The end is in sight

powerspowers

Porridge I’ve been putting little bits in my holiday pot, just as wishful thinking really! Hope we can all get away this year 🤞

Viking_mfw

Super work! 

Porridgecat

How very annoying. The first overpayment of the month went out today but the mortgage website is down so I can't check it. My rule is that I only count payments when they clear into the mortgage account so as nothing is showing I can't count it as paid yet. However I have moved £300 into holiday savings and £200 into long term savings, I'll have more to move around when my second standing order pays into the joint account.

ruby_eskimo

You aren't the only ones on a high rate (4.54% here 😳) and well done for making the overpayments that you have been making.  Loving the caterpillar, I also have a boring square chart that I colour in.

Porridgecat

Just made my first overpayment for March of £562.75 which is what goes out with the direct debit, I'll be colouring in a worm segment in a bit, I've had to draw a new one as Mr Porridge unfortunately didn't realise the significance of the last and 'tidied' it away thinking it was just a doodle. You just can't get the staff  
I'm going to balance YNAB nw and see what other payments I can make s well as pay the extra £1000 into the mortgage.
I've worked out that we still paid £3.38 interest every day this month but the good news is that finally all the money we have in savings plus current account etc added up to £140.40 more than what's outstanding on our mortgage, obviously this will change as we pay things during the month but its a big milestone. 
Ruby-eskimo its rubbish isn't it? Who are you with? 

ruby_eskimo

Yay for being mortgage neutral!  We're with the Halifax, and we have that rate because we got a Help to Buy mortgage with a 5% deposit.  Luckily our fix is up in November and they've already said we can fix again for 3 or 5 years at half the current rate which will save us 7 years off the term if we keep making the same payments (which we will).  

greent

Great news re being mtge neutral!  

FtbDreaming

That’s excellent @Porridgecat being technically mortgage neutral. What’s your plan? Are you going to pay it off soon or are you building your funds more? Sorry I have read that many threads I can’t remember everyone’s plans lol x

beanielou

Mortgage neutral is great 

Porridgecat

Thanks everyone for popping by, at present the plan is to keep throwing most of our spare income at the mortgage and leave the savings just ticking over with small additions. The interest rate on the mortgage is far higher than anything we can earn on the savings so it makes sense. At the current rate we have around 13 months left on the mortgage and then it'll all go into savings. I'm not saying the we might not change our minds and just get rid of it further down the line but that's the current plan.