Mortgage free by 2021?!

hiddenshadow · 27 February 2016 at 1:20PM

My pay arrived, not sure why it never shows up until the next morning.

DH's pay slips are still wonky this month so he thinks pay will show up on Monday.

Have pre-paid some of our March OP from my paycheque - was going to do all of it and then realised there wouldn't be enough in the account to do the regular mortgage payment.

So will do the remainder with DH's pay once it arrives.

That closes out February for OPs, but will wait to post a recap as I can fit another run in tomorrow (fingers crossed) and our net worth won't be accurate until DH gets paid, so won't have all the figures until then.

All told, I'd say 2016 is working out well so far financially. Hoping that stays true for the rest of the year!

debtfreeoneday · 27 February 2016 at 1:26PM

Sounds as if all is good in here, glad the pay arrived..

hiddenshadow · 28 February 2016 at 9:11PM

Thanks DFOD.

£22.49 from MB over the weekend, so that's off to the mortgage.

Also managed a run this morning - just over 2 miles! (2.01 to be exact). Adding another 3 minutes next week, so will be up to 30 minutes soon.

Looking forward to another OP tomorrow once DH's pay arrives and the regular payment going out on Tuesday.

hiddenshadow · 29 February 2016 at 11:42AM

DH's pay arrived, bright and early.

(Shame my pay isn't as reliable!)

Very pleasant surprise there as I did my sums incorrectly. I assumed that his pay would drop by £300 as we got the season ticket loan of £3k. I forgot to account for his pay previously including a season ticket loan from last year (probably due to us changing our transport modes 3x over the last year!). As that loan was slightly more than £3k, his take home pay has actually gone up by £6.80

…which means we don't have to stick with £1,100 OPs this year and can continue with £1,400! :j

Spreadsheet forecast currently stands at £127,627.34 for end-of-year balance.

Of course, that may all change - I've decided to look for a new job, so am not sure what salary I'll get or when that'll happen. I'm hoping I can go back to contracting as that will be more lucrative, but will have to see what's out there (not intending to look seriously for another few weeks anyway, as contracting tends to be very quick turnaround from inquiry to start date). At any rate, I don't think we'll be any worse off financially, even if I end up at a start-up that pays peanuts (relatively speaking).

Off to run the sums for February recap...

hiddenshadow · 29 February 2016 at 11:55AM

February OPs: £5,184.05 (£3k from season loan, but also £784.05 found throughout the month!)

Current balance: £152,539.80
Month we’d be in to get to our current balance without OPs: July 2021 (+ 11 months!)

2016 Overpayments: £7,394.37
2016 Interest Saved: £7,111.26

Total Overpayments: £32,604.96
Total Interest Saved: £35,572.21

Daily Interest: £10.39 (down £0.20)
Monthly Interest: £319.75 (down £82.41!)
February 2015 Interest: £578.23 (down £258.48)

House Bricks: +6! :j

Mortgage reduction: £9,129/£30,000 (30%)

Super pleased with this.

It may not save us that much interest in the long run by pre-paying the £3k of OPs, but the psychological boost is definitely a win.

Stocks & shares ISA: £1,000/£1,200 (83%)

Achieved our mini-goal of £1k already, so now would like to shoot for the extra £200 to average £100/month. Will likely wait on this until the mortgage goal seems more definite, as this is now a stretch goal.

Fitness: 26/150 runs (17%)

Doing fairly well here. Lost a week thanks to this lurgy, but only have 2 weeks left of my 5k training program. Then I'll work on getting up to 5k distance (not at a 10min mile pace yet!) and add more strength training.

Net worth increase: £11,654.54/£65,559.14 (17%)

Knocking £3k off the mortgage "for free" was definitely a big help here. Stock market, again not so much.

MFIT-4: £6,960.20/£90,000 (7.7%)

Making good strides here as well as we're only 5% through the challenge.

hiddenshadow · 29 February 2016 at 4:27PM

Oh yes, I almost forgot the exciting news!

There's a for sale sign on the house a few doors down. We're on a small cul-de-sac, so there's not much comparable around us besides our street as far as house prices, so it'll be interesting to see what happens with the neighbour's sale.

They've put the price up for £285k, which is quite a bit higher than I would have expected. I'd been estimating our house to be worth ~£250k prior to us doing the solar panels, so if the neighbour sells for more than that, bonus for us.

Not that we plan to sell anytime soon, but it's nice to know we have a decent amount of equity built up already.

debtfreeoneday · 29 February 2016 at 9:07PM

We're in a similar situ, neighbour put theirs up for £100k more than ours and we reckon the difference in our properties is about £20k, so desperate to know what she has sold for..

hiddenshadow · 29 February 2016 at 9:49PM

Hope the neighbours sell quickly, DFOD! An extra £80k (or £120k?) equity would be brilliant.

Shame it takes months for the sales figures to go up...

Ali-OK · 29 February 2016 at 11:20PM

That £300 a month was a nice mistake to find!

Excellent OPing and hope the job hunt goes well.

EatingTheElephant · 1 March 2016 at 7:51AM

Fantastic figures and great news on the house value :beer:

Mortgage free by 2021?!

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