We went into tier 4 at midnight. Luckily I was organised this year and have already finished with all Xmas shopping for food and presents. I also topped up on diesel for the car whilst I was out food shopping on Friday. So other than collecting the turkey crown from the butcher on Wednesday, I'm now predicting 21 NSDs in a row, for pretty much the duration of lockdown. There is literally nothing open for me to spend money on.
This might be good for my personal finances but I am so concerned about the impact on the wider economy. Last week doing the food shop I counted a few shops closing down on our local high street and I think this is just the start . If my husband and I get through this with our jobs safe and our salaries not cut, we will count ourselves incredibly fortunate. *Touches wood furiously*
In the meantime I'll carry on counting the pennies and chucking them towards the mortgage; it's the only debt we have and getting it as low as possible will make us feel safer.
Original mortgage total: £250,000 (Feb 2019) Current mortgage total: £175,900 (July 2022) Original mortgage end date: Feb 2044 Current mortgage end date: Jan 2040 Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 2022 MFW #58 MFiT-T6 #16 Goals for 2022 Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far) Weight: 14lb lost by end of 2022 (8/14lbs so far)
Tier 4 here too We'd also got everything in other than the veg and a couple of perishable things so also planning on not having to spend much between now and new year. Also feeling very fortunate that our jobs seem to be ok *touch wood* and have tried to pay it forward by ordering all our Christmas gifts from small independent businesses as well as some theatre tickets for a couple of people for later on next year. We'll get through this.
Emergency Fund - £6857.08 / £10,000 :: Total Mortgage OP - £6205.55
Sorry to hear you're in tier 4 too @ruby_eskimo. Hoping 2021 is more positive for all of us!
Original mortgage total: £250,000 (Feb 2019) Current mortgage total: £175,900 (July 2022) Original mortgage end date: Feb 2044 Current mortgage end date: Jan 2040 Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 2022 MFW #58 MFiT-T6 #16 Goals for 2022 Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far) Weight: 14lb lost by end of 2022 (8/14lbs so far)
Just popping along to wish you good luck on your journey. £8K paid off already sounds like you've had a running start. Here's to a better 2021!
Target 1) Lose weight & get fit (started) 2) Declutter 3) Get to £6k EF/Savings Now £2.7k 4) MFW starting at £201999 Nov 21 with 264 255 payments to go. Now £196,223. 5) Mortgage neutral progress (private pension/AVCs c£3643 Nov 21) extra payments £312 including tax relief 6) Write regularly 41426/70000 words Book 2 7) CC Debt free April 22 (now stay that way!!)
Hope everyone had a good Christmas. Ours was very quiet and unusual, but still nice in its own way.
As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined.
We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
Original mortgage total: £250,000 (Feb 2019) Current mortgage total: £175,900 (July 2022) Original mortgage end date: Feb 2044 Current mortgage end date: Jan 2040 Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 2022 MFW #58 MFiT-T6 #16 Goals for 2022 Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far) Weight: 14lb lost by end of 2022 (8/14lbs so far)
I’ve just gained online access to my mortgage and have started with my first OP this month. We’ve not been in a position to until now.
Exciting to follow your journey. I’m a tiny bit ahead of you in terms of how much we have left to pay on our mortgage, but you’ll leap frog me in no time - we are still building up an emergency fund so putting more money into that right now.
Plus I’m due a restructure at work and I don’t feel very safe OPing too much right now.
Daily mortgage interest Jan 22 - £14.08 Reduction interest - £2.38
% of house owned/% of mortgage paid off. Jan 22 - 22.39%/14.42% MFiT-T5 #13 MFW 2021 #6
MF Date: Oct 37 Sept 37
Hope everyone had a good Christmas. Ours was very quiet and unusual, but still nice in its own way.
As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined.
We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
We’re similar in that covid means we are spending less money... i work with people in financial crisis so I don’t think my job is going anywhere but it’s something I’m very aware of- might be part of the reason why you are spending less I.e the world feels like it’s falling apart so why go shopping? I flip between that and spending loads as of I’m single handedly saving the economy 😂 maybe a balance is the way to go! well done on your year of overpayments 🙂
I overpayed another chunk off the mortgage yesterday. That takes me a bit closer to my 2020 OP target. When I hit the £225k total outstanding mortgage mark l will celebrate having paid off around a tenth of the mortgage
Only 9 tenths to go !!!
Original mortgage total: £250,000 (Feb 2019) Current mortgage total: £175,900 (July 2022) Original mortgage end date: Feb 2044 Current mortgage end date: Jan 2040 Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 2022 MFW #58 MFiT-T6 #16 Goals for 2022 Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far) Weight: 14lb lost by end of 2022 (8/14lbs so far)
Mortgage started August 2020 £69,700 Mortgage ends Aug 2050 MFW: Aug 2027 (Now: June 2049) Current Balance: £64,250 MFW2020 #156 £723.13/£2000 MFW2021 #26 £1184.71/£2500 MFW2022 #11 £79/ £1500 Backup/ Neutral fund £800/£1000 House fund £16.00/£1500
Replies
This might be good for my personal finances but I am so concerned about the impact on the wider economy. Last week doing the food shop I counted a few shops closing down on our local high street and I think this is just the start
In the meantime I'll carry on counting the pennies and chucking them towards the mortgage; it's the only debt we have and getting it as low as possible will make us feel safer.
Current mortgage total: £175,900 (July 2022)
Original mortgage end date: Feb 2044
Current mortgage end date: Jan 2040
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2022 MFW #58
MFiT-T6 #16
Goals for 2022
Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
Weight: 14lb lost by end of 2022 (8/14lbs so far)
Current mortgage total: £175,900 (July 2022)
Original mortgage end date: Feb 2044
Current mortgage end date: Jan 2040
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2022 MFW #58
MFiT-T6 #16
Goals for 2022
Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
Weight: 14lb lost by end of 2022 (8/14lbs so far)
As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined.
We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
Current mortgage total: £175,900 (July 2022)
Original mortgage end date: Feb 2044
Current mortgage end date: Jan 2040
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2022 MFW #58
MFiT-T6 #16
Goals for 2022
Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
Weight: 14lb lost by end of 2022 (8/14lbs so far)
Plus I’m due a restructure at work and I don’t feel very safe OPing too much right now.
% of house owned/% of mortgage paid off.
Jan 22 - 22.39%/14.42%
MFiT-T5 #13
MFW 2021 #6
MF Date: Oct 37 Sept 37
well done on your year of overpayments 🙂
MFW 2022 #27 £4,670 / £7,200 target
Only 9 tenths to go
Current mortgage total: £175,900 (July 2022)
Original mortgage end date: Feb 2044
Current mortgage end date: Jan 2040
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2022 MFW #58
MFiT-T6 #16
Goals for 2022
Mortgage: £18k overpayments, £175k left owing on mortgage by end of 2022 (£18000/£18000 so far) - goal met!
Decluttering: 2022 items decluttered by end of 2022 (1573/2022 items decluttered so far)
Saving for next year's mortgage 10% overpayment: £12000 saved by end of December (£5900/£12000 so far)
Weight: 14lb lost by end of 2022 (8/14lbs so far)
Mortgage ends Aug 2050 MFW: Aug 2027 (Now: June 2049)
Current Balance: £64,250
MFW2020 #156 £723.13/£2000
MFW2021 #26 £1184.71/£2500
MFW2022 #11 £79/ £1500
Backup/ Neutral fund £800/£1000
House fund £16.00/£1500
Mortgage Repaid on 20 April 2021
Click here to visit my Mortgage Free Wannabe Diary