3285 days to be mortgage free......

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  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post
    Hello everyone! Not sure where two and a half years went...... :#
    It's now 1622 days till my original mortgage free target but have been plugging away and hope to shave that down to 893 days (2yr 5m ish). Have been overpaying every month and balance is now £46k. That's £64k off the mortgage since my last post and its beginning to feel like the end is in sight. 🥳
    Going to aim to keep this diary updated as a reminder of how far we've come and to see if we can indeed hit being mortgage free in 27 months time. 

    Cx
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post

    Today I have swept the monthly interest earned on my Ch@se accounts across (about £12) to put towards the mortgage. 

    I've  also had to transfer  £500 into Ch@se in order to continue to get cashback on purchases. I'll need to move it back out so it's a bit of a faff but worth it to get cashback in places that don't take Amex.

     Most days I check accounts to move interest, cashback, tilly tidies, survey money etc across to the mortgage and this is a regular little way to chip away at the mortgage I find. I used to sell bits and bobs on eb@y and fbook but kids are all grown up so no clothes, toys or dvds left to sell now. Decluttering these days only yields stuff for the bin or charity shop!

    Cx

    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post

    Mortgage payment today so balance is now just under £45,500. 🍻

    Looking back at an earlier diary post my daily interest was £6.22 and it's now £2.35! Really pleased with that. 😊

    We are on course this year to pay the maximum allowed of 10% of the original balance - something we have never achieved before. If we manage it before the end of the mortgage year then we'll keep putting overpayment money to one side in the best paying instant access account ready to kick start the overpayments for the next mortgage.


    Cx

    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Sncjw
    Sncjw Posts: 3,504 Forumite
    First Anniversary Name Dropper First Post
    Did your student loan payments stop and are you putting this fund to op.

    Also do you have a charge of you over pay more than 10%?
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post

    Hi Sncjw

    Yes the student loans did get written off as they finally hit 25 years! The freed up money did indeed get added to the monthly OP. Did the same again recently when water DD went down. Over the years the regular monthly OP has crept up to £700.

    There is charge if we overpay more than 10% annually. I will be checking with the bank that my figures match theirs before I make the final overpayment, as I don't want to accidentally go over and get hit with an early repayment charge.......

    Cx

    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post

    Small win on Premium bonds this month of £25. Every little helps!

    3 NSD's in a row too which is most unusual. But car bill tomorrow to pay to include service, 2 tyres, brakes discs and pads..... :s just hoping the funds in the car pot will cover it!


    Cx





    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post

    So a £500 car bill ……but the pot did cover it with £57 left over. Phew! 


    I've had a review of my pots following paying the car bill. 

    Pots are:

    Cars

    DIY & garden

    Household (ie insurance,  window cleaner etc)

    Christmas & birthdays

    Pets 

    Heating oil  (Inc boiler service)

    Holidays 


    These generally work quite well and have been a godsend for those larger car bills or unexpected vet bills or the microwave quite literally going bang. Had all of these in last month! It also means that on the whole we're not having to use money earmarked for OP's.





    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post

    Pretty quiet on the overpayment front at the moment. Nothing expected into the coffers at all. Even all my pots end on whole pounds so no tilly tidies either.


    I made £15 on a small sale on fbook but no sooner had it then sponsored a friends daughter for sponsored walk and paid my dues into the collection for someone at work who is retiring. Easy come easy go....


    I still do PA so I am watching it like a hawk to try to earn some OP's this way. I've given up with other survey sites as got screened out too often. I do find though on PA that there are far fewer surveys you can do via your phone...no idea why?!



    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post
    Well it's been such a quiet month on OPs but made one for £100 yesterday. Nothing more till payday now. 
    Been quite an expensive month too with a lot of birthdays, house insurance and car bill but the pots only just about covered it. Not sure I've got them quite right after the rejig so will take another look after payday. 
    Was hoping for the £100 from nationwide but don't qualify as don't use that current account for any dd's. ......oh well c'est la vie! 
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post
    Managed a £1800 OP on payday as DH had an unexpected bonus and some overtime. B)  
    This leaves us just £1000 off the full 10% for the year. We should manage it across the next two months all being well. Then any extra money will have to sit in a decent easy access account until the new mortgage year starts (November). 
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
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