked off my breakdown renewal that way (unintentionally as I want to change and get cash back)

financialbliss

financialbliss wrote: »

2. Interest.

• June – Mortgage interest hits £1,000 ~ week 24, ie 14th – 20th June

Well today, ie 21st June the mortgage interest is 997.25. I'd estimated the 14-20th June at the start of the year, but did a more accurate calculation later (kept to myself) of 21st June.

Tomorrow, ie 22nd June, the mortgage interest will break through the £1k mark. Been keeping tabs on the £1k mortgage interest for previous years:

2008 : 24th April - 114 days / 8.77 per day
2009 : 15th May - 134 days / 7.46 per day
2010 : 22nd June - 172 days / 5.81 per day

Definitely going the right way. 2011 is going to be a hard year to calculate breaking through £1k, as we drop off our fix in March and I've no idea how fast the rates are going to climb. Let's not get ahead of ourselves - 2010 first.

FB.

gallygirl

Doh, why didn't I think of doing that before???????

Off to play around with spreadsheets - again.......:o

Oooooohhhh, v close to you DD, 13th June. Don't have as quick a way of doing previous years but will do later (will be much, much earlier though as we are on variable interest).

Oh Next years is only 12 days later

financialbliss

gallygirl wrote: »

Doh, why didn't I think of doing that before???????

Off to play around with spreadsheets - again.......:o

Mortgage interest today is £1,002.61 - looks soooooooooooo much bigger as a 4 digits (pounds) rather than just 3. Here's hoping that in 2012, we don't actually get as far as £1k, but that's quite some way off.

Why do it - just another little interesting analysis!

FB.

financialbliss

financialbliss wrote: »

Opening Balance: 48,499.96
Opening Nationwide completion date: December 2014

Overpayments in Blue.
Interest in Red.
Balance in Green.

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

January: 1,398.03 (898.03 / 500.00) / 191.83 (6.19) / 1,206.20 / 47,293.76 / Oct 2014
February: 1,429.33 (929.33 / 500.00) / 168.71 (6.03) / 1,260.62 / 46,033.14 / Sep 2014
March: 1,429.33 (929.33 / 500.00) / 181.65 (5.86) / 1,247.68 / 44,785.46 / Sep 2014
April: 1,429.33 (929.33 / 500.00) / 170.88 (5.70) / 1,258.44 / 43,527.01 / Aug 2014
May: 1,429.33 (929.33 / 500.00) / 171.45 (5.53) / 1,257.88 / 42,125.21 / Aug 2014
June: 1,429.33 (929.33 / 500.00) / 160.98 (5.37) / 1,268.35 / 41,000.78 / Jul 2014


Totals: Payment / Interest / Net reduction.

Minimum: 1,398.03 / 160.98 / 1,206.20
Maximum: 1,429.33 / 191.83 / 1,268.35
Average: 1,424.11 / 174.25 / 1,249.86
Grand Total: 8,544.68 / 1,045.50 / 7,499.18

Balance outstanding: 41,000.78

Having a minor financial crisis at present. More at another time, but as I was online at midnight when Nationwide apply their interest, I've checked and updated for June as per above.

Once the July payments have cleared (Saturday perhaps?), I should see a mortgage in the £39,000's - ie sub-£40k. I've calculated that it will remain in the £39,000's too, ending up around £39,733 at the end of July.

I'll be putting funds in place out of savings - just need to be collected on the 1st July.

FB.

llamahead

Thats fantastic FB - well done on being sub 40K - be a little while before we are there - but one day!

uzubairu

Well done on the progress so far.

I can't wait for the day when we go sub £40K.
That's a few years away for me.
I need to update my monthly figures too.

financialbliss

Well, on the 10th October 2007, I started this diary. Roll forwards 2 years, 8 months and 27 days, or 1,000 days later and we get to today - 6th July 2010.

Seems a fitting day to report that the payments / overpayments for July have cleared (well actually cleared on Sunday 4th, but I'd not found the time to update)... and I've broke through the £40k barrier.

Mortgage stands at £39,592.39

Better still, it will stay in the £39's.

I've just updated my signature, post #1 stats and graphs and the last 100 steps Google spreadsheet. Phew.

FB.

thecableguy12

well done! now all you :beer:have to do is wait for house prices to go up then sell and purchase a house abroad! lol:money:;):beer::j