2021 Mortgage-Free Wannabes

Elvie100

Hi all
#60 with an op for May @ £668.94.
Thanks very much!
L

Moneyminded

#15 checking in with another OP of £100, making a total for the month so far of £150. Thanks Julicorn

CrowdieSaver

Hello
#49 here to report overpayments as follows:
March £40
April £50
May £50
Total for the year so far: £520
Still plodding on.......😐
Thanks Julicorn.
CS x

Barny1979

#43 £100.00 paid off

ilselm

Hi, #24 here with £74,800 paid off the mortgage giving a May total of £76,000. This has come about from an insurance payout as I recently underwent a hefty medical procedure which was covered under the terms of my critical illness policy. 

So, rather than dropping it all on a luxury super car we’ve taken a measured approach to split between mortgage overpayments, savings/investments and a small amount to get the garden sorted. I’m still able to work in my current role so this money is going to be a huge help to provide more future work/life options along the lines of FIRE rather than cover current income requirements.  Obvs, would trade it all in an instance to not to have needed the medical procedure but to sanguinely coin one of my all time hated phrases - ‘it is what it is’. 

That means we are now mortgage neutral with the outstanding balance fully offset against cash savings. The rather loose strategy at this time (until at least end of current fix) is to keep the mortgage going with token monthly repayments, ensuring the balance is offset to avoid interest. By my understanding, the advantage in doing this is that it effectively provides a pre-approved line of credit if we move house in the future and need to extend borrowing and may (or may not) maintain our credit rating as we’re still servicing a debt. 

So, we’ve pretty much done it but will be here for a little while longer as we run the mortgage down to zero. 🥳
Onwards and downwards! Thanks, 

jennystarpepper

ilselm said:

Hi, #24 here with £74,800 paid off the mortgage giving a May total of £76,000. This has come about from an insurance payout as I recently underwent a hefty medical procedure which was covered under the terms of my critical illness policy. 

So, rather than dropping it all on a luxury super car we’ve taken a measured approach to split between mortgage overpayments, savings/investments and a small amount to get the garden sorted. I’m still able to work in my current role so this money is going to be a huge help to provide more future work/life options along the lines of FIRE rather than cover current income requirements.  Obvs, would trade it all in an instance to not to have needed the medical procedure but to sanguinely coin one of my all time hated phrases - ‘it is what it is’. 

That means we are now mortgage neutral with the outstanding balance fully offset against cash savings. The rather loose strategy at this time (until at least end of current fix) is to keep the mortgage going with token monthly repayments, ensuring the balance is offset to avoid interest. By my understanding, the advantage in doing this is that it effectively provides a pre-approved line of credit if we move house in the future and need to extend borrowing and may (or may not) maintain our credit rating as we’re still servicing a debt. 

So, we’ve pretty much done it but will be here for a little while longer as we run the mortgage down to zero. 🥳
Onwards and downwards! Thanks, 

Wishing you a speedy recovery and happy FIRE. 

jennystarpepper

#16  New total for May - £673.56   Please Julicorn.

Many thanks 

twinklie

No.6 checking in with another £150 for May.

Maybe_its_because

Morning,
Reporting for #5.

A slightly better payment than last month -  £250 for May.

Thankyou Julicorn for the upkeep of this thread

MIB x

LadyGnome

Hello a belated catch up for #78
Here are the payments I have made since the £1000 in Feb
Feb £567 (Feb total £1567)
Mar £567
April £257
May £25
Total of new payments £1416
YTD £2723