Sweetdaisy's aim to be mortgage-free

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  • sweetdaisy
    sweetdaisy Posts: 1,249
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    edited 14 June 2014 at 9:53PM
    Received a letter today informing me that I have been shortlisted for an interview, for the Local Authority job that I applied for 3-4 weeks ago. You would think that I would be jumping for joy, however I have had a good long think about it this afternoon :( and have decided not to go for the interview (need to inform them by end of next week). I have done some further research into the role and now realise that the funding for this project is likely to end in March 2015. So I am in the situation of thinking about whether it is a good idea to go for this job knowing that it will only be short-term (if I was successful).

    It is still my intention to (hopefully) pay off the mortgage in 2020 - would be fantastic if I could :), and if we didn't have a mortgage now I would just go for the job but I have this seed of doubt in my mind that the job (if I was successful) would be a wrong move.

    MFW news:
    Monthly Water payment has gone out by Direct Debit and as my monthly bill has reduced I made a mortgage overpayment of £16. Also, the village shop has put up a poster informing residents that many have successfully reclaimed surface water drainage charges as not all rainwater falling on their premises and grounds enters the public sewer. So this is something that I will look into next week and will give them a ring to find out more.

    Received a letter from Natwest informing us that our total saving made since offsetting is £2,350.41. That's a £195 increase since the last quarter. We only started making overpayments in October 2011 so I am happy with this.
  • QB_Wolf
    QB_Wolf Posts: 722 Forumite
    Hi SD, glad you've come to a decision you're happy with about the job. Well done on the saving.
    Start Date 16/09/2015
    Original amount outstanding = 225,000 Current amount outstanding =199,812
    Original LTV = 64% Current LTV = 49%
    Original Pay Off Date = Sep' 36 New Pay Off date = Sep' 36
    Original Dly Int = 17.17 New Dly Int = 17.17 Total OP = £1319.31
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    It's been a contemplative weekend to say the least! As it is the end of the month and half way through the year it's time for an update.

    Total overpayments made in June: £453
    Total overpayments made so far this year: £2,140
    Total mortgage reduction so far this year: £4,898

    I realised on the weekend that it is better to keep all of my money set aside for childcare costs in the Offset Savings account rather than the Direct Debit (bills) account. The reason for this is that I had extra pay this month, but as I pay my childcare weekly and had accounted costs for the month, this only left £44 extra from my pay when I should have had £168! From now on I will pay a set amount from my pay into the Childcare savings 'pot' and will transfer this money to the D/D account once the cheques are cashed by the childcare providers.

    This along with my Childcare Vouchers means that I am building up a nice amount of savings to cover these costs and keeping them separate from my monthly bills account, which makes things simpler - which I like :) !
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    edited 14 June 2014 at 9:56PM
    £27 mortgage overpayment made today.

    DH has bought a new Road Bike, so purchased this last night through TopCashback and £43 was credited to my account this morning :).

    Finished my week of 'On-call' this morning, so looking forward to the glorious weekend that has been forecast and doing plenty of fun stuff with the children.
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    edited 14 June 2014 at 9:56PM
    Had a very busy day yesterday visiting two sets of family as well as taking DS1 to a party in the afternoon. Finally got round to buying a garden patio set, bargain price at £63 and it was lovely to be able to sit out in the garden to eat our tea.

    DH sorted out the playroom and garage (in preparation for his new bike to arrive!). Unfortunately none of it is in good enough condition to sell/pass on, so it will be a combination of recycling and a trip to the tip tomorrow.

    Sat in the garden this morning around 8:30am doing the usual shift of monies between accounts and writing cheques for after school club and school dinners. £31 mortgage overpayment made.

    In order to be able to keep on top of the laundry I am now ironing the previous load of washing before putting another wash on, this makes it so much easier to manage and means I shouldn't end up spending 1.5 hours ironing in one go!
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    edited 14 June 2014 at 9:57PM
    Had a day off work today to watch DS1 in his school Sports Day. The sun was shining and it was glorious. I was made to run in the ‘Mum’s Race’ by DH :o, but it was all in good spirits.

    Made a trip to the local Tip and got rid of all the rubbish that we sorted over the weekend and filled a Charity bag full of old clothes to put out on Wednesday.

    Received a letter from Natwest informing us of changes to our Offset Mortgage. The main changes are 1) they will make it clearer when they will change interest rates and when they will amend the rates and 2) if you make overpayments and wish to draw down these, you may need to show how you will be able to pay them back. Which basically means it's not guaranteed that any overpayments made will be paid back.
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    It's been another busy week: celebrated my birthday, went for a family day out to the beach yesterday and went to the cinema last night with DH to watch Pacific Rim.

    Had a look through my spreadsheets over the weekend and my target for the end of the year is to get the mortgage balance down to £68,600. According to my spreadsheet at the end of the year, even without any further overpayments, I am £203 away from this target.

    Worked out all my childcare costs for the school Summer holidays, which includes paying extra for School Club and I have saved enough money in my Childcare 'pot' to take us up to the 2nd week in September.

    DS1 is helping to grow veg in our vegetable patch in the back garden. It's his 'job' to water and help pick them. So far we have had 3 turnips and picked a small white onion. We will leave the red onions and broad beans a little longer and the peas are coming along nicely.

    Finished reading another e-book this week. Only another 52 books on my 'to read' list :rotfl:!
  • sweetdaisy
    sweetdaisy Posts: 1,249
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    DS1 finished school on Friday, so we have 6 weeks of half-term to contend with! He will be in school club 2 days next week and I have taken some annual leave, so only working 3 days next week and have booked the following week off.

    Received my quarterly mortgage statement and with 1) the mortgage facility being reduced = reduced monthly payments and 2) increasing our monthly mortgage payment by £50 - it has been calculated by Natwest that we have taken a whole year off the end date of the mortgage :).

    We are now on target to pay the mortgage by December 2022 - 3 years and 1 month earlier than the original end date :j.

    Had another sort out of the boys wardrobes as they don't stop growing! Found some fleece all-in-one sleep suits that DS2 will be too big for by the Winter, so set them aside for the next charity bag to pop through the door.
  • QB_Wolf
    QB_Wolf Posts: 722 Forumite
    Good news on the mortgage reduction and enjoy your days off :j
    Start Date 16/09/2015
    Original amount outstanding = 225,000 Current amount outstanding =199,812
    Original LTV = 64% Current LTV = 49%
    Original Pay Off Date = Sep' 36 New Pay Off date = Sep' 36
    Original Dly Int = 17.17 New Dly Int = 17.17 Total OP = £1319.31
  • I've sold fleece all in ones on ebay and they always sell well.
    Mortgage Jan 2023 9yrs 11mths £61,389 Mortgage overpayment £1867/£3600 Mortgage Jan 2022 11yrs 6mths £69.996 Mortgage overpayment £3132/£3600
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