Roll on October 2025!

Archerychick

Doing a quick lunch break update!

Out mortgage payment went out yesterday, and the interest was applied today - just £36.90 interest, which is nice.

• That's 19 payments left now
• Actual balance £28.4k
• Amount in various savings accounts £17.3k - this month this has earned £65 in interest - much more than I would have saved by overpaying the mortgage. 
• Effect balance £11.1k which is an £2.2k reduction vs last month because of the reallocation I did so I could lock away £3k into a fix before rates start dropping. 
• Next on the agenda will be £3.6k which is in a regular saver earning a nice 7%, the last payment was made today and so I think that means it matures next month, so as soon as it does, that money needs to be put in a fix somewhere too.

Whoop whoop! 

Archerychick

I've just been moving some of our money around into ISA's with the start of the new tax year today and I noticed that once this months mortgage payment is made (next week), accouting for savings allocated to the mortgage we should have been £45 above the £10k mark left to pay, so I've allocated another £45 from savings to the mortgage because it will be nice to see it below that - all very psychological of course. Will have full updated numbers next week so will post then.

To max the savings interest we will have £3.9k to move later this month when a regular saver matures (not sure when that will be this month), I think that's going to be best chucked into a fix for 12 months but will see what the rates are looking like at that point, then that's all the mortgage savings in fixes at more than 5% with the highest at 5.52%. I will then be able to restart us a regular saver which is 7%, so will probably drip feed mortgage funds from the ISA (this is where it gets complicated, I won't actually be moving the money out, it's more of a re-allocation against general savings) & where the all singing all dancing spreadsheet is worth its weight in gold to keep track and model down the line! 

Next week we also have a credit card balance of £3k to pay which has been stoozing since last Christmas (bagging £145 in free money), there is another one which isn't due for payment until Feb 25 (£6.2k) which will earn a nice amount of interest (about £320) for doing nothing!

Archerychick

We have a few days off this week, so nice to get some admin out of the way before we go out & enjoy the day.

Our mortgage payment for April has now gone, and our interest was down to £34.01

• We have 18 payments left now
• Actual balance £28k
• Amount in various savings accounts £18k - this month this has earned £79 in interest 
• Effect balance £9,993 after the additional allocation I’ve made from savings because I wanted to see it below £10k 😊
• The regular saver we have matured yesterday, so I’m just waiting for that be updated, and then I need to move that money into somewhere else. I’d like to lock that into a fix, and whilst we have Chase at 5.1% that’s variable so we may well be better to protect this into the ISA 4.9% fix that I set up the other day with Zopa – this would be fixed until March 25. We are in danger of being taxed on non ISA savings you see
• As soon as that’s matured, we can set up another one (still at 7%) and I’ll “move mortgage savings” over into this account each month, which is just a manual adjustment the spreadsheet really
• I also paid the £3k credit card balance off today, which has been stoozing for 16 months, we won’t add another one until December time because that is when we have some large bills that make it easy to have a sizable balance transfer. We still have a natwest one with about £6k on stoozing.

Archerychick

Our regular saver has appeared in a savings account this morning, so that's paid £117 in interest which was 7% of capital. I have moved it into Zopa ISA which will pay a fixed 4.9% for the next 12 months. It didn't seem to make sense to put it into Chase at 5.1% which is variable because I think that's going to drop below that 4.9% in the next few months and it's also sheltered from tax on the interest this way.

We have another £15k left to use of our ISA allowances this tax year. 

The next set of mortgage money that will need to be moved is a fix we have until Dec 24 at 5.52%, so that's a little way off yet. 

Sensiblesaver

You are so close, will be mortgage free very soon, that's amazing.  I'll be checking your progress, good luck! 

Archerychick

Sensiblesaver said:

You are so close, will be mortgage free very soon, that's amazing.  I'll be checking your progress, good luck! 

Thank you! It’ll be much slower progress now since we don’t want to be hit with a early repayment charge but it’s nice to be profiting from the extra savings interest even if it does mean it’s a bit more of a juggling act to avoid paying tax on that 

Archerychick

Our May payment is now done, and we were charged £35.84 interest for the lending for the past month.

• There are 17 payments left
• Actual balance is £27645
• Amount in various savings accounts is £19034, we earnt about £82 from that over the last month
• Effective balance is £8610

We are also

• Now moving £300 per month from the above mentioned savings to another FD fixed saver to bump up the interest each month, this is just a reallocation in my spreadsheet 
• The next time we have to do anything with the mortgage savings is November this year which is on the flexible ISA when the rate changes from 5.06% which will be about £6000 by that point I think, so will look at what rates are on offer at the time & transfer to get the best deal, we might look to transfer that ahead of November so if there is a one year fix we could benefit from that as we'll need this money available October 25.

Separately we've moved a little more money into an ISA, with £13000 allowance now remaining, next month we will move some more into S/S ISA as we have enough in cash we think.

Aimingforthegoodlife

Wow amazing progress, what a lovely read! Great work on stoozing and savings, love how low your interest is now, just brilliant!

Archerychick

Aimingforthegoodlife said:

Wow amazing progress, what a lovely read! Great work on stoozing and savings, love how low your interest is now, just brilliant!

It really is very satisfying seeing this in the spreadsheet! Never did I think in a million years we would be paying off the mortgage eight years early, I guess we bought at a good time and also rode the low interest rate during Covid. 

It will be slow progress from here on out since we have the mortgage balance that will be left at the end of the fixed rate deal saved (and mostly in fixed), but it’s nice too see the interest off this building each month.

Archerychick

Our June payment went last week, and we were charged £34.18 interest for the lending for the past month.

• There are 16 payments left
• Actual balance is £27239
• Amount in various savings accounts is £19107, we earnt about £82 from that over the last month
• Effective balance is £8133

Nothing else of significance to mention this month, easy rolling. Looks like we move down into the next thousand about every two months now.