65k in 65m

savingholmes

Fantastic progress 

Moneyfordreams

You have been really focussed. I too am a public sector worker who has spent many a year grabbing OT. Make sure you take some weekends off to relax and enjoy your surroundings. I remember resenting our last house as I worked so much for it and was never there! But I am planning more OT as I want to spend a bit more on ME    

TwentySix

savingholmes - thank you!

Moneyfordreams - nice to hear from another public servant lol. I actually spend a lot of time at home, thanks to hybrid working and no social life, both by choice haha. Hope you have fun spending overtime money on yourself!

Going off on a tangent, I've had permission for a signature for awhile now but I couldn't think of what I wanted it to be. But a couple of Saturdays ago on 5Star the movie '13 Going on 30' was on and I was mindlessly (re)watching it whilst doing overtime. A wish for a teenager, a lightbulb moment for me and voila, a signature was born. 

TwentySix

Month 21:

I have paid off half of the loan! Now there's only 4 months left; 4 direct debits to go, 4 overpayments to make, and then it's gone! I could technically pay it all off now but I'm not going to. The fact that I could though, gives me peace. I almost feel like I'm debt-free!

For the mortgage, I've used up the 10% overpayment allowance for this year, and received a letter in the post confirming as such. I think in the future there's a possibility that it'll be better to overpay over the allowance and then pay any ERC as it will be more MSE than paying the interest instead. But that's something to deal with another day.

Looking back, I'm proud of myself. I've achieved my goals for this year and a whole lot more. 2022 has been good to me. I hope 2023 will be more of the same. Happy Holidays and Happy New Year, MFWers!

Bottom line: 

£47045 owed 

£17955 / £65000 cleared 

Emergency fund: £5340 / £3000

savingholmes

Well done on the debt and mortgage payment progress. Perhaps look at the savings calculator next to the mortgage OP calculator and work out which option will be best for you.

LeighofMar

Just caught up with your diary. Welcome. I have to say it's like deja vu. My house cost 67k and I've been throwing all I can to be MF by the end of 2023 which would be 8 years start to finish. I also am going to pay down as much as I can this coming year and by December, just use savings to pay off the rest. So done😁

You seem very focused and determined so I have no doubt you'll make it. Enjoy your Sunday. 

Aimingforthegoodlife

Amazing plans and progress being made! Great stuff!

TwentySix

savingholmes - thank you! I think for me, paying off the debt rather than adding to my savings is what's best. It might not be what's better financially, but it's not enough of a difference to change my mindset, for the time being at least.

LeighofMar - thanks! We have very similar numbers. Deja vu for you, it's like looking into the future for me. I can't wait to be where you are, so close to the finish! Good luck with it all.

Aimingforthegoodlife - thank you!

TwentySix

Month 22:

Happy New Year!

A new year brings with it a chance to make a fresh start, the opportunity to set new goals and work out new plans, and most importantly for me, a mortgage overpayment allowance reset. I did a lot of thinking over the festive period which led to a lot of tinkering with my spreadsheet, and I finally decided that because I had the money available, I was going to put it to work and overpay the 2023 allowance in full this month. So I did! Yay!

Sidenote: As I didn't know exactly what my total allowance was for this year, I paid 99% of what I owed because I was sure of that, then submitted an online request to confirm the actual amount. I was really annoyed with my lender with how they dealt with it, and then I was more annoyed with myself for being annoyed over it too. In 2021 and 2022, when I submitted the request form online, I received an email well within the 5 working days' timescale telling me what the amount was, and a letter would be sent too, though that would obviously arrive a few days later. This time, I didn't get the email response as I was expecting, so on Working Day 7 I went back on the website to submit the form again and saw that there was an automated robot service thing who could confirm the remaining allowance for me instead. So I did that, and it told me what I had left, and I made the payment and all was well. Then I got home, and what do I see? A letter, sent on Working Day 3 after I made the request. It would have been all fine and dandy if the amount on the letter matched what the robot had told me only hours earlier. But it wasn't! It. Was. Different. A very small and minuscule amount but a different amount nonetheless! So my annoyance came back with a vengeance and I rage-transferred the remaining amount over. Lesson learnt; for the next three years, wait patiently for a letter to arrive if an email doesn't, and definitely don't bother with the robot! Yes, I really am whinging over a delay in paying a few pounds and pence but it's more about the principle and process. Only me! I could never make a formal complaint, and certainly not over such a trivial amount, so I'll just share my frustration here haha.

Back to the positives, I've also made the first of four massive overpayments towards the bank loan. It's around 1/8th of the original balance that I've paid off this month. I find it a tad funny how when I made the overpayment it seemed like so much, but when it hit the loan account it felt like a much smaller amount even though it's the exact same figure! I seriously cannot wait until this loan is paid off in 75 days. Not that I'm counting or anything lol.

My emergency fund has been decimated due to the above payments and it probably won't be until late spring or early summer before it's refilled. I'm not worried though, it's a nice problem to have!

Thanks for reading all my nonsense.

Bottom line:

£41500 owed

£23500 / £65000 cleared

Daily interest: £3.28

Emergency fund: £1210 / £3000

[Deleted User]

I've just been reading your diary with much inspiration.  I too would like to be mortgage-free but at the moment I have debts to clear before my 5 year fixed term expires Feb 2024.  I have spreadsheets that I love to tinker around with.  I accidentally realised I could pay off my car by March this year then my loan by January 2024.  It will be hard but if it pays off then it means I can concentrate on my mortgage.