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  • FIRST POST
    • Rach273
    • By Rach273 13th Sep 18, 2:05 PM
    • 42Posts
    • 24Thanks
    Rach273
    Slow and steady wins the race (we hope!)
    • #1
    • 13th Sep 18, 2:05 PM
    Slow and steady wins the race (we hope!) 13th Sep 18 at 2:05 PM
    An attempt to remain accountable to the mortgage free by 50 goal as I have now been a homeowner for a whole year!

    A bit of background - bought a 75% shared ownership property in September 2017 . Mortgage of 135,000 fixed for 5 years at 3.19% (thanks to irresponsible ex ruining my credit score).

    Outstanding balance as of today 130,410.02 I have managed to make modest overpayments totalling 1,306.61 and aiming for a similar amount to come off over the coming 12 months.

    Medium term plans are to pay down as much as possible by spring 2020, before selling up and moving into a larger family sized home with partner.

    We are still undecided as to whether we try and rent out his property - so potentially another concurrent target to save 12k for stamp duty.

    Longer term plans include marriage and offspring whilst still keeping the end goal of mortgage free by 50 in mind.

    I will try and update this monthly, wish me luck!

    2017 Overpayment Capital balance
    Sept 383.19 134,888.27
    Oct 255.54 134,108.08
    Nov 102.06 133,748.04
    Dec 1.47 133,499.26

    2018 Overpayment Capital balance

    Jan 251.18 133,000
    Feb 15.96 132,700
    Mar 49.84 132,400
    Apr 37.56 132,100
    May 48.13 131,800
    Jun 35.86 131,500
    Jul 46.54 131,200
    Aug 45.67 130,900
    Sep 33.61 130,600
    Oct 44.05 130,300
    Nov 31.93 130,000
    Dec 42.53 129,700

    2019 Overpayment Capital balance

    Jan 41.72 129,400
    Feb 106.89 129,000
    Mar 139.66 128,600
    Apr 27.51 128,300
    May 37.89 128,000
    Jun 125.79 127,600
    Jul 35.94 127,300
    Aug 35.13 127,000
    Sep 123.11 126,600
    Oct 33.24 126,300
    Nov 21.47 126,000
    Dec 131.42 125,600

    2020 Overpayment Capital balance

    Jan 30.78 125,300
    Feb
    Mar
    Apr
    May
    Jun
    Jul
    Aug
    Sep
    Oct
    Nov
    Dec
    Last edited by Rach273; 16-01-2020 at 2:32 PM. Reason: update
Page 2
    • Rach273
    • By Rach273 13th Dec 19, 1:20 PM
    • 42 Posts
    • 24 Thanks
    Rach273
    Rather late with my start of December update. Hope everyone is feeling suitably festive?

    Restructuring nearly complete at work and I got appointed into my first choice role on the same salary. Feels like a huge weight has been lifted.

    Only managed to make an additional 54.22 in November, but I'm pleased with this as most of the month was stress and interviews.

    Savings stats at the start of December;
    3,115.95 in emergency fund
    579.73 in House/DIY fund
    40.90 in car fund
    3,736.58 Total

    Made an over payment of 131.42 to round my capital balance down to 125,600.

    I am considering paying off one of my credit cards using 1,800 of my savings, rather than transferring the balance when the 0% interest period ends. On the one hand I like the security of having cash in the bank, but on the other now I know my job is secured I need to think about making myself more attractive to mortgage providers in case the right house becomes available in the spring...
    Mortgage: January 2020 125,300 September 2017 135,000
    Debt (0%) 3,400 Savings 2,061.76 S&S ISA 411.19
    • twinklie
    • By twinklie 14th Dec 19, 10:37 AM
    • 4,322 Posts
    • 11,312 Thanks
    twinklie
    Congratulations on your job at work, that must be such a relief.


    I've only just stumbled upon your thread so sorry for getting personal so early on. Are you still with the commitment phobe?


    Emergency fund is looking much healthier.
    Daily mortgage interest Jan'20 - 15.65 Reduction in daily interest - 0.80
    % of mortgage paid off 4.9%
    MFiT-T5 #13 MFW 2031/currently 2037
    2020 goal -Reduce debt by 4K

    • Rach273
    • By Rach273 15th Jan 20, 10:49 PM
    • 42 Posts
    • 24 Thanks
    Rach273
    Happy New Year twinklie! I may be slightly prone to catastrophising, and it turns out ‘commitment phobe’ was definitely the wrong impression to give you all...
    We are tenatatively looking at a date for July 2021 wedding, and both houses are going on the market shortly. I’ve got a someone coming tomorrow to do a valuation on mine so will post a fuller update then.
    Mortgage: January 2020 125,300 September 2017 135,000
    Debt (0%) 3,400 Savings 2,061.76 S&S ISA 411.19
    • Rach273
    • By Rach273 16th Jan 20, 2:45 PM
    • 42 Posts
    • 24 Thanks
    Rach273
    So here we are in the 16th of January, over two weeks late for my monthly update - must try harder!

    I had a really productive Christmas break; we've tiled and painted the kitchen, fitted new skirting boards in the lounge and painted the dining room. The only downside to this is that now the spare bedroom is looking in need of a refresh.
    We also had a meeting with a mortgage adviser, which was so worthwhile as the rates now available to us have improved considerably, and we could comfortably borrow much more than we thought. However we do want to limit out LTV to 80% for the best rates, so we aren't going to be silly, but it does mean we could avoid buying an interim house and having to upsize again in 5 years time.
    OH has had a couple of estate agents out to value his, and the market in that area seems pretty buoyant (indeed we did go and view one property which sold the next day).
    I've had a surveyor out today to value mine and should have confirmation on price early next week. Then all being well the housing association have 8 weeks to find a buyer at that price before it can go on the open market.

    So exciting (and a little scary) times ahead!

    Savings stats at the start of January;
    1,411.72 in emergency fund
    452.84 in House/DIY fund
    197.20 in car fund
    2,061.76 Total

    Monthly over payment made, rounding my capital balance down to 125,300.
    Mortgage: January 2020 125,300 September 2017 135,000
    Debt (0%) 3,400 Savings 2,061.76 S&S ISA 411.19
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