Mortgage Free by 55

VDOT47

Thanks Greent!


Standard DD went out at the start of the week, so will update my signature accordingly. Balance is now £247831.52

VDOT47

Nothing much to report - it has been quite a spendy month, what with the oven fan breaking (£170 to replace), meal our for mother's day etc.


Still managed an overpayment of £446.39 this month which was decent I think.

Kittenkirst

That's a great OP for this month- you are really smashing your Mortgage figure down which is great to see!

Very impressed you've knocked an additional 18 months already off the term too

VDOT47

Thanks Kittenkirst. I just wish the total could come down even quicker!


Does anyone else ever feel depressed that this is such a long journey? I know that we are doing very well by all reasonable standards in terms of overpaying/saving each month, and that in theory our equity in our house is increasing by £25,000 at least each year, yet I still feel very miserable on occasions that it still isn't enough to allow me to move my little family into a house where we will be totally happy, rather than just mostly happy but having to live with compromise in terms of location/noise etc :-(

VDOT47

Mortgage DD payment tomorrow, so that will allow me to update my signature and see how close to £247,000 the balance is. I think whatever is needed to get it below that figure will be the minimum I allow myself to overpay this month.


£247,000 would represent 66% of the purchase price we paid last year (£374,000). I'm really not sure if prices have gone up or down in our area over the past year or so, so I'm going to keep LTV calculations based on the price we paid rather than some imaginary valuation figure!

VDOT47

Just updated my signature after checking mortgage balance this morning - it was better than I anticipated in my last post above, as I had forgotten to take into account the overpayment I made last month when I was typing the message above! So we are already well below £247k. Not far to go to get below 65% LTV, which is the next target.

VDOT47

Month end is approaching, so I am starting to look at the various calculations to see how much can be overpaid this month. I am expecting something around £200.


It has been an expensive month with car insurance of £372 to be paid, along with £600 for some work we are having done to replace our side fence and wall.


Next month is annual appraisal and salary review at work. I've had a good year, so am hoping that by June I may have a payrise of some sort (fingers crossed) which would all be able to go towards overpayments.


The end of this month also marks 6 months since the start of this diary, so it will be nice to run some figures to see how much progress has been made!

VDOT47

£233.41 overpaid in the end. Not as good as previous months but, a I said above, it has been a costly month and my pay packet came in at approx. £90 less than usual due to the pension changes.


So, balance as at 30 April will be £246403.65, which is a reduction of approx. £18000 in the six months that I have been running this diary! I am aware that about £11000 of this was due to the money transfer that I took out in January, but even so I am pleased to see the overall balance coming down by so much!


Will be a quieter few months now I expect.

greent

Great progress! :T

kuratowski

VDOT47 wrote: »

Thanks Kittenkirst. I just wish the total could come down even quicker! [...] Does anyone else ever feel depressed that this is such a long journey?

Yes, exactly this! I think it helps to run the MSE overpayments calculator once every so often to remind yourself how many years you will ultimately shave off the mortgage... Helps me, anyway