Mortgage Free by 55

VDOT47

£225 overpaid in July in the end. Just ticking along for the moment really.

VDOT47

August £140 overpayment
Sept £50 overpayment

Just ticking over with small ones while putting all available cash into savings at the moment with the intention of saving up enough to move house in the next 18 months.

VDOT47

October was another token £50 overpayment. The balance is just below £227k though I think now.

Savings continue to build in preparation for moving house, and I’ve started a private pension too.

So everything is still moving in the right direction, even if the actual overpaying of the mortgage has almost come to a standstill!

VDOT47

To follow up from my message on Friday, I thought it worthwhile assessing ‘the stats’ at the end of the second year of the diary (ie at 31/10/19):

Mortgage stands at £227625 (down by £12,262 from 12 months ago - so just over £1000 pcm).
Overpayments of only £2,984.97.
Daily interest down from £14.39 a year ago to £13.66 now.
LTV down from 64.14% to 60.86% now (based on purchase price of 374,000 still being an accurate estimate of current value. This probably isn’t far off actually, looking at local prices and based on next door’s valuation a few months ago and also a chat with our estate agent recently)
End date brought forward by 25 months (was only by 22 months last year).

VDOT47

Just overpaid another token £50 for November.

VDOT47

Quick end of year update - only overpaid £30 in December.

Total overpayments for 2019 were just £1830.36. So considerably scaled down from 2018, despite our financial position being stronger - all down to a change of focus to build savings to help fund moving costs and making a start on additional pension contributions.

We are looking at putting this house on the market in the next month or so. We now have 2 kids and are just outgrowing this house (as well as the ongoing noise issues here) so will be taking the plunge and increasing our mortgage debt to somewhere in the region of £430-470k!! That will take a good few years to pay off!

That’s all for now folks .....

VDOT47

We are now very much in the throes of house hunting and ours is on the market! Fingers crossed for some good news during Feb!

Just overpaid a small £25 for January. Don’t really have any overpayment targets for 2020, but once (if!) we move I’ll assess once we’re settled in and used to our new budgets.