FinancialBliss: My mortgage free journey…

financialbliss

Peonie wrote: »

FB, how much interest will you save in these last few months by overpaying/stoozing?

Don't have the exact figures to hand, but it's a only a handful of notes worth of savings. More importantly, I've a shortfall that I can't reasonably expect to repay within 12 months, so the plan is to shift the debt to 0% and continue paying that off after the mortgage.

I'm now aiming for a year end 2011 mortgage of around £20,750 - adding on interest in 2012 of roughly £525 gives a total of £21,275 which is roughly £1,772 per month to clear in 12 months.

Would not normally be able to afford ~ £1,770 per month, so the swap to a 0% credit card will help.

More on the £20,750 figure this evening...

FB.

someday_soon

Hi FB

I too am predicted to fall short of my 12/12 target. If I make the regular mortgage payment of 1330 x 12 I will still require 3340 to get over the line assuming everything stays as is. I did the Tesco stooze thing last year and bottled it a little bit I suppose. I started to pay lumps off it as I couldn't bear to look at the statements.:rotfl::T:money: Your timing is much better than mine though, and it looks to me as though you can make it work. £1000:eek: statements in a month will need some adjustment.....off to find 3340 down the back of the sofa. Wish me luck.

All the best

Someday Soon

financialbliss

Ok. 30th November. Nearly forgot to post interest stats, but here goes:

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
July: 887.41 (887.41 / 0.00) / 58.04 (1.87) / 829.37 / 27,365.55
August: 887.41 (887.41 / 0.00) / 56.28 (1.82) / 831.13 / 26,534.42
September: 887.41 (887.41 / 0.00) / 52.76 (1.76) / 834.65 / 25,699.77
October: 887.41 (887.41 / 0.00) / 52.75 (1.70) / 834.66 / 24,865.11
November: 887.41 (887.41 / 0.00) / 49.33 (1.64) / 838.08 / 24,027.03

Totals: Payment / Interest / Net reduction.

Minimum: 887.41 / 49.33 / 825.79
Maximum: 1,000.00 / 131.57 / 884.36
Average: 918.12 / 74.69 / 843.43
Grand Total: 10,099.28 / 821.56 / 9,277.72

Balance outstanding: 24,027.03

Ring-fenced mortgage savings: 1,685.00

Net mortgage: £22,342.03


Goods news is that the monthly interest is below £50 for the first time ever this month.

An aim for 2011 was to bring the mortgage in between £20,000 to £20,999. Been putting £200 into savings as well as the mortgage payment, but this week decided I could afford (due to the 0% credit card) a little extra to be thrown into savings and am going to feed an additional £550 :eek: into savings.

This will bring the mortgage (and savings) down to about £20,755 so a small refinement may be needed to get to £20,750.

Would have been delighted to get to a round £20k - and I could have, but this leaves very little available cash, so leaving at £20,750, which I guess isn't to be sneezed at - down from £33,304

Got £2k in the current account, most of which being thrown at the mortgage / mortgage savings. Hopefully will clear by Saturday / Sunday and also looking to use this as my MFiT-T2 December figure.

More numbers once payments have cleared...

FB.

financialbliss

Good news three ways...

A month forwards.
The £750 overpayment I made today brings our mortgage in by one month from September 2013 to August 2013. The final push sheet shows a bit more detail:
https://spreadsheets.google.com/pub?hl=en_GB&hl=en_GB&key=0AnhcWfGMRVgddG92TG9wNkxmVnYtRWxuYTNmMUUtOGc&output=html

MFW 2011 challenge.
The £750 overpayment also allowed me to exceed the 2011 challenge target of overpaying the mortgage by £2,050.

Mortgage collection.
Normally, Nationwide don't show the mortgage payment as being taken from my current account until the second, and a day or two later, the payment shows up on the mortgage account.

Today when I logged into Nationwide, it's already showing as an internal transfer - not yet as a credit to the mortgage account sadly. However, I'm hoping that it's some faster payment improvements and would be delighted if the payment cleared today or tomorrow. I'll be keeping an eye on that.

FB.

financialbliss

financialbliss wrote: »

Mortgage collection.
Normally, Nationwide don't show the mortgage payment as being taken from my current account until the second, and a day or two later, the payment shows up on the mortgage account.

Today when I logged into Nationwide, it's already showing as an internal transfer - not yet as a credit to the mortgage account sadly. However, I'm hoping that it's some faster payment improvements and would be delighted if the payment cleared today or tomorrow. I'll be keeping an eye on that.

FB.

I suspected as much. The mortgage has cleared today. Would guess that anyone else with a Nationwide mortgage may see it clear today too. Previously it would take 3-4 days.

Mortgage balance now is £23,142.85. Taking into account £2,435.00 of ring fenced mortgage savings, that's a mortgage balance of £20,707.86

Interest added daily over the course of the month will bring that figure up to about £20,750 (still taking into account the savings), so I'll need a small OCD (obsessive compulsive disorder) payment to get to a round £20,750.00 value.

Signature, graphs etc to be updated this evening...

FB.

Twiddy

Loving your work FB, steady but positive strides to Freedom, great job...

T

financialbliss

financialbliss wrote: »

Signature, graphs etc to be updated this evening...

FB.

Oops - Friday became Tuesday.

Just uploaded copies of charts to photobucket and updated signature. Next major payment should see us sub £20k :j

FB.

dark^knight

financialbliss wrote: »

Next major payment should see us sub £20k :j

Way to go! :T

dark^knight

[sorry, duplicate post]

financialbliss

Without elaborating too much, it's been a long and tedious week and I'm pleased I've got two days off to charge the batteries a little.

If you're following my base rate challenge thread, I reported there yesterday of another hold in interest rates. That means that for me at least, January 2012 keeps me on a mortgage rate of 2.5%

I've signed up for the MFW 2012 challenge. I've been slaving over a spreadsheet this evening and I think I've come up with a satisfactory objective for this challenge. Keeping under wraps until 1st January

Got a £30 cash back payment from QuidCo the other day. Pondered on what do with this. Had transferred to normal savings, but on reflection, I've put £25 into mortgage savings this evening.

This means that today's mortgage balance of £23,153.94 plus an increase of £25 on mortgage savings to £2,460 means I can now report that the mortgage is effectively £20,693.94.

Now aiming for a year end mortgage value of £20,725.00 - again the usual slight payment alteration will be needed to get that spot on - current estimates look like a further £3.82 payment to get the rounding right.

I won't be revising this figure further. Honest.

Paid £225 off the Tesco credit card today. Still spending with a fair bit of momentum (think that's called Christmas), so £225 won't make too much of a dent in the overall balance.

Starting to get my head around objectives for 2012, which I suspect will be the toughest to date - a mortgage to clear no less.

Not sure there's too many people here on MSE that have published a very specific date to aim for - currently I think it's achievable for a quarter 4 completion, ie 1st October to 31st December, but still looking rather tight...

MFiT-T2 - was meaning to get the latest chart up to speed this week, but simply haven't had the time. Hoping to find time tomorrow and Sunday and I may end up publishing late on the 11th as I know I'm a little busy on the 12th.

Enough rambling for now.

FB.