2020 Mortgage-Free Wannabes

greent

#18 reporting in with Jan's figure of £462.97

teameffort

Happy weekend all

#14 small over payment of £2.11 to report from an account tidy up. Hopefully another tidy up on Monday.

Total O/P for Feb £2.11

Thanks Julicorn

Teameffort

teameffort

Lomcevak wrote: »

#8 in with an OP of £2,010.36 for February, total £4,020.72 for the year so far.

It's not quite the end, but it's the beginning of the end. For years I've had a constant monthly payment going out to the mortgage - when I started, roughly two thirds of that was the required monthly payment and a third was overpayment, but over time as the mortgage has dropped the overpayment has gone up to keep things balanced, so now about 90% is overpayment. It's been going on for so long that the monthly total just feels like the normal payment.

With four months to go before the early redemption period expires, the February overpayment has pushed the mortgage under £2k and it's time to stop. March will see a much smaller overpayment, then it's just the regular payment for three months until a final OP of around £100 clears it. So although i'm not quite MF yet, I start to see the benefits from next month

And if I hadn't started overpaying, I'd still have a £125k mortgage with 12 years to run...!

That's amazing Lomcevak and very much what we're aiming to achieve in 2023.

We're already started planning where the 'extra' money in our budget might go once the mortgage is done.

Looking forward to seeing your final payment announcement!!

Teameffort

Nichelette

Hi all, #86 here!

Unfortunately no Jan over payments as my 15 year old cheapo car finally stopped being cost effective to fix. I went and bought the lovely shiny Golf I've been lusting over for years but denied myself as my old one was still working. Half was finance so it's better for me to pay that down first.

Now I don't need to worry about car breaking down (yay), but also need to reduce my target (boo). Can I please amend my target to 7k as that's what I need to overpay to remortgage at 80% LTV around October time. I've discovered I can take lumps off the car when I thought I needed to have the whole balance so I'll probably only make token payments on the mortgage for a few months, I will be watching everyone else's progress though . Thanks for running as always!

ilselm

#21 here reporting a £1,000 reduction in the mortgage for February. Thanks,

baggins11

#62 here finally balanced my books and reporting an over payment for January of £309.

I am taking advantage of no council tax this month but have realised I need a bigger emergency fund buffer so future months will probably be much smaller.

Thanks :T
Baggins

everach

#no 83

Update here for January a further payment made of £386.66, now at

397.66/5000

pinkfluffybabe

#64 January update, overpayment of £34.46

Not much but every little helps!

bigbeff

#9 payment of £549.42 for February so far.

Jrose1927

Hello

Id love to join this challenge 153,000 left to pay

My target this year is 4000