Freedom for the future

Mortgage_Minimiser

Thanks AFK.... that's just taken another 6 months of the Term. :beer:
If I keep doing it do you think I will get the same results :rotfl:

MM
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Mortgage_Minimiser

Not posted a lot this month, and with all the changes I felt a bit beaten up, and like this would never end....so I decided to take a look at how for I have come on this journey so far.

If I hadn't OPd the mortgage would today stand at £208,908.47 whereas it is today (at month end with all the interest added on) £185,247.85. So im about £23,600 ahead of where I would have been :beer:

My interest rate will drop below £10 / day after April's payment having started at £17.29 :j

In Jan my personal savings stood at £4101, plus a chunk allocated to finishing the house extension - enough for just over month's worth of bills. Today I have over £13k 'untouchable' money for 5 months worth of bills, £6k for the house and £1k personal savings not sure what for yet. I shall be adding another minimum £1k now I have been paid.

All in all I am happy with that progress. I a committed to a minimum £501 / mth OP which will see me just scraping into the MF in 25-30 club! But I want more progress than that. :rotfl:


With the OH leaving just me and DD I took on the G& E as £120 / mth, and have just taken £10/month off that. Every little helps :rotfl:

Pension contributions are 21%. I always want more but that's ok atm.

I have also just taken Private Healthcare via SS given it's just the 2 of us now. Was always conscious I needed it, and this is good cover and done easily with NI benefits too!

I have lots of other pots such as Xmas / holidays / etc o they are building up nicely.

I now feel organised. I can focus on OPs knowing I have enough of a buffer. Have my target for the year and for MFI3 T5 and am on track. Just wish it would all go quicker... feels like im wishing my life away sometimes!

Happy payday!

MM x

VDOT47

What great progress MM! Well done!

Mortgage_Minimiser

Thanks VDOT. I read your diary and cheer you on from the sidelines. Yours was one of the first diaries I read with a large mortgage like mine, it was good to see (IYSWIM )


MM
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kaycastle

That's amazing progress with overpayments That's brilliant - its unbelievable you'd still be over the 200k mark without all those extras. That's a huge difference.

Well done on your savings progress - and your debt this year. You've done so incredibly well x

Firegirl

Just read your diary! Well done you’re doing so well! Keep chipping away and you’ll get there in the end!

VDOT47

MM - yes, it is good to read about other people who have mortgages of over 200k who are doing their best to chip away at them.


This is not really a dig at anyone with a small mortgage, but when I open a new diary and it says 'our mortgage is £85k and our monthly repayment is £400' it makes me want to cry. Pure jealousy I suppose, if I'm being honest!

Mortgage_Minimiser

VDOT I know exactly what you mean and I don't think people will take it the wrong way. We are all fighting the same battle!

So, not a bad start to the month. OP'd £1500, making a total payment on my main mortgage of £2483. I've also put £1117 into my savings. I want to start investing when my personal pot is large enough. The OP and y offset savings have taken my MF date on this mortgage to Nov 30. I am finally in the MF I 25-30 Club! :j

I am making small OPs on the second mortgage, but I'm just letting that run in the background.

I have had a couple of companies round to quote for kitting out the new bedroom. Need to get moving on that so I can re-do the existing bedroom and move DD into that room. I think that's going to cost about £3k.Im sure it could be done cheaper but I want to get the house finished - properly - and then focus on the mortgage even more.

Sadly I am very excited to see what my daily interest will be tomorrow - hoping it will be less than £10 / day!

Off to Centre Parcs this weekend. Cant - after the ex has played stupid games this week it will be nice to go away with DD and just have fun.

MM
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Mortgage_Minimiser

Interest on the mortgage is finally under £10 / day! £9.97 @ this morning. it might fluctuate for a couple of days but that feels like a good milestone to have achieved in 4 years and 2 months, down from £17.29

Prediction @ month end is to be at £183,113.28 so I need to find £114 to ensure I keep in the £182s. Can easily do that I'm sure.


Have a good day everyone.

MM
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greent

VDOT47 wrote: »

MM - yes, it is good to read about other people who have mortgages of over 200k who are doing their best to chip away at them.


This is not really a dig at anyone with a small mortgage, but when I open a new diary and it says 'our mortgage is £85k and our monthly repayment is £400' it makes me want to cry. Pure jealousy I suppose, if I'm being honest!

It's sometimes relative, though - if your mortgage is £400/ mth but your income is less than £1500/ month then it's a decent chunk of your income before you take into account any other outgoings and the possibility of OPs

Fab progress, btw :T
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