2020 Mortgage-Free Wannabes

OhtobeMortgageFree

Another £10 for me (#93) please. Taking me to £285 total overpayments for the month so far. Thanks for updating as always. 😊

Hettyhound

Hello, hello, number 90.  It’s mortgage DD day today so I’ve just OP £12.67 to bring the mortgage down to a nice rounder number.  OPs for June so far are £312.67 😃

Lomcevak

#8 reporting in with an overpayment for June of £10.56. Quite possibly the smallest overpayment I've made in the last seven years, but one that means that I am now no longer a wannabe - we're mortgage free

Looking back, my first post on the forum looks to have been on the 1st Jan 2012, when I wrote:

Can I join too please - back in 2006 a ten-year fixed mortgage of £229k at 4.9% seemed a good idea although to be fair it was the right choice at the time, just things have turned out different. I've had a couple of half-hearted attempts at overpayment, but only £2,898 so far, and as of today it stands at £195,685.

by the end of that first year of the challenge, I sounded a bit despondent

that's it for 2012 (where the heck did it go!?) and a total of £3344 overpaid for the year. That's well short of my original goal, and a miss for my revised-downwards £4k target too. With £186k outstanding the overpayments do feel a bit like lobbing a bucket of water at a forest fire though, my spreadsheet suggests they've knocked a grand total of about 30p a day off my interest bill which is a bit depressing. I need to find a way of taking a longer-term view of the effects which might be a bit more positive.

Fortunately, I found that longer-term view. Seven years ago yesterday I remortgaged to get off that damn 4.99%, with the penalty fee undoing the first half of 2013 and bumping the mortgage up to almost £189k, but it more than halved the interest rate, and ground my way down to zero over the next seven years. Finally there.!

Thanks to all for the support and encouragement on the journey. This remains my favourite forum on MSE so sure i'll be around in one form or another

And, Julicorn, as i'm a total numbers nerd, please could you reset my target to £4,762.26 please to make target complete, not going to hit the original £5k any more

L.

Sandyra

Lomcevak said:

 - we're mortgage free  

Thanks to all for the support and encouragement on the journey. This remains my favourite forum on MSE so sure i'll be around in one form or another

@Lomcevak this is AMAZING!! Congratulations 🎉🙌🏽🔥👍🏽, your numbers give me hope!!

ajmoney

Congratulations Lomcevak

julicorn

Congratulations Lomcevak, that is absolutely amazing! Great to see that look back at the start of your MFW journey as well. 
(I've also set your target to your final amount - got a slightly different figure from what you posted, but I suppose that doesn't make too much difference at this stage )

frankersBri

Congrats Lomcevak! So great to see you have hit your MFW ambition, and in such a good time too! You're an inspiration!

OhtobeMortgageFree

Another £10 of account tidying going straight in as an overpayment for me today.(#93). This takes me to £295 total overpayments for the month so far. Thanks for updating as always. 😊

Sistergold

Congratulations @Lomcevak 👯‍♀️🎉🗣🤹‍♀️🥳👯‍♀️

Lomcevak

When I checked online banking this morning my mortgage account was showing a satisfyingly round £0.00, but having checked again it has vanished completely. Now closed and gone