2021 Mortgage-Free Wannabes

regularsaver

Hello, 

#133 here with Junes OP of £74.72. 

Thanks Julicorn

MFdreamer

Hi 👋 

#3 checking in with my June overpayment of £7,200. This should take me to £17,950 for the year which is above my target!

I had a little unexpected windfall which I’ve paid straight off my mortgage. 

Thanks @julicorn for updating as always ☺️

_WorldTraveller_

#79 reporting with a £750 OP for June. Thank you @julicorn.

Got very confused with the mortgage last month. Previous lender I was with had the OP period up to the anniversary of the when the mortgage was first drawn and annual statement following closely thereafter.

Current lender is different
My Mortgage anniversary = Mid May
OP period = Jan - Dec
Annual statement issued - Mid May
Statement covering = from mortgage drawn to 30th April

I accept that the Jan-Dec element was written into some additional T&C conditions but was not obvious on any paperwork/illustration previously received.

What I don't understand, is if the OP is up to end of Dec, why is the annual statement issued in May and covers the period to 30th April. Surely the statement should be issued in Jan and illustrate the balance as of 1st Jan. Luckily I made adjustment to my trusted spreadsheet, but for some, the time lag and calendar year vs mortgage anniversary, could easily result in ERC.

Has anyone else come across this, or is it just me?

f0xh0les

They have to pick a date @_WorldTraveller_ , I am with 'Those Shanghai  and Hong Kong Bankers',  the mortgage started  in March, the annual statement comes at the end of January,  we can overpay up to 10% of the balance remaining at the start of the anniversary of taking it out - so if it were £80k this year in March it is max £8k o/p allowed , but next year it would be max £6,400.  And as you go down the scale it becomes easier and easier to muck up with a sneaky overpayment.

I have been with banks that were happy with 10% of initial amount borrowed (from them) annually.

They all have their little quirks.    Luckily it is really simple to sort out with a phone call to their telephone banking number - then a quick note in the diary to ring again same date next year and ask them how much you can o/p,  then at least you know exactly how much you can penalty free overpay and when.

Maybe_its_because

Hello,

Taking a moment of peace to drop by and check in.

Reporting a £250 OP payment for June.

Thank you for your effort Julicorn, and congrats to all those doing so well.

MIB x

OhtobeMortgageFree

#59 - Just overpaid another £225 on the mortgage to take me to £635 for June so far. Over half way to my target of £10k of overpayments for the year now! 🙌🏻

My husband just secured a pay rise of £8k and I should be starting a new (part time) job next week all being well so hopefully I shouldn't have any problems hitting my target by the end of the year. 🤞🏻

powerspowers

#76 with £13.05 for June please Julicorn 🥳

Merrylegs1

Hello, 

#114 reporting a £600 overpayment for June, thanks Julicorn

Merry 

jennystarpepper

#16

£403.05, New total for June, many thanks Julicorn.

family355

#41 Added £40 cashback = June total £196.98. Thanks julicorn