Mortgage gone by 2030

hellosupernova

January Update

Since my last post I have made another extra mini overpayment of £6.

Today I have made my regular overpayment of £515.

Overpayments for January so far:

02.01.24  £  20.05
04.01.24  £    3.00
09.01.24  £    7.00
10.01.24  £    7.00
11.01.24  £    8.00
15.01.24  £    1.00
18.01.24  £    6.00
19.01.24  £    6.00
26.01.24  £515.00
      Total  £573.05

Current mortgage amount (26.01.24): £72,059

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Overpayments made so far this financial year: £4,520.01 / £7,984.37 (56.9% used)
Capital cleared off balance so far this financial year: £7,784.71 / £10,000.00 (77.85%) / (£2,215.29 left to target)

All looking positive and maybe I will hit my 10k balance cleared by end of march target!

savingholmes

You are really motoring along. Well done

hellosupernova

Final numbers for January as below. Small overpayments add up quickly. 

Total overpayments for January 24:

02.01.24  £  20.05
04.01.24  £    3.00
09.01.24  £    7.00
10.01.24  £    7.00
11.01.24  £    8.00
15.01.24  £    1.00
18.01.24  £    6.00
19.01.24  £    6.00
26.01.24  £515.00
26.01.24  £    8.00
29.01.24  £    8.00
      Total  £589.05

Mandatory payment 31.01.24  £576.13

Balance at 31 January 24  £71,446.87
Balance at 1 February 24  £71,672.50
Interest added                    £     225.63

February 24 overpayments so far:

01.02.24  £    1.50
02.02.24  £    5.00
02.02.24  £    1.00
02.02.24  £    6.00
03.02.24  £    2.00
      Total  £   15.50

Current mortgage amount (02.02.24): £71,657

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Overpayments made so far this financial year: £4,551.51 / £7,984.37 (57% used)
Capital cleared off balance so far this financial year: £8,186.71 / £10,000.00 (81.87%) / (£1,813.29 left to target)

I may have miscalculated my predicted monthly interest figure as it was quite a bit over £199 level. I think interest is calculated daily so this may account for my miscalculation. I know that overpayments are taken off the balance on the day. I will see how much is added next month. Regardless I am happy with these numbers. Happy to be close to never seeing 70k level on this mortgage ever again!

Weekly budgeting is still going well. I have also tried to be thinking ahead on what big bills are coming up that I need to save for rather than just take it out of the overall savings pot such as annual house insurance £300. House insurance is saved up for so next to cover is annual car insurance £600.

Also pleased to report that my tea consumption still sits at two cups per day. I am still feeling much better and have more energy so will try to make this my habit going forward.

savingholmes

Sounds like you are doing really well. Great OPs.

hellosupernova

savingholmes said:

Sounds like you are doing really well. Great OPs.

Thanks savingholmes. Hoping I can keep at it for the rest of the year and see where I am by then. The overpaying habit is firmly set in now so thats good.

hellosupernova

Update so far for February.

February 24 overpayments so far:

01.02.24  £    1.50
02.02.24  £    5.00
02.02.24  £    1.00
02.02.24  £    6.00
03.02.24  £    2.00
05.02.24  £  22.00
07.02.24  £  36.00
07.02.24  £    7.00
06.02.24  £    6.00
16.02.24  £    5.00
17.02.24  £  11.00
19.02.24  £100.00  
23.02.24  £    9.00
      Total  £ 211.50

Current mortgage amount (23.02.24): £71,461

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Overpayments made so far this financial year: £4,747.51 / £7,984.37 (59.46% used)
Capital cleared off balance so far this financial year: £8,382.71 / £10,000.00 (83.83%) / (£1,617.29 left to target)

I am still on target to reach my capital cleared goal so that is a nice feeling. I have also double checked with my mortgage company what they had allocated as overpayments versus my figures and it all matches up. This confirms that I can be 100% sure that I am not going to be hit with fees by incorrectly adding up overpayments!

Another bonus was that they have recalculated my mandatory payment going forward due to my regular overpayments. So now I only have to pay £547.25 each month going forward. At the start of the fixed deal I had to pay £584.44 so another benefit of sticking to overpayments means I can reduce the mandatory payment to my benefit for emergency/breathing room if financially things are tight at any point. To counteract the reduction in the mandatory payment, I am increasing my regular monthly overpayment to £550 per month. Plus I will keep adding my mini extra overpayments as and when. 

