Z's MFW journey

Zerforax

I'm not convinced my tax code is correct for this year yet but it can be adjusted later I suppose. Looking forward to the long weekend/half term with the kids.

I've made another £1,000 overpayment on the mortgage so that means I have £3k left that I can pay between now at end of Sept. 

Also another £1,000 into premium bonds but I realised a mistake. You do not get entered in the prize draw until one full month AFTER the month you paid in. So my 1 May payment won't go into the prize draw until July, which is the same as today's payment.

Zerforax

No prize wins in the premium bonds in the first month. The dream to win the £1mil prize will have to continue haha.

Another £1k paid off the mortgage so still on track to max out the 20% overpayment for year 1 of the current mortgage deal. 

Zerforax

Another £1k paid off the mortgage so now down to £64,000.

Debating what to do with other savings since August is usually expensive with the summer holidays and trips. 

Zerforax

Enjoyed the summer holidays with the kids so far. London this week was fairly expensive.

Managed to pay down another £1k on the mortgage so just below £63,000 now and also maxed out the overpayment allocation until the end of September now. 

Zerforax

Already been a year since we started on the mortgage deal. Only did a 2 year term but it will continue to 31 Dec 2026. 

The mortgage balance currently stands at £63,000 and we can overpay £12,600 for the next 12 months. So that is £1,050 a month going forwards.

I'm currently a bit torn whether I pay it off monthly or put that amount in premium bonds/savings account and then pay off in 11 months time. Just so that the money is accessible in an emergency. That said, we have an emergency fund which covers 6 months of expenses so probably not needed. 

Zerforax

Decided to stick with paying the mortgage off monthly since it's more reassuring to see the figure go down every month. 

I have been putting some money into premium bonds every month but had no prize wins in 5 months so not holding my breath!