Let's go fly a kite..

Current mortgage amount: £62,743.73

Current monthly interest: £79.87

Original mortgage amount: £200,000 (2005) 

Inspired by all the MFW diaries on here, I hope you don’t mind me keeping a record on here of our journey.

After trudging through the treacle of debt repayment until 2019, and with that momentum, turned our sights on the mortgage.  We had been overpaying £50 a month since 2015 and then as things were paid off i.e. the car loan, we then added that to the repayments which took them up to £150 per month. After the parent contribution for University ended, that £500 was also directed at overpayments.

We have been paying 10% overpayments for the last two years and then saving towards overpayments and throwing as much money as we can at the mortgage free goal.  In March 2021 we owed £100,000 and started a sticker chart to freedom. :smiley:

We are currently paying a fixed rate at 1.64% which ends on 31st May.  We contacted our broker to book a new rate in the new year and have decided a tracker at base rate + 0.89% with our current provider will be the best option as it has unlimited overpayments.

Our mortgage free goal is to be rid of the mortgage by October 2025.

Feel free to join us on the, no doubt, bumpy ride!


Just when I'm about to make ends meet, somebody moves the ends
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Comments

  • thriftychick
    thriftychick Posts: 235
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    Current mortgage amount: £55,733.37
    Current monthly interest: £87.39

    Regular payment of £823.38 went out today, penultimate payment on the fixed rate of 1.64%.   

    Another sticker on the chart; not sure if we will get a sticker next month, depends on how many days of interest we get charged, it might not drop into the £54K.  We started the chart in March 2021 on £100K with a 5 year plan to pay it off, so far so good but, you never know what is around the corner.

    The overpayment pot stands at £7,725 which we will use as soon as we're onto the new tracker mortgage in June.  After that, it will be whatever money we can throw at it and still keep up with the rising price of everything.  Looking forward to being able to tidy the numbers, that £3.37 at the end of the balance annoys me.
    Just when I'm about to make ends meet, somebody moves the ends
  • Lauraebrad
    Lauraebrad Posts: 149
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    Good luck!

    Aiming for mortgage free by September 2030

    Balance 1.1.20 - £69,701.80
    Balance 1.1.21 - £63,699.80
    Balance 1.1.22 - £57,762.80
    Balance 1.1.23 - £53,074.20
    Balance 1.1.24 - £47,902.00

    over payments 2024 = £70/£1,200 /// invested 2024 = £100/£1,200 = TOTAL (YTD) £170
  • Pay day this week, so further overpayment into the pot of £1,176.62 which brings the total to £8,902.25.  We will use this when the new tracker mortgage starts on 1st June. 

    Inflation figures out this week suggest another interest rate rise in May but still within what we expected....so far.  We are currently putting 50% of our net income towards the mortgage in total which may not be sustainable but we'll see how it goes.
    Just when I'm about to make ends meet, somebody moves the ends
  • savingholmes
    savingholmes Posts: 26,821
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    Well done - you sound really motivated. 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • thriftychick
    thriftychick Posts: 235
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    Feeling slightly annoyed that the mortgage payment has not gone out due to the bank holiday.  All of the other standing orders did however.  Surely it is an automated payment.  The cynic in me thinks it is the morgage company using any excuse to get more interest.  That's cost me another £2.47 :neutral:
    Just when I'm about to make ends meet, somebody moves the ends
  • savingholmes
    savingholmes Posts: 26,821
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    I too find such things irritating - mine cost closer £10 in interest - but I get paid early for weekends where my payday would otherwise fall so tend to feel it balances out.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • South_coast
    South_coast Posts: 4,781
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    But that's what you've saved it for! I know what you mean though, having savings is much more fun 😀 That £9k will make a tasty dent in the balance though!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
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