Dipping my orange toes into the water..

Orangetoes

June update - 
2023 Starting amount: £253, 655.18

Current total: £237,499.99

Total reduction this year: £16,155.19

So year end goal is going to be £223k which would be a reduction of £30k this year. All looks on track to achieve this..which would also mean by the end of 2024 if we can keep it up we will hit that magical 199k mark. Feeling confident. 

Orangetoes

So not much has been going on as we were waiting for the new mortgage to kick in but finally an update..
2023 Starting amount: £253, 655.18
Current total: £235, 855.18

Total reduction this year: £17,800
Total amount to 2023 goal : £12,855.18

Orangetoes

MEd progress got a distinction for last module and two more to go..albeit the biggest ones yet! 
Off to the canary Islands soon. Can't wait for the sun, this summer has really been rubbish!!! 

Orangetoes

Mortgage wise all good, other money wise not so great...too much spent on holidays!! Need to be on a tight budget for next few months and then should be back to normal by December I hope. 
Would love to go on a really nice holiday next year to celebrate finishing the MEd but might need to scale back the plans!! 

Honeysucklelou2

Sounds amazing…how do you fit in an MEd alongside teaching? Well done on  the overpayments…fantastic progress!!

Orangetoes

Thanks @Honeysucklelou2 good question!! With great difficulty if I'm honest! It is online though, which helps. Can't wait until February when I'm done 😁
First day back to work today.....! 

Orangetoes

Just looked at the interest we are now paying. 1.75% to 3.89% means another £400 a month.
Ugh interest sucks. Overpayments we could previously make totally swallowed up.
Still we did reduce the term, so only 8 years 5 months to go! 

remote_control

3.89% sounds lovely! Is that a product you secured months ago? Ours is due to run out in Feb, I've just locked in at nearly 6% (although I can cancel up to a couple of weeks before) I've also reduced our term and am very excited! 

But it sucks to be going from 1.75% to your new rate, and £400 spent on nothing but interest!

Orangetoes

Hi @remote_control yes we secured it in May. 
That's great that you have reduced your term! 
Ouch the 6% but that sounds good that you can cancel, I think you may be lucky and manage to get that down before Feb, as the mortgage lenders are trying to compete with each other to secure business. Good luck! 

remote_control

Ah thank you! Fingers crossed for me!