2022 Mortgage-Free Wannabes

Martas

Martas said:

Hi @julicorn,
I would love to join if it's still possible

My target for 2022 is 14k
January £250
February £1746.03
March £2528.71 (I'll do another update as I think I'll be making another overpayment this month)

Current balance £66000

Edit 10.03: I made another overpayment this morning so I edited my post to reflect the current numbers.

Another overpayment, but after that until the 20th of June I will only be allowed my scheduled monthly overpayments of £499 as that will reach my 10% for this year. From the 1st of August my ERC will be 1% so I think I'll be trying to overpay as much as possible and try to squeeze every penny out of my budget. I was wondering what you all are thinking about paying ERC for the sake of getting rid of mortgage sooner?

Update (I don't have a number yet so whatever number is available will be great @julicorn )

Target for 2022: 14k
January: £250
February: £1746.03
March: £3276.74
(Overpayments till now for 2022 £5272.77)
April: £499
May: £499
June: £499
(Overpayments until the 20th of June will be £6769.77)

Not sure why Natwest only lets me overpay 6769.77 as last year in June my mortgage was around 74k so they should let me overpay around £7400, shouldn't they?

Deni_debt-free_dreamer

Morning everyone

I have sold some books and DVDs on Z!ff!t and cashed out some survey money, also put PT salary and expenses towards mortgage OP:

#81 OP of £250 for March - total 650/2500

Might manage a bit more before March is out fingers crossed

thanks julicorn

jenni_fer

Martas said:

Martas said:

Hi @julicorn,
I would love to join if it's still possible

My target for 2022 is 14k
January £250
February £1746.03
March £2528.71 (I'll do another update as I think I'll be making another overpayment this month)

Current balance £66000

Edit 10.03: I made another overpayment this morning so I edited my post to reflect the current numbers.

Another overpayment, but after that until the 20th of June I will only be allowed my scheduled monthly overpayments of £499 as that will reach my 10% for this year. From the 1st of August my ERC will be 1% so I think I'll be trying to overpay as much as possible and try to squeeze every penny out of my budget. I was wondering what you all are thinking about paying ERC for the sake of getting rid of mortgage sooner?

Update (I don't have a number yet so whatever number is available will be great @julicorn )

Target for 2022: 14k
January: £250
February: £1746.03
March: £3276.74
(Overpayments till now for 2022 £5272.77)
April: £499
May: £499
June: £499
(Overpayments until the 20th of June will be £6769.77)

Not sure why Natwest only lets me overpay 6769.77 as last year in June my mortgage was around 74k so they should let me overpay around £7400, shouldn't they?

What was your balance on 31st Dec/1st Jan? Despite our  'anniversary' being mid year the overpayment schedule is based on calendar years for our mortgage provider, maybe Natwest is similar.

I dont think I'd pay the ERC unless I was settling fully but it depends on the relative interest rates, you might well be worth finding the highest rate savings account you can and using that to stash the overpayment in until you can overpay again without penalty. It'll be marginal I imagine, but unique to you.

Martas

jenni_fer said:

What was your balance on 31st Dec/1st Jan? Despite our  'anniversary' being mid year the overpayment schedule is based on calendar years for our mortgage provider, maybe Natwest is similar.

I dont think I'd pay the ERC unless I was settling fully but it depends on the relative interest rates, you might well be worth finding the highest rate savings account you can and using that to stash the overpayment in until you can overpay again without penalty. It'll be marginal I imagine, but unique to you.

My balance on the 01.01.2022 was £70,915.93. I should probably phone them and find out on what date they calculate it. My balance on the 02.03.2022 was 67800 so close to what would be a number that my 10% could be based on but really have no idea if that's the date. 

Edit: I just found that info on my mortgage account:
"This is the amount you can overpay until the date specified without incurring an Early Repayment Charge (ERC). The allowance is calculated as a percentage of your outstanding balance at the start of each anniversary year. Any overpayments you have already made during the year are deducted."

So I suspect that what I'll be allowed to overpay from 21.06.2022-20.06.2023 will be based on the mortgage balance in March 2023

Tartan_Mum

Hello @julicorn

#26 checking in for March. OP 745.88 made earlier this week. 

Thanks, as always, for running this challenge

Gaffs_gaff

Hello Julicorn,

#54 overpayment of £120 for February please 😊

Thank you x

twinklie

Number 6 - with an OP of £180. 

Not sure I'm going to hit my target now as I didn't take account of all the additional price rises when I set it. BUT I can but try. 

IndiJonesi

#14 checking in with add'l March o/p of £825.27.
Total for March = £2450.63.
Thanks @julicorn for the updates.
Indi x

FtbDreaming

Hi sorry I haven’t kept up to date on the forum. I’m off to 2022 at a snails pace just been rounding down to the next £10 as moneys tight but hopefully things will pick up as the year goes on. I think I’m #11 it should be in my signature 

January £10.97

Feb £10.72 

March  £7.84

OhtobeMortgageFree

Another £1030 overpaid this morning, so £1250 now for March so far.
Thank you for updating. ☺️