2020 Mortgage-Free Wannabes

lalamb77

Hi No 80 here with an update for the past few months:
July total OP - £800
Aug total - £1600
Sept total - £100
Thank you so much!!

OhtobeMortgageFree

#93 with another £25 to add to the overpayments pot for October. That's £55 for the month so far now.
Thanks for updating once again. 😊

Sistergold

Hello everyone 
#136 reporting OP of £466 for October. Slowly but surely! 

Thanks Julicorn for the wonderful work keeping us all on track! X

Nichelette

Morning! 

I'm no.86. Can I please add an additional £2407.92 to my October OP. I think that will probably be the last for the year as it takes us to 75% LTV which I'm really happy with and allows us to remortgage at a better rate. Yay! I'm going to focus on paying off our CC and buying baby bits now, but I will definitely be back for next year. 

Nichelette

Nichelette said:

Morning! 

I'm no.86. Can I please add an additional £2407.92 to my October OP. I think that will probably be the last for the year as it takes us to 75% LTV which I'm really happy with and allows us to remortgage at a better rate. Yay! I'm going to focus on paying off our CC and buying baby bits now, but I will definitely be back for next year. 

Just realised I'm almost at 30k overpayments so that may be a lie  . Will probably round it up before year end...

weenemo

Suffolk_lass said:

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

Thanks @Suffolk_lass that's really helpful.  
I might fling some more at the mortgage then to bring the payments as low as possible then see what they say.  Either way if we can get the payments down to a couple of quid a month and bring us to pay off at just over the full 10 year fix I'll be happy as Larry. 

anna42hmr

Hi, well done everyone on their OPs so far this year.

Please can you put me (105) down for my September and October OP's as my regular amount £215.26 for each of the two months,  this should now take me to a year to date of £2,152.60 and just going over my original target which feels good.  

Hopefully i will still be able to do my monthly ops of £215.26 for the next two months too! (though with xmas coming up will see) 

Good luck for everyone for their targets this year, and fingers crossed 2021 will be productive for OP's too.  

skye_blue

Hi (No 73) here
Please add another £50 for some more ebay sales (Oct total so far £100)
Thanks for the updates,

Ellie78

#31
Received a £100 account switch bonus today and used it for an OP.     October total is now £334.01
Thanks!

Squirrelz92

#152 reporting £7.56 this week from surveys taking my total for October so far to £157.56