Purchase on first home completed - Time to start making a dent in the mortgage!

madhatter83

LadyWithAPlan said:

How exciting all these OPs

Have you looked at doing daily  TTS?
(they are taking your bank acct to a round number daily eg if you have £101.13 in you can move the 13p or the the 1.13 so it feels like you have daily traction and also makes you watch what you are spending 

 Tilly tidies maybe into a separate acct and then once it hits the £500 you can move it over if you don’t want to op mortgage daily 
Tilly’s countdown to freedom diary here is well worth a long read - just finished it and so inspiring 

Thank you I will look into this one for sure! 

An extra £1000 overpayment last week due to the sale of some possessions I no longer required, I am hoping to get another £500 overpayment later this month. 

Outstanding Balance

£118461.81

savingholmes

You know we all want to know what you sold to bring that much new £ in now don't you?

madhatter83

savingholmes said:

You know we all want to know what you sold to bring that much new £ in now don't you?

I sold a watch I no longer wear and a few bits of gold jewellery I no longer wear too. It was just sitting there and wasnt sentimental so thought why not make a hit on the daily interest even if only by a little bit! actually that's not far of 1% of the mortgage so not insignificant really I guess.

I know that due to the laws of compounding interest its the early overpayments that make the greatest saving on interest paid over the years so I am going as heavy as I can manage on the overpayments:)

I told my sister I would clear this within the ten year mortgage deal period. She laughed at me, fairly so as I have hand grand ideas in the past, but this time I am out to prove a point! (well not really but I would feel incredibly smug to be able to prove her wrong )

I am also starting this mortgage for my first home quite late compared to most at 39 years old, so no time to lose! 

L9XSS

Great mindset you have and therefore great progress you have made! Congratulations on the flat purchase. Like you I wanted to pay my mortgage off sooner than the 25 year term. Good luck with your endeavours with your attitude and focus you will clear your mortgage debt sooner than the banks timeline.

savingholmes

No-one in my family understands wanting to be MF or M neutral either so can relate. Your future self will thank you.

madhatter83

Thank you @L9XSS ! I will certainly make all efforts to do so! 

@savingholmes same, my close family think its just fine to never overpay - But they never had access's to easily view the daily interest adding up, that's motivation for sure! 

Just made a £500 overpayment today, have two more wage packets this month and have mortgage and bills covered for the first so will make another and maybe two more this month overtime dependent. 

savingholmes

Well done. You are really focused 

CasualMFW

You are making some real progress on your MF journey, well done 👏 

madhatter83

Payday today, bills covered for Octobers DDs so made a £500 overpayment.

madhatter83

Got this letter today, Its amazing that the overpayments we have made have knocked almost a year of the term!