Lastly the weekly budgets are going strong and I am looking to add more ways to save money/budget and be overall frugal, so I can add more mini overpayments to the mortgage. If anyone has any tips or things that they do, I would love to hear your thoughts. It does make me feel good every time a small payment goes towards the mortgage. Once we get to the £69,000 balance I am sure it will give me more motivation.

savingholmes

You are making lovely progress. It is a fantastic feeling to see the mandatory payment come down too. Mine has only come down by a few pounds but it all helps.

hellosupernova

Final numbers for February as below.

Total overpayments for February 24:

01.02.24  £     1.50
02.02.24  £     5.00
02.02.24  £     1.00
02.02.24  £     6.00
03.02.24  £     2.00
05.02.24  £   22.00
07.02.24  £   36.00
07.02.24  £     7.00
06.02.24  £     6.00
16.02.24  £     5.00
17.02.24  £   11.00
19.02.24  £ 100.00  
23.02.24  £     9.00
23.02.24  £   90.00
25.02.24  £ 550.00
27.02.24  £     2.00
29.02.24  £     8.75
      Total £  862.25 

Mandatory payment 29.02.24  £547.25

Balance at 29 February 24  £70,263.00
Balance at 1 March 24         £70,452.58
Interest added                      £     189.58

March 24 overpayments so far:

01.03.24  £     2.00
01.03.24  £ 150.00
01.03.24  £     9.58 
      Total  £  161.58

Current mortgage amount (02.02.24): £70,291

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Overpayments made so far this financial year: £5,559.84 / £7,984.37 (69.6% used) / (£2,242.53 left of allowance)
Capital cleared off balance so far this financial year: £9,552.71 / £10,000.00 (95.5%) / (£447.29 left to target)

Only £447.29 left to reach my 10k capital cleared target. Bonus if I can get the balance to £69k exactly for 31.03.24 which will mean it is a simple £6,900 overpayment allowance for April onwards.

isadreamalie

Love the mandatory payments dropping
I pay £590 pcm now. Mortgage debt closing in on 108k.

As for cutting costs I now pay just £4.99 for Netflix as I'm an occasional user and around £8 on my sim only contact. I spread a lot of bills out so as to reduce shocks without extra charges. I'm trying to create more of a blanket each month so I don't have any financial stress. Making overpayments as close as possible to payday is the best option as I can work out how much is best to pay and the fresh money rolls in straight after.

Also Airbnb is a great saver as I travel often and in some locations they are much cheaper than hotels. I also aim to pay no more than £40 on flights. I often search by date on my santander account for payments made upwards of around £100 to really get an idea of where my big payments go

hellosupernova

March Update

Total overpayments for March 24:   £905.53

Mandatory payment 30.03.24:        £547.25

Current mortgage amount (30.03.24): £69,000

Opening balance as of 31.03.23: £79,843.71
10% overpay allowance fee free: £7,984.37
Overpayments made so far this financial year: £6,303.59 / £7,984.37 (78.94% used) / (£1,680.78 left of allowance)
Capital cleared off balance so far this financial year: £10,843.71 / £10,000.00 (108.4%) / (£843.71 above target)

I am pleased to report that I have achieved my first mortgage goal of clearing 10k off the balance by year end. Also chuffed that I have reached a nice simple balance figure of 69k which is just below that 70k mark. So this means I can overpay £575 per month if I spread the 10% overpay allowance over a year. However I think I will keep paying the £550 regular overpayment plus any mini extras that I can comfortably manage and then once the allowance is used up I will add the overpayment to savings and wait till I can overpay again. That is unless I get a First Direct remortgage where you can overpay as much as you like without penalty. That is starting to sound more appealing as time goes on.

Waiting to see how much interest will be added on 1 April but hopefully it is around the £180 mark. Even better if the mandatory payment gets reduced again. The overpayment calculator is saying it should now be around £530 per month.

Next target was to try to get to 60k balance by the end of September 24. That will be a big ask but not impossible!