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  • FIRST POST
    • Lexi-lu
    • By Lexi-lu 26th Dec 15, 4:28 PM
    • 161Posts
    • 811Thanks
    Lexi-lu
    For Sunshine and a Sea View .... eventually!
    • #1
    • 26th Dec 15, 4:28 PM
    For Sunshine and a Sea View .... eventually! 26th Dec 15 at 4:28 PM
    Hello,

    The plan is to pay off the mortgage of £90,472 in 36 months so that I can retire early and live somewhere sunny one day

    I have read many inspirational diaries over the past year that have motivated me to plan for the future, a big thank you to all for sharing your stories. I especially enjoy the posts from those of you that have completed your MF journey and are now enjoying the well-deserved rewards.

    Good Luck to everyone still on their MF journey and I am excited to be joining you.

    Mortgage Details

    2016
    £51,472 Repayment
    £39,000 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date March 2029

    2017
    £41,519 Repayment
    £24,960 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date February 2020

    2018
    £24,607 Repayment
    £22,464 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date October 2019

    Endowment Policy matures July 2019, currently on track for £30k

    DH Pension arrangements are respectable, mine are a WIP
    Last edited by Lexi-lu; 02-01-2018 at 5:53 PM.
Page 5
    • Lexi-lu
    • By Lexi-lu 2nd Oct 17, 6:22 PM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello,

    September update - Month 21

    Savings for mortgage overpayment this month £1,270.

    I have managed to make a few extra payments to my pension this month - still a long way to go with this.

    £15 money off vouchers used against grocery shopping this month.

    I have just checked the mortgage balance and it is now under £50K

    LL
    Mortgage Balance £6,000
    • Lexi-lu
    • By Lexi-lu 2nd Jan 18, 5:45 PM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello,

    October- December update - Months 22-24

    Savings for mortgage overpayment

    October £1,270
    November £1,270
    December £1,270
    Mortgage Balance £6,000
    • Lexi-lu
    • By Lexi-lu 24th Feb 18, 12:22 PM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello,

    January update - Month 25
    Repaid £4,706 from savings for overpayment and added £1,270 to the pot for future overpayment when the fixed rate ends.
    2 ebay sales

    February update - Month 26
    Added £1,270 to pot for overpayment
    Switched gas and electricity to a cheaper deal.
    DH was paid for the overtime that he worked over the Christmas period.

    Just 1 week until our fixed rate ends and then there will be no Early Repayment Charge and we can make unlimited overpayments

    We will automatically be switched to the SVR at 4.74% but I have heard about a Follow On Rate at 3.75% (although this may increase as it tracks the Bank of England base rate) so need to investigate this to see if we can make unlimited overpayments without penalty if we transfer to the FOR. Although we donít yet have enough to pay off the balance in full I donít really want to get another deal with a lower interest rate that may limit the overpayments that we can make or incur fees switching to another provider with a lower rate. Hopefully the higher interest rate that we will be paying will motivate us to pay the balance off quicker

    LL
    Mortgage Balance £6,000
    • Lexi-lu
    • By Lexi-lu 3rd Apr 18, 5:12 PM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    March Update - Month 27

    Hello,

    Mortgage overpayment from savings £15,000 - there are now only 4 more payments remaining on the repayment part of the mortgage. The interest only part is officially still due to be repaid in March 2029 but I plan to pay some of this next month when another regular saver account matures.

    £1,270 added to savings pot for future overpayment.

    Switched the mortgage from the standard variable rate to the follow on rate, now paying 3.75% instead of 4.74%. This wasn't as straight forward as I'd hoped as had to answer lots of questions first to check that I could afford to pay the lower rate

    Also switched broadband which has reduced the monthly payment.

    LL
    Mortgage Balance £6,000
    • gallygirl
    • By gallygirl 3rd Apr 18, 7:58 PM
    • 16,646 Posts
    • 109,858 Thanks
    gallygirl

    Switched the mortgage from the standard variable rate to the follow on rate, now paying 3.75% instead of 4.74%. This wasn't as straight forward as I'd hoped as had to answer lots of questions first to check that I could afford to pay the lower rate
    Originally posted by Lexi-lu
    Ridiculous isn't it .

    Well done
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Lexi-lu
    • By Lexi-lu 13th Apr 18, 10:44 AM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello

    Thanks Gallygirl, I really don't know how the staff maintain a serious tone whilst going through the procedure, bless them.

    April Update - Month 28

    £8,234 overpayment made

    The process of making the overpayment took so much longer today, the new safeguards for taking card payments have been put in place so rather than take your card details the theory is that they put their phone to safe mode and you then key in your details - except it didn't work as they couldn't get their phone into safe mode. After lots of beeps and transferring me to other colleagues to deal with it was then decided that I could use my account details for a faster payment instead. Next they insisted that I put an instruction in place as to which part of our mortgage any future overpayments were to come off - but I like to choose at the time, computer now says no apparently. Has the process been intentionally designed to deter us from making overpayments I wonder? Not holding out much hope of today's overpayment being applied correctly £2,000 repayment part to reduce term and £6,234 to the interest only part but we shall see. Despite all this feeling happy that the mortgage balance (all being well) will be below £15k and the end is in sight, more determined than ever to get it paid after this nonsense
    Mortgage Balance £6,000
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 13th Apr 18, 12:23 PM
    • 705 Posts
    • 3,137 Thanks
    SuperSecretSquirrel
    £8,234 overpayment made... mortgage balance below £15k and the end is in sight
    Originally posted by Lexi-lu
    Woohoo!

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • Moneyfordreams
    • By Moneyfordreams 13th Apr 18, 6:23 PM
    • 1,094 Posts
    • 5,433 Thanks
    Moneyfordreams
    great to read your determination and results...
    Mortgage restart June 2018 £119950
    zero personal cc
    6x166 for sofas ending November 2018
    £2500 on DD1s car cc
    • Lexi-lu
    • By Lexi-lu 19th Jun 18, 12:51 PM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello

    May Update - mortgage payment of £1,889.31

    June Update - mortgage payment of £3,000

    Balance outstanding £10,000

    LL
    Mortgage Balance £6,000
    • Lexi-lu
    • By Lexi-lu 25th Jul 18, 8:41 AM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello

    July update - £2,000 mortgage payment

    LL
    Mortgage Balance £6,000
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 26th Jul 18, 8:24 AM
    • 705 Posts
    • 3,137 Thanks
    SuperSecretSquirrel
    Your mortgage is not long for this world! What will you be doing once it's gone?

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • erin_transport
    • By erin_transport 26th Jul 18, 10:14 PM
    • 631 Posts
    • 2,742 Thanks
    erin_transport
    You!!!8217;re flying along! Well done
    On a mission!

    2018 MFW #138
    • Lexi-lu
    • By Lexi-lu 7th Sep 18, 10:06 AM
    • 161 Posts
    • 811 Thanks
    Lexi-lu
    Hello

    Thank you for popping in and for the encouragement SSS and ET. In answer to your question SSS I don't know what's next after the mortgage is paid, I know that the longer term goal is to retire early and live somewhere sunny but as to the best way to achieve this I am undecided at the moment.


    August Update - Month 32

    Mortgage payment - £2,000

    LL
    Mortgage Balance £6,000
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