Woohoo!

savingholmes

Thanks for the update. Really good progress. I sympathise on the feeling that the finish line is moving further away though with each BOE rate change.

L9XSS

Ok my OCD kicked in and I withdrew £1000 from my EF and used the online payment facility to make the overpayment, so when this months payment comes out then I will be 19.8k remaining on a 2 year and 6 month term. Am I addicted, probably......it’s all I obsess about.

edinburgher

There are worse things to obsess over 

I read an article last night that stated that the interest rates of the cheapest 2 year fixes had trebled in the last year - not the best time to have 30 years left on a mortgage!

L9XSS

edinburgher said:

There are worse things to obsess over 

I read an article last night that stated that the interest rates of the cheapest 2 year fixes had trebled in the last year - not the best time to have 30 years left on a mortgage!

Mine has moved from 2.17% to 4.45% variable. There isn’t much in it from ERP charge if I fix for 2 years or continue on overpaying large lump sums. I’m hoping to pay a further £7k or 8k in July. I will be glad when it’s finally paid off and I can focus on savings and pension for a few more years.

savingholmes

Good luck with it. That's an ouchy interest rate. You might be better off financially doing a 0% transfer to a CC. Some are even free free.

L9XSS

Quiet day today. Mortgage balance is £19,870. Monthly payment is now £711.28.......it was a £1077 a few months ago. Remaining term is 2 years and 6 months. Will see if I can move my monthly payment to under £700.

savingholmes

Great progress as always. Well done.

L9XSS

Well July has arrived pretty quickly, June seemed to rush past. Hopefully some time in the allotment. Taxman is playing havoc with my plans at the moment so no overpayments this month. EF stands at a lowly £900 and gas and electric monthly direct debit has risen to £162 from August.......im being particularly careful but am £242 in debit with only small inroads the last 2 months. Will take stock the end of this month as to where I’m at. May 2023 May have been an overstretch to be mortgage free........maybe closer to November 2023.Anyway not going to dwell until I’ve played about with my calculations. Enjoy your weekend.

savingholmes

Whichever date it ends up being still phenomenal progress 

L9XSS

So after much tooing and froing and lots of decision paralysis, I’ve decided to access some DC pension money. My DB pension figures were better than I thought which means I can take a “little bit” of tax free cash from my SIPP which I’m going to use to clear the mortgage debt. Plan is the continue to work and not drawdown DB or DC pensions till I’m 60 (another 5 years). I’ve started the ball rolling last week and spent hours on my FIRE projections. I’m enjoying work (reduced hours and job change 18 months ago) and always had planned to slow down the work stress, budgeting on a much lower salary has been good for me. Anyway I’m looking to make the final last mortgage in August of this year but could be September depending on my SIPP providers paperwork/forms etc.
i started my journey (Joining the Quiet Revolution) MFW in 2009 I think, lost my password so started this newer diary. I a man going to re read my posts from start to finish when the last overpayment is made. Hopefully I can continue to “add value” to those that are on this journey and I enjoy seeing the achievements others make. I will continue to post updates as I go.