2019 Mortgage-Free Wannabes

[Deleted User]

Good morning all

I’m happy to take a lower number to help fill the gaps, currently no. 81 thanks!

Payment of £475 has been made to the mortgage in the last couple of days.

Thanks Juliecorn x

Bounty123

Happy February everyone,

No. 23 stopping by to log my update.

February overpayment of £176 made today. Running total for the year = £302 of £5000. Slow going at the moment.

ilselm

Morning. #106 here with first February update. A bay/tree sale, TCB cashout and scheduled overpayment has seen mortgage reduced by a further £1,250. Thanks,

February total: £1,250
2019 total: £2,750 / £15,000

MushyPeas

Hello, I'd like to join please :-)

I've just made my first overpayment of £1000 for Feb 2019.

Feb total: £1000
2019 target: £1000/£12000

Thank you :-)

Thanks

Couldsavemore

Hi and happy february!!
#48 OP made £163.30.. exactly what was left in my bank account before this months pay hit!
Total OP made £445.

I've been accepted to do exam marking in the summer so fingers crossed for extra cash for OP's from that.
Also asked for a payrise yet more fingers crossed.
Also just applied for a new job for more money... fingers crossed!!!

MrsMouse

I'll take a lower number if it means helping remove those gaps. Got to love a tidy spreadsheet

MrsMouse

Quick question: given interest is usually charged daily on what we owe on our mortgages, is it better to transfer small overpayments (eg under £20) straight into the mortgage account or save them up and pay once you hit, say, £100? I used to save up the smaller amounts on a previous mortgage as it felt to be really scrooge-like/scrimping (I can't think of a better description at the moment) to pay in smaller amounts than that. That sounds a bit ridiculous putting typing it out. I mean, who in a bank is going to look at the figures anyway!

wishingthemortgaheaway

MrsMouse wrote: »

Quick question: given interest is usually charged daily on what we owe on our mortgages, is it better to transfer small overpayments (eg under £20) straight into the mortgage account or save them up and pay once you hit, say, £100? I used to save up the smaller amounts on a previous mortgage as it felt to be really scrooge-like/scrimping (I can't think of a better description at the moment) to pay in smaller amounts than that. That sounds a bit ridiculous putting typing it out. I mean, who in a bank is going to look at the figures anyway!

If interest is charged daily then the little bits and bobs do matter, it really depends how your brain works. I used to do little stubs and drabs, but I then found it hard to keep a running total (useful if you are likely to hit the 'free' overpayment limit.

Now I break my ops down into chunks, I haven't been able to do this month's chunks yet as the interest hasn't been added to my account, but I usually have 4 mini mop pot goals a month:

1) the interest added (now under £60 a month)
2) £400 capital reduction in a month (an extra £120 ish)
3) mfw 2019 target amount - annual target on this thread divided by 12
4) make the mortgage a 'nice round number' -this was less than £10 in January to make my outstanding mortgage £28,200.

I then report once a month on this thread whatever I've managed to achieve.

MrsMouse

Many thanks wishingthemortgageaway

newgirly

Hi juliecorn, MFW 21 checking in with January’s ops of £835

Could I be very awkward and adjust my target for 2019 please if possible? It was originally £16,000 but id like to reduce it to £10,000 please, many thanks