Mortgage free dreams

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  • "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
    Definitely! Need a good amount of savings for peace of mind at the moment. 
    You've done incredibly well to get it down that much though! In agreement about the magic bonus haha. 
  • August update: 
    • Balance - £133,400.00 // £131,000.00
    • Overpayments - £3,811.97 // £4,250
    • Savings - £15,000.00 // £15,000.00- Done!  :smile:
    • I've hit my savings target, I just wanted to get that to the 15k mark so that I could have peace of mind, it also gives me slight flexibility in the future which is always helpful. Anyway, back on trying to reduce my mortgage down to the 131k mark by Christmas now. I'm not going to transfer it now, but I should be able to afford to pay another £200 off my mortgage this month in OP's, but I'll wait until the end of the month just in case. 
  • September update: 
    • Balance - £132,850.00 // £131,000.00
    • Overpayments - £4,130.80 // £4,250.00 
    • Savings - £15,000.00 // £15,000.00- Done!  smile
    • I'm on track to get the mortgage down to £131,500.00 by December so I need to put another £170.00 or so towards the mortgage each month if possible to hit my target. I'll see if this is possible towards the end of each month as I don't want to make my budget too tight at the moment.
  • Paid another £100.00 towards my mortgage to get it down to £132,750.00
    I'm determined to hit that £131,000.00, I'll have to find the money somewhere!
    I'm going to Sheffield this weekend to see my friend, which will be a little expensive but other than that I shouldn't need to spend until payday! 
    I have about £220.00 left over at the moment. Hopefully, I can afford another £100.00 towards the OP's this month. 
    We will see! That would mean hitting my OP target for the year too, not done too badly considering I lost a big chunk of my income over COVID. 
  • October update: 
    • Balance - £132,250.00 // £131,000.00
    • Overpayments - £4,390.43 // £4,250.00 - Done!  smile
    • Savings - £15,000.00 // £15,000.00- Done!  smile
    • I need to put £250.00 extra on top of my standard OP's every month to reach my goal by December... I think I can do it! I wonder what my goals will be for 2021. 
  • November update:
    • Balance - £131,745.00 // £131,000.00
    • Overpayments - £4,862.13 // £4,250.00 - Done!  smile
    • Savings - £15,070.02 // £15,000.00- Done!  smile
    • With the new lockdown and the company I work for not doing fantastically, I'm not going to push myself to hit the £131k target. I'd need around £400.00 extra to hit it but it'd put me under unnecessary stress so there is no point! 
  • £131,702.14- Current mortgage balance. 
    I'm not sure how but I counted my savings wrong & I actually have £15,158.93.
    Happy surprise! 

  • Final post for 2020!
    I started this year with a mortgage of £137,499.71.
    It's now £131,300.00 which I'm quite happy about. 
    Especially given that midway through the year, I changed plan and started building my savings up a bit more due to the dreaded COVID-19.
    Goals for 2021...
    I'd like to reduce my mortgage down to £124,000.00 ideally, but that would be really pushing myself!
    I've currently paid 3 years of my mortgage off... I think! Not bad for 18 months.
  • Jessy103
    Jessy103 Posts: 1,824 Forumite
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    Well done! 😀
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post
    edited 29 January 2021 at 10:19AM
    Goals for 2021 & January Update:
    • Balance - £130,700.00 // £124,000.00
    • Overpayments - £364.85 // £4,250.00
    • Savings - £15,500.00 // £17,000.00
    I might change the balance goal when I'm more sure about how this year is going, but that'll be a good starting point I think! 
    January has been terrible, everything was breaking, including expensive car repairs  :'(
    Hopefully, next month will be better! 
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