FinancialBliss: My mortgage free journey…

financialbliss

Another very quick post before I turn in for the evening....

Was in the unusual situation last week where I was not near any internet access at month end, thus I've had to estimate the month end mortgage interest.

Luckily, by checking the mortgage balance regularly, I know my weekly interrest charged to the mortgage account is £13.89 - so roughly 1.98 or 1.99 per day.

Knowing I would be away, I've been taking daily balances to get an accurate account of the situation. Typically I would have two 1.98 increase in interest days, then a 1.99 increase, so despite being away and not back until the evening of Friday 3rd June, I know the mortgage interest for May was £61.62.

Fitting this into my existing analysis gives:

Opening Balance: 33,304.75

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

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

January: 1,000.00 (929.33 / 70.67) / 131.57 (4.24) / 868.43 / 32,436.32
February: 1,000.00 (929.33 / 70.67) / 115.64 (4.13) / 884.52 / 31,551.96
March: 1,000.00 (929.33 / 70.67) / 124.43 (4.01) / 875.57 / 30,676.39
April: 887.41 (887.41 / 0.00) / 61.27 (2.04) / 826.14 / 29,850.25
May: 887.41 (887.41 / 0.00) / 61.62 (1.99) / 825.79 / 29,024.46

Totals: Payment / Interest / Net reduction.

Minimum: 887.41 / 61.27 / 825.79
Maximum: 1,000.00 / 131.57 / 884.36
Average: 954.96 / 98.91 / 856.06
Grand Total: 4,774.82 / 494.53 / 4,280.29

Balance outstanding: 29,024.46

Which means that the mortgage interest has dropped to under £2 per day.

Better still, the June payment has also cleared, so I'm now into the 28's. I'll leave an update on that front to Monday evening, as I'll be using that value as the MFiT-T2 half way balance for us.

Hopefully some regular posts over the coming week. Watch this space as they say...

FB.

financialbliss

Quick update to prove I'm still alive...

Been feeling a bit out of sorts, so had a few early nights. Didn't realised it was BoE rate day until well after lunch and haven't been anywhere near the internet until just now...

Off to update a few threads before returning here and posting my update for June, as the June payment cleared almost a week ago :eek:

FB.

financialbliss

As mentioned earlier, the mortgage payment for June cleared last week.

This gives us a mortgage balance of £28,142.88 and with £650 of savings specifically allocated to the mortgage, this gives us a net balance of £27,492.88

I've updated graphs and signature.

Worringly, there's only 18 months to go now until the 2012 target I set myself. Really need to roll up sleeves and put my back into the remaining 18 months, otherwise we're not going to hit the target.

As ever, anything of interest, I'll post here.

FB.

Dragonrider

Hi financialbliss, I just wanted to say hi and thank you - I have been playing around with your spreadsheet template this evening and have found it very useful. I have just inputted the next 5 years (which is when our deal runs out), and it's given me an idea of what a realistic target is.

I hope things have picked up since your last post, and good luck for 12/12/12!

Dragonrider

financialbliss

Dragonrider wrote: »

Hi financialbliss, I just wanted to say hi and thank you - I have been playing around with your spreadsheet template this evening and have found it very useful. I have just inputted the next 5 years (which is when our deal runs out), and it's given me an idea of what a realistic target is.

I hope things have picked up since your last post, and good luck for 12/12/12!

Dragonrider

Hi Dragonrider,

Spreadsheets are terribly addictive things! Glad that it has been of some use.

Post at least once a week. Just checked and can't belive I've posted nothing here despite quite a few posts over hte last week on MSE. Turns out they have been on the MFiT-T2 challenge and the interest rate challenge.

Slipped with chart 07 - been massively busy this week - intention now (was hoping to be Sunday) is to tidy up and post chart 07 on Monday evening.

FB.

financialbliss

Well, here I am a week later with my "usual" nothing that interesting to report post.

Rather than rattle off what little money saving I've been doing over the last week, I'll make a quick post to say what I'm going to do in the week ahead.

Mrs Bliss opened an Egg savings account, which was subsequently closed in the autumn of last year. Unfortunately Egg had her down as a tax payer and subsequently (off the top of my head) about 23.79 was paid in tax on the interest.

Have kept meaning to reclaim this, lets wait until the end of the tax year etc and it's now nearly July.

Intend to put an R40 form in to claim that back this week.

FB.

financialbliss

Been really strapped for time recently. Trouble is that I'm not 100% sure where it's going.

When I started this diary, I made a list of things I could discuss / explain and becoming increasingly frustrated with myself on lack of progress, I've started on a shiny new to do list.

Not all of the items are relevant here, so I'll not bother sharing the details, but I'll comment on any which are diary "safe" :eek:

Overall aim is to get my financial house in order. I probably come across as all organised and calculated, but I feel I'm anything but organised at present.


One thing I did do this evening is call Virgin Money and cancel our Virgin credit card. Taken out in 2008 to spread a purchase over 12 months, the card had a zero balance and was not being used.

FB.

financialbliss

Well, if you failed to notice, it's the last day of June. Mortgage interest for June is as follows:

Opening Balance: 33,304.75

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

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

January: 1,000.00 (929.33 / 70.67) / 131.57 (4.24) / 868.43 / 32,436.32
February: 1,000.00 (929.33 / 70.67) / 115.64 (4.13) / 884.52 / 31,551.96
March: 1,000.00 (929.33 / 70.67) / 124.43 (4.01) / 875.57 / 30,676.39
April: 887.41 (887.41 / 0.00) / 61.27 (2.04) / 826.14 / 29,850.25
May: 887.41 (887.41 / 0.00) / 61.62 (1.99) / 825.79 / 29,024.46
June: 887.41 (887.41 / 0.00) / 57.87 (1.93) / 829.54 / 28,194.92

Totals: Payment / Interest / Net reduction.

Minimum: 887.41 / 57.87 / 825.79
Maximum: 1,000.00 / 131.57 / 884.36
Average: 943.71 / 92.07 / 851.64
Grand Total: 5,662.23 / 552.40 / 5,109.83

Balance outstanding: 28,194.92

Note that the above balance is the actual mortgage balance - got an extra small pot of cash ring fenced for the mortgage, which brings the balance down slightly further.

Despite not overpaying as agressively as before (now saving at a higher than mortgage rate instead), the daily interest is still dropping a few pence each month, which is nice!

Funds in place for July mortgage collection tomorrow.

FB

financialbliss

financialbliss wrote: »

Funds in place for July mortgage collection tomorrow.

Good news is that the July mortgage payment cleared on Sunday 3rd July. Just managed to update graphs, signature and the like this evening which gives a mortgage balance of £26,463.18 once savings in lieu of mortgage are taken into effect.

Why is it that the closer you get to zero, the slower the mortgage appears to drop?

Getting impatient I guess!

FB.

gallygirl

ooohhhhh, below 26.5k :j