Mortgage gone by 2030

hellosupernova

savingholmes said:

Good luck on your journey. Tracking your progress in your signature can help - with your start balance, number of payments left and your current progress. Some people also track no spend days or free money in month etc. Find a few goals that work for you and keep posting. Always consider your long term pension needs too.

Thanks savingholmes, much appreciated!

FlacosFloozie

Good luck on your journey. I'll second M&S earl grey tea, although every so often Tesco do the larges boxes of Twinings at a low clubcard price and I stock up.

LadyWithAPlan

Earl grey & decent coffee are my choices too - I bulk buy my coffee in 10 x 250g packs - never thought to check what  bulk buying teabags might come in as ..
i have drank MR Lid earl grey before its not bad but Twinings is infinitely better - will try the M&S 

hellosupernova

FlacosFloozie said:

Good luck on your journey. I'll second M&S earl grey tea, although every so often Tesco do the larges boxes of Twinings at a low clubcard price and I stock up.

LadyWithAPlan said:

Earl grey & decent coffee are my choices too - I bulk buy my coffee in 10 x 250g packs - never thought to check what  bulk buying teabags might come in as ..
i have drank MR Lid earl grey before its not bad but Twinings is infinitely better - will try the M&S 

Thanks FlacosFloozie!

I have started to get used to Marks's version and I am alternating between the two. Marks has a stronger lemony flavour. I leave my teabags in so it can be very strong. I also add milk. No idea how I developed this way of having it. But Earl Grey reminds me of going to nice cafes with my mum where I must have tried it at some point, so I think there is a happy connection to Earl Grey specifically.

Amazon sometimes have bulk buys which can work out cheaper than the supermarket if you do subscribe and save (but then cancel it after you make the order to get 10% off the price further). About 4p a teabag right now.

hellosupernova

December Update

I have just made an overpayment of £515 which brings the balance to £73,061.96.

The overpayments are taken off on the day that I add them so it is satisfying to see the balance go down immediately. I am aware that interest will be added to this and my mandatory payment of £576.13 does not come off until the end of the month, so not sure what the balance will be on 1 Jan. I would like to be able to work this out. If anyone knows how to work this out it would be really helpful.

I have entered the new balance into the overpayment calculator and now it is saying if I theoretically keep things up my new mortgage end date is 22.02.2030 which is 7 Years, 7 Months, 0 Days earlier and save £10,408.00.
So not bad and still on track for now.

Total mortgage borrowed: £110,475
Current mortgage amount (22.12.23): £73,061.96
Term left: 13 years 9 months
Current mandatory payment: £576.13
2 year fix until October 24 at 3.35%

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Current overpayments made so far this year: £3,885 / £7,984.37 (48.6% used)

Mortgage free goal date: 2030 or earlier
Current expected end date with overpayments: 22.02.2030

isadreamalie

Formula for how much of what you pay a month is interest based on 3% interest plus £200,000 debt:

Mortgage debt: £200,000 

Annual interest rate: 3% 

Annual interest charge = £200,000 * 3% = £6,000

Monthly interest charge = £6,000 \ 12 = £500

savingholmes

Love your new signature. Happy New Year and good luck with your plans.

hellosupernova

isadreamalie said:

Formula for how much of what you pay a month is interest based on 3% interest plus £200,000 debt:

Mortgage debt: £200,000 

Annual interest rate: 3% 

Annual interest charge = £200,000 * 3% = £6,000

Monthly interest charge = £6,000 \ 12 = £500

Thanks isadreamalie. Thats really helped!

hellosupernova

savingholmes said:

Love your new signature. Happy New Year and good luck with your plans.

Thanks savingholmes and thank you for giving me the tip. Everyone has been really helpful and encouraging which is nice to see and experience. 

hellosupernova

Quick update to add that I have been looking at setting weekly budgets for variable bills. So I now have a car fuel budget, groceries budget etc where money has been allocated weekly. The money is moved into a saving space so technically I cannot just spend it from the main account without using the correct budget card. This is good as I can see what money is already accounted for and I will not be spending it on the wrong bill or overspend. If I have any money left in the budget spaces I will transfer them back into savings or into a future overpayment depending on how the month has gone.

The £61.96 figure sitting on the mortgage balance was bugging me so after looking at the new budgets and what I have spent this week and what was leftover, I had some spare funds so I have made an extra £61.96 overpayment today. Every little helps. Now I won't ever see £73,000 on the balance again as the mandatory payment will come off soon ontop of that.

I will keep looking at the budget further and the tools I can use as this has been working really well so far.

Current mortgage amount (29.12.23): £73,000

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Current overpayments made so far this year: £3,946.96 / £7,984.37 (49.4% used)