Can i join your club???

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  • dano17439
    dano17439 Posts: 366 Forumite
    First Anniversary First Post
    dano17439 wrote: »
    However the Mrs is looking for a new car, so we might have to take some of the monthly overpayment to pay for it.......

    And on Sunday we put a deposit down for one....Finance rate for the new car is 3.4% APR compared to 1.39% for the mortgage, so I know where all the overpayment will be going....

    Although 99% super excited for the new car, i'm 1% sad that can't make any mortgage overpayments for a while. It's going to be strange...
  • McTaggus
    McTaggus Posts: 279 Forumite
    First Anniversary First Post Combo Breaker
    Inspirational thread! I'm just starting my MF journey, and reading your thread has really galvanised me into thinking I can do this!!!! We've only been in the house 2 weeks, but I'm already trying to work out ways to overpay!! :)
  • dano17439
    dano17439 Posts: 366 Forumite
    First Anniversary First Post
    McTaggus wrote: »
    Inspirational thread! I'm just starting my MF journey, and reading your thread has really galvanised me into thinking I can do this!!!! We've only been in the house 2 weeks, but I'm already trying to work out ways to overpay!! :)

    Good luck buddy. Sounds like you have the mindset already so that's half the battle! The key for me was that for any bit of regular free money that became available (i.e pay rises/other DDs finishing etc) is to whack it straight onto your mortgage payments so you don't get used to having the extra cash
  • McTaggus
    McTaggus Posts: 279 Forumite
    First Anniversary First Post Combo Breaker
    Thanks for the tip!!! Really appreciated!!! I'm already rueing how frivolous I was last year by comparison to this year :) It's all a learning curve and a mindset change, so keen to make sure I kick off on the right foot from day one!
  • dano17439
    dano17439 Posts: 366 Forumite
    First Anniversary First Post
    HOLY THREAD REVIAL BATMAN!!!


    We borrowed 25k for my wifes new car, which we have managed to pay off in 2 years. Well chuffed about that!!


    So today I have amended our DD to put our monthly mortgage payment back up to £2,000 a month


    Potentially 37 months to go until mortgage free!!!
  • dano17439
    dano17439 Posts: 366 Forumite
    First Anniversary First Post
    edited 1 June 2018 at 9:45PM
    Mortgage payment today of £2,000. On my calculator its now 2 years and 11 months to MF. Seems so much better than saying 3 years lol


    Also a bit of another milestone, we are now in the 60s!


    71k owed yesterday, 69k today!
  • beanielou
    beanielou Posts: 90,255 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Great result :j
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Well done Dano!
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £9,650 (April 2024) Mortgage Free Date August 2024
  • dano17439
    dano17439 Posts: 366 Forumite
    First Anniversary First Post
    Cheers. Ive just increase our monthly payment to £2,125 per month as I am getting a small pay increase starting Monday so putting it to good use!


    Taking into account a small bit of savings I have in an ISA the NET effect is that on Monday the mortgage will be dipping into the 50s!! (£58,318 to be exact lol)


    2 and a half years to go on current repayment/interest rate levels!!!
  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Wow that's awesome! :D
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
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