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Mortgage free in Forever Home :-)
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Felling demoralised this morning.Woken up early, an hour before the alarm, with earache in both ears and a swollen throat. Will this bug EVER end …? 😢
Hoped to see a decent drop in our mortgage balance today (I have paid in the monthly payment plus the additional £2K since the last balance update) but I am obviously underestimating how much the increased interest is costing us on our new deal so we are still above £240K. Have updated signature.Gonna go off and sulk now … 🙄
KKAs at 15.07.25:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £233,521
- OPs to mortgage = £11,816 Interest saved £5,28 to date
Fixed rate 3.85% ends January 2030
Read 41 books of target 52 in 2025, as @ 9th August
Produce tracker: £272 of £300 in 2025
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.6 -
Get well soon, @KajiKita. So many horrid lergies still doing the rounds.
F x2025's challenges: 1) To fill our 10 Savings Pots to their healthiest level ever
2) To read 100 books (36/100) 3) The Shrinking of Foxgloves 6.5kg/30kg
"Life can only be understood backwards but it must be lived forwards" (Soren Kirkegaard 1813-55)1 -
Oh KK it sounds like you and I have had the same bug. Every time I think it's gone a new symptom comes out! Hope it passes for you soon and that both of us are back to full health! ❤️🩹MORTGAGE BALANCE when we moved Aug 2024, £120,000. January 1st £118,267.06. May 1st, £116, 123, June 1st, £115,536, New mortgage added for extension- £165,000 July 1st!Mortgage Overpayments - September-December, £152.46. J- £103.27, F- £115, M- £91.50, A- £100, M- £200, J- £200. J- £200.
Total- £1162.23
Goal pay off 1% of current mortgage in 1 year. £1200. (96.83% there)
EF- first goal £300
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Sending you good will vibes. Sometimes I feel like that when I look at the savings pot, will it ever increase??? but we both know that will increase as your mortgage will fall. hang in there!Made it to mortgage free but what a muddle that became
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!1 -
February is a short month. You will soon be below £240. We all believe in you ( but I also believe in the PB 🧚♂️).
It is so annoying when your sums don't add up, but think of that £2k you will no longer be paying interest on next month, or the month after... (forever!).
Just check that you are paying it off the capital, not the interest. For some unfathomable reason that is a thing.4/10/22One Year Mortgage Free Yay!
NSTurtle # 55 🐢 🐢 🐢 🐢 🐢 🐢🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢🐢🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 No Turtle gets left behind.[/b]
******PROUD MEMBER OF THE TOFU EATING COALITION OF CHAOS !!!******1 -
Because it works in the banks' favour...f0xh0les said:Just check that you are paying it off the capital, not the interest. For some unfathomable reason that is a thing.
I was confused the first time I made an OP that they reduced my regular payment (this was a long time ago, on my first mortgage), which is when I found out about changing the settings so that all OPs come off the capital and reduce the term. Quite often I find that I go under a number on the day the payment is made, and then it sneaks up again as the interest accumulates during the month.0 -
Can I ask how you can ensure that the OP is deducted from the capital rather than the interest..? Is it possible to request this with all mortgage providers?greenbee said:
Because it works in the banks' favour...f0xh0les said:Just check that you are paying it off the capital, not the interest. For some unfathomable reason that is a thing.
I was confused the first time I made an OP that they reduced my regular payment (this was a long time ago, on my first mortgage), which is when I found out about changing the settings so that all OPs come off the capital and reduce the term. Quite often I find that I go under a number on the day the payment is made, and then it sneaks up again as the interest accumulates during the month.2 -
Not sure how you do it with all of them. I think I either called or did it in the branch initially, but now it’s an option in the online banking system (although I have no clue where to find it, I expect I would eventually).LilSmiler said:
Can I ask how you can ensure that the OP is deducted from the capital rather than the interest..? Is it possible to request this with all mortgage providers?greenbee said:
Because it works in the banks' favour...f0xh0les said:Just check that you are paying it off the capital, not the interest. For some unfathomable reason that is a thing.
I was confused the first time I made an OP that they reduced my regular payment (this was a long time ago, on my first mortgage), which is when I found out about changing the settings so that all OPs come off the capital and reduce the term. Quite often I find that I go under a number on the day the payment is made, and then it sneaks up again as the interest accumulates during the month.2 -
Yes it is. Always worth ringing and making sure that all future o/p will come off capital, and confirming that the 10% permitted annual o/p is 10% of the original amount borrowed, or if it is 10% of what is left annually.LilSmiler saidCan I ask how you can ensure that the OP is deducted from the capital rather than the interest..? Is it possible to request this with all mortgage providers?4/10/22One Year Mortgage Free Yay!
NSTurtle # 55 🐢 🐢 🐢 🐢 🐢 🐢🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢🐢🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 🐢 No Turtle gets left behind.[/b]
******PROUD MEMBER OF THE TOFU EATING COALITION OF CHAOS !!!******2 -
Feel better soon.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1
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