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  • FIRST POST
    • 20vt-rs
    • By 20vt-rs 18th May 12, 9:47 AM
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    20vt-rs
    1-year in to mortgage free - Small steps make progress
    • #1
    • 18th May 12, 9:47 AM
    1-year in to mortgage free - Small steps make progress 18th May 12 at 9:47 AM
    Morning Mortgage Free Wannabe's!

    I've been reading up in here quite a lot, started early part of last year and really liked the sound of being mortgage free! So over the last 12months, I have been making small chips into the mortgage by making payments of whatever I have left at the end of the month before payday into the mortgage (after saving some as well). I have been using a mortgage overpayment calculator and recording the payments I make, in the last 12 months I have overpaid approx £670, which doesn't sound like much. However, looking at the calculator I am using, my mortgage outstanding at present is around £1k less than it would be if I hadn't been overpaying, so I have saved just over £300 so far

    This is great incentive to keep going now and I will be making every effort to pay more! The thing I'm not too sure about is when do you stop saving and start focusing on overpaying more? I manage to save around £250 per month, so should I start lowering that and pile it into the mortgage, or just keep going as I am? I am also using sites like Quidco to get a bit more in and use to put into the mortgage.

    I have a long way to go but I am on the road!
Page 2
    • 20vt-rs
    • By 20vt-rs 2nd Nov 13, 3:42 PM
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    20vt-rs
    Well my first milestone reached yesterday, I have dropped below £120k!! Next up is the £100k and below mark, goal for the next 2 years. Managed a great £400 OP last month but only £80 this, lots of spend on a new mountain bike and a trip to euro disney!

    All in all have cleared just shy of £10k in the last 12months
    • 20vt-rs
    • By 20vt-rs 2nd Jan 14, 12:38 PM
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    20vt-rs
    Ok, so I thought I'd do a quick new-year update, managed to make a good OP of £110 over Christmas to the mortgage and balance is now at £118,500 on the nose!


    I also noticed that HSBC have revised some of their lifetime tracker rates in the last week, and have applied to move products to a better rate of BOE + 1.99% (Overall 2.49%). If that goes through successfully I'll have an extra £19 per month to go in as an overpayment, fingers crossed all gets approved! Anyone on an HSBC lifetime tracker take note and check your rate!


    Chipping away now to reach the magical 60% LTV for some really decent rates, estimated to hit that in just over 12months so hopefully there will be some around then...


    Happy new year everyone and good luck in 2014 with your MFW plans!
    • 20vt-rs
    • By 20vt-rs 18th Feb 14, 11:53 AM
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    20vt-rs
    Quick update and a note to HSBC mortgage borrowers - Check your rate and switch if possible, they have changed again in the last few days!


    I have just switched from my BOE+1.99% to a new rate of BOE+1.79%, so now overall on a 2.29% lifetime tracker. This product is a fee free for 70% LTV, there are options to pay a fee and get slightly lower if the math works out for you (not for me!)...


    Anyway, not managed a massive OP since Christmas as we've purchased a new car to fit little-un and all his toys and stuff in, just need to sell the old car now! Still on track to get below £100k in the next 2 years
    • 20vt-rs
    • By 20vt-rs 9th Mar 15, 1:22 PM
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    20vt-rs
    Ok, so just over a year on and thought I'd update my thread - Balance is down at £109.5k now.


    Not made any overpayments since last June as I've spent a fair few £k on building a new office and workshop in the garden. But made my first over-payment today in 9 months (£183). Going to hit it regularly again now!


    Not sure I'll hit my target now of being sub-£100k by December 2015, to do that I need to OP at least £325 a month! But I will throw everything at it until Christmas!
    • 20vt-rs
    • By 20vt-rs 13th Mar 15, 8:05 AM
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    20vt-rs
    Ok, so today I upped my regular overpayment by £50, meaning my standard OP is now £152 per month. Will also throw spare cash at the month end to the mortgage as well. Time to get cracking!
    • 20vt-rs
    • By 20vt-rs 12th Mar 18, 1:25 PM
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    20vt-rs
    Well its been some time, spookily 3-years ago tomorrow! I have been focusing on clearing short term debt in the past few years and only have one debt value being paid off at zero % until end of next year. I have now put a fixed £300 overpayment onto my mortgage which will brig the debt down by 4 years, I am now under £90k @ approx. £87k outstanding and any spare cash will be chucked in as well!


    My goal now is to keep going at this and pay the lot off in 5-years, I will be back on this thread in a few years no doubt to see progress against what my aspirations are
    • 20vt-rs
    • By 20vt-rs 5th May 18, 8:27 PM
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    20vt-rs
    Quick update, bit sooner than planned but still going well none the less.

    Just reached £85k outstanding, I'm going at this big time now, overpaying £390 a month. As I said earlier in this thread in 2013, I want to be done by 2025, at the moment with these overpayments I am just about still on track

    Went off course back then with a little un turning up and home renovations, also nearly binned this goal last year when we nearly moved house, that would have meant upping to 25 year mortgage and six figures again, kinda glad we stay put now - so now back on the MFW wagon - Goal is to be mortgage free before I reach 50 in 2026 (not long and I feel old!!)
    Last edited by 20vt-rs; 05-05-2018 at 8:30 PM.
    • 20vt-rs
    • By 20vt-rs 2nd Jun 18, 9:47 PM
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    20vt-rs
    Have just switched away from my tracker to a fixed rate, after deciding to stay put we have fixed for five years at 1.94% with the hint of rates rising soon, unlimited overpayments allowed so going to hit this hard, targeting to clear £60k in these five years.... Or More!
    • AnotherJoe
    • By AnotherJoe 2nd Jun 18, 9:50 PM
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    AnotherJoe
    20vt, howw much are you putting into your pension? Are you a high rate taxpayer?
    • 20vt-rs
    • By 20vt-rs 3rd Jun 18, 12:12 PM
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    • 78 Thanks
    20vt-rs
    20vt, howw much are you putting into your pension? Are you a high rate taxpayer?
    Originally posted by AnotherJoe
    Iím putting in 15% of salary at the moment (inc employer contribution). Borderline high rate, just over the threshold last year...
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