Mortgage free dreams

[Deleted User]

The £175 incentive is in my account already!
Can't believe how quick that was, I only moved over on the 20th.
My mortgage stands at £138,000.00 now & I just had a pay review so I'll be able to pay off much bigger chunks next year!
Excited for 2020.

[Deleted User]

My mortgage currently stands at £137,499.71.
I overpaid by £347.61 in December, which I'm quite pleased about!
Not sure why my interest payment has increased in Jan by £7.00, not really sure why.
Does anyone know why it's varied? doesn't make any sense in my head ha!
Definitely not a fee either, as I'm allowed to overpay by 14k a year, and I'm nowhere near that.

LeighofMar

Wow. In six months, you've managed to pay off $3000.00. That's amazing. You're doing great and hopefully, you will hit your goals for the new year.

[Deleted User]

LeighofMar wrote: »

Wow. In six months, you've managed to pay off $3000.00. That's amazing. You're doing great and hopefully, you will hit your goals for the new year.

Thank you! Trying my best

tinah

Deleted_User wrote: »

My mortgage currently stands at £137,499.71.
I overpaid by £347.61 in December, which I'm quite pleased about!
Not sure why my interest payment has increased in Jan by £7.00, not really sure why.
Does anyone know why it's varied? doesn't make any sense in my head ha!
Definitely not a fee either, as I'm allowed to overpay by 14k a year, and I'm nowhere near that.

Are you charged daily interest? There was 31 days in December that could be why. I wondered the same thing when I first got my mortgage.:rotfl:

[Deleted User]

That makes sense, thank you!
My mortgage stands at £136,600.00 & dependent on my closing electricity bill should be able to bring that down to £136,400.00 by the end of the month... I hope!

[Deleted User]

Targets for 2020: (As of Feb)

• Closing Balance - £136,500.00 // £130,000.00
• Overpayments - £935.81 // £4,250
• Savings - £12,250.00 // £15,000.00 (Majority of my disposable is going to Mortgage OP's). 

[Deleted User]

March update: 

• Balance - £136,000.00 // £130,000.00
• Overpayments - £1,194.12 // £4,250
• Savings - £12,700.00 // £15,000.00 (Majority of my disposable is going to Mortgage OP's). 

I've put more effort (money) into my savings this month than OP's, just because I'd like to get to £15k then go back to pure OP's. 
Not really the best plan for reducing interest but I would like to put another £1k into premium bonds next month. 

[Deleted User]

July update: 

• Balance - £134,000.00 // £131,000.00
• Overpayments - £3,442.19 // £4,250
• Savings - £14,750.00 // £15,000.00 (Focused more on this since Covid-19 just for peace of mind)
•  I've been focusing on getting my savings up over lockdown, rather than overpayments towards my mortgage so they haven't really been above £175.00 per month but I don't think that's too bad. I am almost at the £15k mark which I think will then allow me to concentrate on OP's for the rest of the year. I don't think getting my mortgage down to £130k by December is anyway feasible but I admire how confident I was at the start of this year haha! So I've altered by the target to £131k. 

LeighofMar

"I am almost at the £15k mark which I think will then allow me to concentrate on OP's for the rest of the year. I don't think getting my mortgage down to £130k by December is anyway feasible but I admire how confident I was at the start of this year haha! So I've altered by the target to £131k."

That sounds like a solid savings number. I like the idea of 15-20k as well with what's going on. And as far as getting to your target by the end of December, a little confidence is a good motivator. But even if you don't make it to your target, look how much further you will be than if you never overpaid anything. It's a wonderful feeling. I agree with you. I wanted to be at $30,000 by December 31, 2020. But now we're in mid-July and I would have to pay off over 7K in 5 months. Probably not happening unless there's a miracle bonus coming that I don't know about.