Quest for (mortgage) freedom

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  • eat_that_frogeat_that_frog Forumite
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    Thanks everyone! I hope everyone has a brighter and healthy 2021!  :)

    I thought I'd use this chance to note down my goals for 2021:

    1. Overpay £20,000 on the mortgage. This is a stretch goal - based on my overpayments in 2020, £18,000 worth of OPs in 12 months is realistic. So in order to stretch myself, I've set a goal of £20k to try and push myself a bit more.

    2. This isn't money related but I'd like to really focus on losing 14lb this year. I already am quite an active person; my downfall is hot drinks with sugar and enjoying biscuits/cake after meals. So I hope by cutting down these empty calories I can lose some weight slowly but healthily.

    It'll be interesting to look at this post again at the end of the year and see how I've got on. If I've met these goals (or come very close), at the end of the year my mortgage total after regular payments and overpayments should be around £200k and the scales should show me as 14lb lighter! Something to aim for... 
    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)
  • Viking_mfwViking_mfw Forumite
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    Good luck!
  • savingholmessavingholmes Forumite
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    Good luck with your goals. Happy 2021
    Target 1) Lose weight & get fit (started) 2) Declutter 3) Get to £6k EF/Savings Now £2.9k 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!!)
  • SandyShoresSandyShores Forumite
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    That's great that you've got online access to your mortgage account @SandyShores. Unfortunately my mortgage company don't have that facility, so when I phone them to overpay I have to ask them to tell me the new balance each time, and keep track of it that way. Feels a bit outdated in 2020 but hey ho. Good luck building your EF! 
    Hi Eat that frog and a happy new year.  I was just assuming that all the mortgage people had online access - although I've got to say it stresses me out slightly as the interest is added daily so its a constantly moving target.  I just noticed we have a similar weight loss goal too :smile:
    Mortgage Neutral: £175k to find
    Household savings: £2k
    MFW 2022 #47 OPs: £55.85/£5000
    Christmas Saver: 2022#5 £80/£240
    Personal: PBs £600 / ISA £330
  • eat_that_frogeat_that_frog Forumite
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    I've just recalculated the daily interest I'm paying on my mortgage. It's currently £11.56 per day; when I started this challenge in 6 months ago in July 2020 the daily interest rate was £12.50. Doesn't seem a huge saving but a decent nearly £30 saving per month or £360 per year so every little helps  B)

    I phoned the bank today and my yearly overpayment allowance (10%) restared again on Jan 1st - so I'm allowed to overpay £22645 this year. I think that's a bit too much of a stretch, but if I do hit my 2021 goal of £20k I'll be very happy! 
    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)
  • savingholmessavingholmes Forumite
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    Well done you. It is a great feeling to make progress in at least one area during these crazy times
    Target 1) Lose weight & get fit (started) 2) Declutter 3) Get to £6k EF/Savings Now £2.9k 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!!)
  • Sweetie83Sweetie83 Forumite
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    That’s really good saving well done 👍🏻 I’ve got £308,000 to go but started last year as £348,000. Sometimes it’s good to reflect on how you’ve come! 
    DH, 2 DD and 2 cats. aiming to be mortgage free at 50...11 years to go eek!
    Feb 19 £358k
    Jan 21 £283K (using savings)
    July 22 £246K down to 17 year term
  • caelercaeler Forumite
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    @eat_that_frog that’s a great reduction! Every penny matters! I’ve only recently I’ve started to understand daily interest and now I’m obsessed! 
    Mortgage started on 17 December 2012 at £169,000 with a 25 year term finishing in 2037
    Mortgage Repaid on 20 April 2021
    Click here to visit my Mortgage Free Wannabe Diary
  • eat_that_frogeat_that_frog Forumite
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    Yeah I find the daily interest really interesting. I probably wouldn't recalculate it more than every 6 months because my monthly overpayments aren't big enough to make a huge dent in the daily interest rate on a monthly basis - but combined over the 6 months it looks like a nice saving  B)
    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)
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