Project 2018

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  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
    First Anniversary Combo Breaker
    edited 19 April 2018 at 11:12PM
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    Done some more sums on the situation -

    Mortgage balance: £66,400
    Savings balance: £50,900
    Shortfall amount: £15,500

    Months till end of fixed term: 7 months
    Anticipated repayments minus interest: £250 x7 = £1750

    Savings required: £15,500 - £1750 = £13,750
    Monthly savings required to repay in July 2018: £1964
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
    First Anniversary Combo Breaker
    edited 13 May 2018 at 8:24PM
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    An update at just under 3 months before the end of the fixed term - which is 30th June 2018.

    Mortgage balance: £65,300
    Savings balance: £56,400
    Shortfall amount: £8,900

    Months till end of fixed term: 3 months
    Anticipated repayments minus interest: £300 x4 = £1200

    Savings required: £8,900 - £1,200 = £7,700
    Monthly savings required to repay in July 2018: £1925
  • erin_transport
    erin_transport Posts: 964 Forumite
    First Post First Anniversary
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    Nearly there!
    Well done
    On a mission!

    2018 & 2019 MFW #138

    On babystep2 (#DR)
  • greent
    greent Posts: 10,671 Forumite
    First Post Name Dropper First Anniversary Photogenic
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    So close! - well done! :T
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
    First Anniversary Combo Breaker
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    Approx 7 weeks to go and the balances are:

    Mortgage balance: £65,126
    Savings balance: £58,253
    Shortfall amount: £6,873

    Months till end of fixed term: <2 months
    Anticipated repayments minus interest: £300 x3 = £900

    Savings required: £6,873 - £900 = £5,973
    Monthly savings required to repay in July 2018: £1991
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
    First Anniversary Combo Breaker
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    1st July came and Barclays sent a letter saying the interest rate was going up to 3.89% and that our monthly payments would be higher. This was the cue for overpayments!

    The outstanding balance was just over £64K. So during July I have paid £10,000 amounts on six occasions (that is the limit I can transfer in one go). Each time Barclays send another letter to say that due to a partial redemption, they have adjusted the monthly repayment amount. The latest one, with a balance of just over £4,400 is £42 a month. It would take nearly 9 years to pay off at that amount!

    I have now transferred a further £3200 and have a balance of approx £1200. The reduced payments (of £42) don't kick in until August so we have a payment of £550 at the end of July. I am going to let that one go through and then contact them to ask for a redemption balance which will be approx £700.

    I'll update again when I have completed that final stage.
  • julicorn
    julicorn Posts: 2,281 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    That's so awesome to see you're almost there! :D It's really impressive how quickly you've paid off your mortgage.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • greent
    greent Posts: 10,671 Forumite
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    Fantastic! :) x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • Ms-Bristol
    Ms-Bristol Posts: 27 Forumite
    First Anniversary Combo Breaker
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    Despite the over-payments and a notification that our new instalments would be £11 a month, the July payment based on the balance at the start of July and the interest at 3.89% was collected. This was £518.

    As most of this 'interest' wasn't due because of all the over-payments, the balance was then reduced to £585. I ordered a redemption statement which you can do online. This had a schedule of amounts, one for each day of the month of August.

    So I paid the amount that related to 1st August, which was £585.06.

    It's a bit of an anticlimax as I have yet to receive anything further from Barclays. When I log into my online account, I cannot see anything as they have removed my statement. I will need to check that they aren't going to collect the £11 at the end of month.

    So all paid off, 13 years and 4 months early. And that is that, the end.
  • SuperSecretSquirrel
    SuperSecretSquirrel Posts: 1,045 Forumite
    First Post First Anniversary Name Dropper Photogenic
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    Congratulations!

    Hopefully the good times feeling will hit when your redemption letter is received, and when you no longer see around £500 debited from your account each month :D

    What's next? :)
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