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The Case of the Overwhelming Mortgage

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  • AgathaSquirrel
    AgathaSquirrel Posts: 255 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    I’ve totally mentally spent it… and more!
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgage of £68000
    October 2024 mortgage of £65000
    February 2025 mortgage of £63000
    March 2025 mortgage of £45000 and interest of £6.07 per day
  • glass_half_full
    glass_half_full Posts: 657 Forumite
    Ninth Anniversary 500 Posts Name Dropper Debt-free and Proud!
    Great news that it has come through. Will be great when you see that mortgage gone.
    Aiming to early retire December 31st 2026.
  • savingholmes
    savingholmes Posts: 28,953 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Understand the mixed feelings.  Good to see one of your mortgages go.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £3K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.6K updated 6/7/25
  • AgathaSquirrel
    AgathaSquirrel Posts: 255 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    The money has gone but we still owe £6 - not sure why. I’ve paid it to get the account to £0 and they can’t pay me back if it was an error. Think I’m now waiting for them to close the account and perhaps send us a letter? Lovely to see the mortgage jump from £63000 to £45000.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgage of £68000
    October 2024 mortgage of £65000
    February 2025 mortgage of £63000
    March 2025 mortgage of £45000 and interest of £6.07 per day
  • South_coast
    South_coast Posts: 5,843 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Could the £6 be a day's interest?
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • AgathaSquirrel
    AgathaSquirrel Posts: 255 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    No, the interest for that mortgage was £2.36 per day. It wasn’t a big mortgage.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgage of £68000
    October 2024 mortgage of £65000
    February 2025 mortgage of £63000
    March 2025 mortgage of £45000 and interest of £6.07 per day
  • edinburgher
    edinburgher Posts: 13,825 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    May I ask how you're saving for university? We use Vanguard's Target Retirement funds for our girls (nearly 10 and 3).
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