Mortgage gone by 2030

minimad125

It goes to show, that overpaying has the ability to be stopped when stuff happens. I hope the repairs are quick and legal cover prevails for you. I always choose legal cover for that very reason. 
I am now at £46945.00 

hellosupernova

MerryHen said:

hellosupernova said:

MerryHen said:

Your MFW figures look great. We had a regular £500 mortgage OP set up too. We'd quite often OP more at the end of the month but that £500 came out at the start of every month with other bills and knocked years off the mortgage.

Happy new year! I look forward to following your progress ☺️

Thanks. I wish I had the foresight to overpay even a tiny amount from month one but I can see progress now so will focus on that. How does it feel to own your home and not be tied to the mortgage payment? Do you feel more freedom? I have been wondering what it feels like to give me more motivation! 

Realised I never replied to you 🤦🏻‍♀️

I feel really proud we did it but we haven't felt much more financial freedom yet because our mortgage costs have been replaced by expensive childcare costs 😅 (£1700 a month 😵‍💫). But not having it has given us breathing space and alleviated money worries while I'm studying, so in that sense I guess it has given me the freedom to not have to work alongside my studies.

Really sorry to hear about the car accident. I hope you're on the path to being okay physically and mentally ok after it. 

You're making great progress with your mortgage. Keep on chipping away at it!

No worries. Thats good to hear that you have a bit more financial freedom, but not so much the childcare costs! It blows my mind how much it costs. Thanks for the encouragement, I am going to keep chipping away when I can.

hellosupernova

isadreamalie said:

Hope everything is OK?

I'm opting to save now and use an isa because it's clear you can earn more that way then use the money to overpay. My monthly mortgage being smaller and finally getting a pay rise should keep me on track. 

Hi I am feeling much better thank you. Yes good idea about the isa. Hopefully I will get to that point soon as well but will see what the numbers work out like over the next while.

hellosupernova

minimad125 said:

It goes to show, that overpaying has the ability to be stopped when stuff happens. I hope the repairs are quick and legal cover prevails for you. I always choose legal cover for that very reason. 
I am now at £46945.00 

Yes thats one really positive aspect of overpaying. In the end my car was written off so I have a replacement now and luckily I had legal cover so phew.

hellosupernova

August Update

Total overpayments for August 24:       £717.73

Mandatory payment 31.08.24:              £547.25

Interest added 31.08.24:                       £184.83

Current mortgage amount (08.09.24):  £63,999

Opening balance as of 01.04.24: £69,198.76
10% overpay allowance fee free: £6,919.87
Overpayments made so far this financial year: £3,403.03 / £6,919.87 (49.17% used) / (£3,516.84 left of allowance)
Capital cleared off balance so far this financial year: £5,199.76 / £10,000.00 (51.99%) / (£4,800.24 left to target)

Thanks everyone for the well wishes, I am feeling a lot better now about things. 

In the end I did manage to make the usual overpayment so I am still on track as planned. I won't manage to reach my goal of £60k by the time the current fix is up on 1 October 2024 but I am happy with where I will be sitting which will be around £62,999 so not far off (yes that target was too ambitious I think!). 

isadreamalie

I've decided I'd like to reach a five figure balance before focusing on saving then overpaying as I'm so nearly there plus I have a large backpay coming after my first pay rise in six years 

Current debt 102,399 this will slip under 101,999 next week. By november I should easily reach five figures. Mortgage repayments down to £569 a month which isn't too bad at all as I will soon be on circa 70k

isadreamalie

Debt now at £101,999.48

Very exciting to be only around 2k off a five figure debt balance which I will easily reach come november

The fact my monthly payments have dropped to £569 due to focusing on reducing those has made things even easier!

minimad125

I hope your getting back on your feet after your accident. That should give you. More motivation to double down on the mortgage payments. 

hellosupernova

isadreamalie said:

Debt now at £101,999.48

Very exciting to be only around 2k off a five figure debt balance which I will easily reach come november

The fact my monthly payments have dropped to £569 due to focusing on reducing those has made things even easier!

That is very exciting. I feel happy every time I go under the next 1k even if it is £1 below as you have seen. It just means to me that I will never see that balance figure again so its a small win in my mind. 

The reduced mandatory monthly payments is also very useful for giving you some breathing space if needed.

Well done again and keep me updated as it gives me insight and motivation too, whether to add to savings or make an overpayment etc.

hellosupernova

minimad125 said:

I hope your getting back on your feet after your accident. That should give you. More motivation to double down on the mortgage payments. 

Thanks minimad. I am getting there thank you. I just wish other drivers on the roads were not in such a rush to get five minutes ahead on the journey and as a result they endanger everyone including themselves. It feels like it is getting worse out there but I will be more aware of it now I guess!