My Mortgage Free Mountain - A 7 year expedition to climb to the top

Jessy103

Belated Merry Christmas and so glad you quit the chippy, sounds like a horrible boss and I'm sure he'll regret being such a div now one of his best staff has left! Wishing you and the family a happy New year and all the best for 2024 🙂

Cornish_mum

Well done Crafting that’s great news that you quit the chippy, I hope you find an job that deserves you soon CM

craftingmad

Thank you all so much for your kind words.
I already feel so much better knowing I don't have to cope with another shift. 
Now I just need to find a way to get another regular income coming in so this can be used to pay off the mortgages as quickly as possible.

craftingmad

I thought now would be a good time to do a little update to see how much (or little) we have achieved in the last 12 months.

Our balances were/are:-

 Our Own Mortgage 30th Nov 2022 £2338.07 - 31st Dec 23 balance £0 - ALL PAID OFF  

 BTL Mortgage 1 30th Nov 2022 £51,089.10  - 31st December 23 balance £40504.02

 BTL Mortgage 2 £81,504.52 - NO CHANGE

 BTL Mortgage 3 £77,497.02 - NO CHANGE

TOTAL AMOUNT OWED:-  30th November 22 - £212,428.71 - 31st December 2023 £199,505.56

So that means:-

Total amount paid off mortgages in 2023 = £11,691.53

Savings waiting to pay mortgage when fixed rate ends = £36,122.73

TOTAL AMOUNT FOR 2023 =  £47,814.26 

I'm in shock - I really did not realise we had managed to achieve so much.

Here's hoping 2024 sees more of the same  

craftingmad

Happy New Year everyone.

Its going to be a quiet one for us today. A lovely roast beef dinner later, a walk with the dog and then just sitting and watching some tv is all we plan for today.

I will though:-

1. Play on Mistplay (106 points target) - DONE 157 points earnt
2. NSD - DONE £5 transferred into the OP savings pot   

Baileys_Babe

Wow, that is impressive. I'm guessing you have the mortgage lump sum in an account with a decent interest rate? When does the mortgage fix end? It looks like BTL mortgage 1 will be neutral in a couple of months 😃

craftingmad

Baileys_Babe said:

Wow, that is impressive. I'm guessing you have the mortgage lump sum in an account with a decent interest rate? When does the mortgage fix end?

Thank you and yes. The first BTL mortgage expires on 1st July 2025 (current rate is 1.9%) so the OP sum is sitting in a savings account paying 4.79% at the moment. It also pays interest monthly so we are earning interest each month on the previous months interest if that makes sense? Last year we earnt £3050 in interest so it really pays us to keep the money in the savings rather than paying off our mortgage at the moment (although we do currently overpay it as well just to get that mortgage figure down)   

Baileys_Babe

By July 2025, you will not only clear BTL mortgage 1 but you will also have a huge lump sum towards the next BTL mortgage. 

You will be mortgage free before you know it. That must be so exciting.

craftingmad

Baileys_Babe said:

By July 2025, you will not only clear BTL mortgage 1 but you will also have a huge lump sum towards the next BTL mortgage. 

You will be mortgage free before you know it. That must be so exciting.

Fingers crossed. Although we are pretty sure with hubby having to change his job and me quitting the chippy that we will not be able to add anywhere near as much this year.

The thought of being mortgage free though and owning outright 4 houses is certainly very exciting though and a great motivator  

~FlowerPot~

wowsers Crafting, the amount you have saved is epic!! Well done, that really is very exciting. Im not surprised though as you are so focused

HAppy New Year

Flowers x