Financial independence – quarterly #mortgage update 2014 Q2

During Q2 of 2014, we have continued making overpayments and this is our current status:

  • Mortgage balance at start of year: £85,000
  • Current mortgage balance: £71,434.77
  • Interest charged: £827.81
  • Overpayment allowed in year: £8,500
  • Current overpayment total: £6,000
  • Mortgage term at start of year: 48 months (December 2017)
  • Current mortgage term: 41 months (May 2017)
  • Months to go: 35

I’ve asked for our direct debit date to be moved forward from the 15th of each month to the 4th, so that our account details will be updated more regularly when overpayments are made. Apparently, from 22 June to 4 July wasn’t enough time for the change to be made, so it’ll start from 4 August.

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