Milestone reached - More than half monthly payment paying off capital

JimmyTheWig · 13 January 2015 at 10:40AM

JimmyTheWig wrote: »

Next milestone is to finish paying off the additional loan (second mortgage) which should happen in about 2 years time.

Forgot to update this thread back in November when this loan was paid off in full.
Though due to the house move we went up to three loans for a while so still have two loans.

Next milestone is back to 50% equity.
Ignoring HPI should be in 11 months.

JimmyTheWig · 1 July 2015 at 2:25PM

I don't post on here much these days, but thought I'd check in and say how close we are to the 50% equity milestone.
Mortgage payment went out today.
Today's mortgage balance with yesterday's Zoopla valuation would have hit 50% equity.
But it is so close that with an overnight fluctuation in house prices we've missed it.

elantan · 1 July 2015 at 2:29PM

so close you can smell it ... next month you will hit it ... well done

Luckyinlife · 1 July 2015 at 2:57PM

well done soo close :]

JimmyTheWig · 1 July 2015 at 4:40PM

Thanks guys. Do you know how often Zoopla updates their valuations?
The one I use in my spreadsheet is the one in the email they send out. I've got a week or so before that gets sent so am still hoping to have done it this month!

Luckyinlife · 1 July 2015 at 5:03PM

Im not sure

I checked it aginest mine the other day and as iv done some work new boiler/full plastering/ full rewire it doesn't really take this into account so not sure how it works really

how do you feel now you own at least the first floor of the house hehe :]

JimmyTheWig · 2 July 2015 at 12:23PM

Looks like they change daily. It's gone up by £100 overnight. Same again tonight and I'll have hit the target!

In terms of doing work to the house, you can add this info to Zoopla and they will adjust the value accordingly.

We live in a bungalow with a loft conversion. Downstairs is significantly bigger than upstairs. So can't really claim to completely own the downstairs yet.
When we hit the 50% milestone it will be the second time we've done it (see post #2), and yes it feels good.

JimmyTheWig · 8 July 2015 at 9:35AM

Well, I don't know what happened, but the Zoopla valuation shot up by 3% in a matter of days. My monthly Zoopla email has come in, so I've got my official figure for the spreadsheet.

Proportion of home owned by mortgage company : 46.1%
Proportion of home owned by credit card company at 0% interest : 2.5%
Proportion of home owned by us: 51.4%

Am chuffed to have broken the 50% milestone, but slightly deflated by the somewhat random way it happened!

Next milestone is for two thirds of the monthly payment going towards capital rather than interest.
If my rates stay the same we should hit that in around 15 months time.
But that's round about when one of my fixed rates ends which could have a significant impact...

Maybe_its_because · 8 July 2015 at 11:39AM

Hi Jimmy,

your post prompted me to check our zoopla property valuation.

Last week it was £360k - today its £373k... in a matter of days.

Based on what I know next door sold for just 6 weeks ago I'm going with the lower valuation.
Not that we're selling, just interested in our value as a way of feeling progress happening, same as you really.

Well done on the progress you've made - impressive stuff

MIB x

JimmyTheWig · 12 May 2016 at 11:04AM

JimmyTheWig wrote: »

Next milestone is for two thirds of the monthly payment going towards capital rather than interest.
If my rates stay the same we should hit that in around 15 months time.

Don't know what I was thinking when I wrote this, but it was wildly out.
It's still 27 months from now until I hit that milestone if rates stay the same.

But I've got a fixed rate ending in September which I need to renew, so fingers crossed...

Milestone reached - More than half monthly payment paying off capital

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