All the figures have finally settled down on the new mortgage and we've made an overpayment this week. The balance is now £129,000.
The first direct debit payment will be on 1st August, then we should be all back to normal.
The new mortgage could cost us £96,354 in interest payments if the rate stayed at 5.49% and we kept it for the full 22 year term. By paying it off early, in our now 4 year timescale, we could potentially save over £76,000.
The first 12 months of the challenge is up on Tuesday and we still have a very long way to go.
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Get organised: Organised Clutter
Sunday
The great mortgage payoff
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5 comments:
Good Morning. These are good news, congrats. Overpayments guive a great feeling of relief and misson achieved.
Your project is a great challenge you´ll need lots of "every-day" persistence but never forget you´re already doing a great job.
Glad to see your Organise business link up here, That´s the way to go. Cheers!
That is such a big amount of money to save.
You are doing really well.
Your dream of moving to Portugal is getting nearer.
Racheal x
Fantastic, well done you.
We have a similar goal to be mortgage free within 4 years when I hit 40 (OK, it's pretty arbitrary time frame)
Our plan is slightly different as we currently rent but we're aggressively saving an absolute minimum of 10% of every single incoming pound before we consider how much we have to live on that month. It means going without at times but it's satisfying seeing the pot grow slowly each month.
Thank you for all your comments..the encouragement from all of you keeps us going
Laura
I'm glad to hear you completed your mortgage transition and were able to resume overpayments. If you're anything like me, you were probably frustrated with being stuck in limbo during the interim.
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