FinancialBliss: My mortgage free journey…

black_taxi_2

the feeling is burnout-(major reason people give up)-effort you put in and you have months years ahead.having a breather is good.i was working 7/7 and eventualy caught up with me so back down to 5/6 out of 7.

dont put to much pressure on your self-time scale.i mean im cutting a 13 year mortgage down to 4 if im a couple of years over-so what.

keep at it FB your our leader:j

financialbliss

Oops. Didn’t get an update in last night as I suggested I would.

Had a dizzy spell where I wasn’t sure if I’d made a payment to our Virgin credit card – normally due at the very end of the month (which I had), but then spent a while getting the current accounts up to date in MS Money last night.

I’ve also paid the Barclaycard and American Express cards this evening. Both due at £708.66 for Amex and £123.78 for Barclaycard. Good news is that while I didn’t quite achieve the £100 cash back I could have earned during the first 3 months use of the American Express card, we attained £98.60 cash back, so not too bad.

There – got a token update in. I’ll try and keep the ball rolling…

FB.

financialbliss

Been very absent in recent weeks - life in general keepin me away from MSE. Back with some good news in the form of monthly interest stats for November:


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
July: 1,429.33 (929.33 / 500.00) / 161.17 (5.20) / 1,268.16 / 39,732.62 / Jul 2014
August: 1,429.33 (929.33 / 500.00) / 156.20 (5.04) / 1,273.13 / 38,459.49 / Jun 2014
September: 1,429.33 (929.33 / 500.00) / 145.97 (4.87) / 1,283.36 / 37,176.13 / Jun 2014
October: 1,429.33 (929.33 / 500.00) / 145.62 (4.70) / 1,283.71 / 35,892.42 / May 2014
November: 1,429.33 (929.33 / 500.00) / 135.87 (4.53) / 1,293.46 / 34,598.96 / Apr 2014


Totals: Payment / Interest / Net reduction.

Minimum: 1,398.03 / 135.87 / 1,206.20
Maximum: 1,429.33 / 191.83 / 1,293.46
Average: 1,426.28 / 162.76 / 1,263.73
Grand Total: 15,691.33 / 1,790.33 / 13,901.00

Balance outstanding: 34,598.96


Good news is that the daily interest will drop to under £4.50 in December and that we're heading ever closer to the £30k mark.

Payment and overpayment being collected tomorrow and I expect these to clear on Friday or perhaps Saturday and I will be using this value as my MFiT-T2 snapshot for December. Should be around the £33,185 once the December payments clear.

Thanks for popping in and checking on my progress...

FB.
PS - I've already updated the monthly, daily and daily difference charts in post #1 of this diary.

Effy

Hi FB,

Just wanted to echo the sentiments of others on here and say what an inspiration you are!! Today I phoned my mortgage company and discovered that setting my payments to an extra £200 per month will reduce my mortgage term from 24 years and 9 months to 12 years 11 months!! Saving me £30,000 in interest!! YOWSERS! Though I don't think they were my exact words when she told me that I am also allowed to overpay an extra 10% a year which unless I start cr*pping money won't happen but I will aim to over pay as much as I possibly can. I can't say I understand all of your graphs and figures, but it has given me a kick up the bum to learn!

I will continue to lurk on your diary and Queen Bee's (which led me here!) and no doubt others to keep me motivated to get rid of my mortgage by the time I'm 40! I have gone from DFW to MFW WOOO HOO!! :T

JonnyBravo

financialbliss wrote: »

Good news is that while I didn’t quite achieve the £100 cash back I could have earned during the first 3 months use of the American Express card, we attained £98.60 cash back, so not too bad.

He he he.
Got the Mrs the Amex card (I've already got one so can't get the 5% offer) and bought a shiny new watch, which after the use of some gift cards, has got me £98.75 cashback so I've just pipped ya.

The joys of MF!

Queen-Bee_2

Effy wrote: »

I will continue to lurk on your diary and Queen Bee's (which led me here!)

Onwards and downwards Effy (in MFW terms at least ). Glad our diaries have been helpful!!

Hi to you too FB :wave:

QB

financialbliss

Effy wrote: »

Hi FB,

Just wanted to echo the sentiments of others on here and say what an inspiration you are!! Today I phoned my mortgage company and discovered that setting my payments to an extra £200 per month will reduce my mortgage term from 24 years and 9 months to 12 years 11 months!! Saving me £30,000 in interest!! YOWSERS! Though I don't think they were my exact words when she told me that I am also allowed to overpay an extra 10% a year which unless I start cr*pping money won't happen...

Hi Effy,
Nice to see someone new drop in. The cr*pping money made me smile. It's funny that they don't tell you that.

Another thing that gets me is when you buy a car, they nearly always ask "How much can you afford per month?" and then magically work out a deal that appears to hit the spot.

Anyway, nice to see you've found my diary. As I think you've spotted, I like my graphs and stats. Just off to update them as my December payments have cleared today...:T

FB.

financialbliss

Ok. That's it for 2010 in terms of mortgage payments. Maximum overpayment allowed on my Nationwide mortgage is £500 and that was collected on the first, so nothing else from me this year.

Payments have cleared, which means today, our mortgage is £33,182.86. Was aiming for a ideal year end value of £33,318 or there abouts - a rough 'n' ready estimate of further interest throughout December suggests a year end value of £33,306, so I'm where I wanted to be with the mortgage.

Diary page 1 graphs, signature and the last 100 steps chart all updated.

That's me turning in for the evening...

FB.

Effy

I don't know how to thank people for their posts on here but how lovely and polite and british is that!! Thanks Fb & QB off to research this credit card cashback malarkey and investigate quidco no idea what it is but sounds good! I look forward to your further updates (I really like that big green smiley face icon, you can probably tell!)

Effy

Err just noticed the big button with the thanks on it DURRR!