I'm paying how much interest a year??!!

here_for_the_tips

Had a discrepancy on the MFWB 2025 totals, looked at it and ran with "Happy to go with your total @julicorn, you run the spreadsheet for this very reason (and thank you). £9,396.38 it is" Just reading it again, £9.4k additional paid of the mortgage this year, Over £10k in total. 3.5 months to go. 

It's been a great year so far, hopefully can finish it off strong with the OP's and get to that 20% total!

here_for_the_tips

Milestone moment, over £10k overpaid for the year with 3 months left to go. Balance this morning £52,539.83 as of 1/10 with OP's made today to come off it as well. That 20% mark of £12,643 to be overpaid this year is starting to look very achievable based on expected additional spends the rest of the year.

Creeping up to the £300 mark on Prolific as well, going to fall well short of the target this year but having evaluated the time required against the reward I think next year I'll not track this but just dip in and out now and then and when I reach a cash out so be it.

skint_spice

Well done, that’s a great OP for the year so far.

here_for_the_tips

Well this month has been much tougher then I expected. Started Christmas shopping for the kids which has eaten into the overpayment potential a bit. Increase commuting costs again with more time in the office, really starting to resent update meetings that could have been an email

It's not been the "worst" month for overpayments, truth be told there is no bad overpayment really and I'm starting to get that mindset now rather then focus on a monthly total. Plus we're over the £10k original target with 2 months to go so we really are in bonus territory here in the run up to the holiday season. Going to stop putting pressure on myself here the rest of the year, whatever happens with the end of year total from this point on happens.

here_for_the_tips

%'s, with initial November overpayment we have wiped off 18.5% of the mortgage balance in 10 months and 11 days.

Approx 33% / 7 years shaved off the remaining 21 year term from the start of the year so far. I never though it possible but Mortgage free before the big 50 in 3.5 years seems so achievable this evening.

That being said had our eldest Child's High School visit last week, so many opportunities, trips etc. The £1k I'd budgeted for this last year of primary school trips and prom is going to need some serious reinforcement next year and beyond. When's that car finance payment due again? 

beanielou

£1k. Wow, that’s an insane amount of money. 

here_for_the_tips

It's crazy. £350 for a residential and will need to buy kit as well. £60 for the prom and lord knows what the dress / hair etc. HIgh school will be even worse it seems

South_coast

I had no idea primary school proms were a thing 😳!

here_for_the_tips

Apparently so! December could well be a £0 OP month here, November was down on the year to date as well but things are just stacking up at the moment. Just been told there's another ton to be paid before the end of the year for P7 residential, present buying has ramped up for the kids and Mrs Tips, nothing crazy between us but it eats into the funds regardless. Trip to Edinburgh planned for Sunday 21st, will be a few quid to be spent there as well out with the lads. Will see where we are come 30/12 and make a final OP or not.

Either way I am okay with it, it has been a superb year for the OP's and seeing the balance creep down to closer to £50k then £60k has been great motivation. 

Jemma01

Hey, are you still paying a variable rate rather than a tracker? If so what's the reason? Curious as the tracker is open to whatever overpayment, and the boe determines the base rate, and the bank keeps their rate fixed for two years (or possibly more). I went for 2 yrs. Can't imagine paying 8.2%. I'd be crying my way to the bank.

Good job though, I feel like I'm on the same boat