Mortgage free dreams

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  • 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.
  • 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
    LeighofMar Posts: 672 Forumite
    First Anniversary First Post Name Dropper
    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.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • 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 :D
  • tinah
    tinah Posts: 48 Forumite
    First Post First Anniversary
    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:
  • 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!
  • 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). 
  • 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. 
  • 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
    LeighofMar Posts: 672 Forumite
    First Anniversary First Post Name Dropper
    "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.  :p
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
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