Mortgage free dreams

SpendingPennies

Just popping by to say hi, you are doing really well. 

powerspowers

Well done on your 2020 achievements! Three years in 18 months and building a significant saving pot is a real achievement. 

Good luck for 2021 

[Deleted User]

Thank you for your lovely messages!
March Update: 

• Balance - £129,365.00 // £124,000.00
• Overpayments - £1,202.93 // £4,250.00                           
• Savings - £16,013.90 // £17,000.00

I need to save £110 a month to hit that goal. 
I need to increase my OP's to a total of £375 a month to hit my balance goal by December, I think!
Going to be a bit of a tight budget, but I really want to make sure I stay on track. 
My mortgage deal ends May 2022, so I'd like to get it to £120k by then!

L9XSS

Doing really well. Great balance between building your savings pot (which is in a great position by the way) and also overpaying your mortgage! Keep going you will be so glad you diD!

[Deleted User]

Thank you for your lovely message L9XSS

April Update: 

• Balance - £128,600.00 // £124,000.00
• Overpayments - £1,729.14 // £4,250.00                           
• Savings - £16,973.00 // £17,000.00

I got a bonus this month & put it into my savings, so I don't need to focus on them for the rest of the year!

I called HSBC and asked them to increase my OP's to £300 a month now. So I can just add the £75 if I feel I can stretch to it. 

[Deleted User]

July Update: 

• Balance - £126,800.00 // £124,000.00
• Overpayments - £2,788.22 // £4,250.00                           
• Savings - £17,438.82 // £17,000.00

I'm on track to be at £123.8k in December so that's good!
I think I'm going to look at selling my flat around the summer of next year (2022) because the maintenance is extortionate now. 
I'm paying £2,400.00 a year & I just don't want to anymore. 
I'm going to continue to OP, and hope that there isn't a massive housing crash next year. 
Hopefully, can get the mortgage to about £120k by next summer as it should help me pay for a new place!

L9XSS

Housing prices have seen strong gains in the last 6 months. I suspect they will cool a little towards the end of the year but as you are thinking of selling next summer then quid pro co. You should still be in a good position. I agree your flat maintenance costs are very high.
i have a new(ish) build house, freehold but we pay a maintenance charge for landscaping, that’s £27 per quarter..........for the surrounding (nice) open spaces. Getting to a better LTV shutdowns help you secure a very good interest rate too! Great focus and as I said before you are in a great position. Well done. I’m nearly down to my last 9 payments. My overpayments since 2008 have taken 11 years off my 25 year term.

[Deleted User]

@L9XSS

That's amazing! Well done. 
11 years off is incredible. 
Fingers crossed they don't drop too much, as long as I make what I put into it, I'm not too fussed as I know selling after 3 years isn't the best financial move!
£27 a quarter sounds like a dream! I don't really understand why our maintenance is so high as we have 80k in our reserve fund currently, but I don't really fancy finding out their plans to be honest!

South_coast

I'm like that with my man co 🤣! Ours is done in-house, so no excuse for poor communication, but you never get told anything. And then if you do ask a question you get a long story about the minutae of everything that's going on 🤦‍♀️ I have just been told ours is about to go up (currently £150/month) so can see it heading towards the £200-mark over the next few years so feel your pain. Ours does at least include heating and hot water though

[Deleted User]

August Update: 

• Balance - £126,200.00 // £124,000.00
• Over payments - £3,169.14 // £4,250.00                           
• Savings - £17,438.82 // £17,000.00

I suspect it is something to do with being stuck in a lockdown for so long, but I'm struggling to budget now we have been given more freedom. Usually, I'd be able to afford to pay another £200 toward the mortgage because round numbers feel nicer to me, but I've been overspending... oops. I keep telling myself that I am still saving, so it's ok to enjoy money sometimes too, balance right?