I've not been on the forum for a while and my original MFW thread has been
So I thought I would start a new post as we are very nearly almost there
I started my original MFW post back in June 2017 when we had a mortgage of £96,491.71 and an original MF date of January 2035 (starting date 2010).
Back in 2017 I thought we might be able to pay it off in December 2022 if we consistently overpaid. But it now looks like that can be done in January 2022, so if all goes well we should be MF by Feb 2022, 13 years earlier than if we had stuck to the normal payment - woo hoo!
My overpayment strategy has been
* consistently overpay every month by a set amount
* use the council tax free months of Feb and March to send what we would have paid in tax to the mortgage
* shorten the term when we came out of our fix so that the monthly amount stayed the same but the term was shorter
* taking @A_Frayed_Knot advice and always have a 0.00 at the end
I'm also an avid YNABer, which has really helped with overpayment, savings and budgeting!
Which is one reason why my old thread was so sorely neglected... each month was pretty much the same OP details and it seemed a bit boring to keep writing the same thing. However, now I'm in the final stretch I wanted to do an update as it's starting to feel a bit exciting!
The monthly OP is on hold at the moment as we've used almost all of the annual OP allocation right now, I'm still putting the money aside and making it to 0.00 but we can't put the money against the mortgage until the allocation resets in November, which is also the date we'll come out of the current fix. I thought it was more sensible to do it this way then pay the interest on any additional OP.
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