2020 Mortgage-Free Wannabes

Cortinaa_GTR

#154 - Oct OP of £273 paid today

rugbymadfamily

#157 with another £58.50 in Oct bringing the month to £403.50 😊 Thanks Julicorn!

Squirrelz92

#152 Morning folks Another £50 thrown at the mortgage this morning bringing my total for October thus far @ £150. So close to my £200 a month goal! Pretty sure I can squeeze another £50 in next week and praying for loose change so a bonus payment can be made  

Qtipps44

#61 £565.59 paid for October.

this should be my target reached. This is the first time I’ve paid off the 10% allowed. I’m hoping this will be the case from now on. Nov and dec overpayment money will be for Christmas presents, home improvements, some days out money and any left to savings. Still hoping to get a new to me car soon so will have to replace savings after that. We are in a better position now than last year, we’re very grateful and are doing lots to help others not so fortunate. Will definitely be back for the 2021 challenge target £6400!
thanks

weenemo

Hello. 
No. 54 checking in after a period of silence. 
June: £8550
July: £5654
August: £2110
September: £0
I have gone over this years target but I am going to have to leave it there.  We had estimated that we might be able to pay off in 14-18 years when we first took out the mortgage but by paying up as much as possible right from the start, we've cut back so much on interest that we've done a lot better than we thought.  It helps that over payments are unlimited.  We'd also budgeted a lot for doing up the garden that we didn't end up doing so that went into the mortgage. All in all, we are on a long term fixed mortgage and rather than the company reducing the term we kept asking for the term to be taken back out to the full 30+ year term to allow the minimum payment to be reduced.  This allowed us to keep putting more in at the early years thus reducing the interest paid.
  
Anyway, we are now at a stage that with paying the minimum payments from now until the end of the fixed term, about £15 a month for 6 years, we will have paid it off at the end of the fixed term.  So we cannot now over pay - unless we put more in and they were happy for us to pay sub £10 per month - I don't really know how low they let you take minimum payments. 
So, having maxed out our over payment ability, we will sit on it and pay it off over the 6 years left - it's not worth paying the penalty at this stage as that would cost us more than the payments + interest left to pay. 
Thank you all, this has been amazingly motivating. 

WorldCitizen

#30 with another £50 in Oct bringing the month to £200 and YTD £1,636.42
Thanks!

skye_blue

hi (No 73)
Please add £50 for a couple of survey payouts & ebay sales (Oct total £50)
Thanks 

IndiJonesi

#129 checking in with an Oct overpayment of £2582.24.
Oct total now £3122.97.
Thanks @julicorn for updating 😊

Brindlebabe

Hi guys, 
£543 OP for October please.
Thanks as always Julicorn.
Bb #82

Suffolk_lass

weenemo said:

Hello. 
No. 54 checking in after a period of silence. 
June: £8550
July: £5654
August: £2110
September: £0
I have gone over this years target but I am going to have to leave it there.  We had estimated that we might be able to pay off in 14-18 years when we first took out the mortgage but by paying up as much as possible right from the start, we've cut back so much on interest that we've done a lot better than we thought.  It helps that over payments are unlimited.  We'd also budgeted a lot for doing up the garden that we didn't end up doing so that went into the mortgage. All in all, we are on a long term fixed mortgage and rather than the company reducing the term we kept asking for the term to be taken back out to the full 30+ year term to allow the minimum payment to be reduced.  This allowed us to keep putting more in at the early years thus reducing the interest paid.
  
Anyway, we are now at a stage that with paying the minimum payments from now until the end of the fixed term, about £15 a month for 6 years, we will have paid it off at the end of the fixed term.  So we cannot now over pay - unless we put more in and they were happy for us to pay sub £10 per month - I don't really know how low they let you take minimum payments. 
So, having maxed out our over payment ability, we will sit on it and pay it off over the 6 years left - it's not worth paying the penalty at this stage as that would cost us more than the payments + interest left to pay. 
Thank you all, this has been amazingly motivating. 

Hi  @weenemo we thought we were in this position too but I contacted them over secure messages in June and they confirmed that the only redemption thing was a £95 one-off fee and the daily interest calculation. I am waiting for the to take the money from a bond that has matured so I can retrieve the rest to pay for the e-bikes we have just put on the credit card (! eek) - it might be worth clarifying with them if they would waive it. Our IO payment is under £5 a month by the way so not sure about minimum payments