Planning for the next chapter
Comments
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Hi
Thanks for the lovely reply
I try and pay £300 a month overpayment this is 25% of my take home pay as well as the normal monthly payment and all other commitments
Im going to take you advice and do some calculations, thanks
enjoy your bank holiday0 -
Good luck skye! Well done with the car boots, it might not be as much money as you'd hoped for but every little helps as they say! Take care!Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.320
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Hi
Didn't manage anything this month as i paid car insurance in full but still have a £100 that i kept back just in case so that can go with the next payment
Good news today tho as the tax refund i applied for has been confirmed, saw brown hmrc envelope and thought great a cheque but no it tells you to go online and claim it! didn't need telling twice he he
so refund should be in my bank in around 5 days - so i think i should have around £1,500 to pay off next month fingers crossed
Thats a huge amount for me0 -
hi
Didn't pay anything last month as i cannot overpay if there are less than 10 days before your next payment date - do they put these rules in place just to make things harder
Anyhow not having a great time at work at the moment so popped extra in my emergency fund to give me a back up plan.
Have decided to put 1/3rd into emergency fund and 2/3rd;s into mortgage together with anything extra i can make.
Well i got my ebay back up and running and put 2 things on this weekend and they both have bids, so thats a start
Back to waiting for mortgage to be paid and then send tax refund payment over0 -
who on earth is your mortgage with? seems very outdated in terms of rules and regs!Baby Step 1 - £1k Emergency Fund - COMPLETE
Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go
Baby Step 4 - Put 15% into Pension
Baby Step 6 - Pay off the Mortgage early
Baby Step 7 - Live like no-one else
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the spanish one unfortunately!!0
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Hi guys
Ive managed to pay £598 off my mortgage today which rounds down the figure outstanding
I was hoping to pay off more as i had a tax refund last month but ive got a little muddle with my bank balance
Ive had a couple of weeks off work on holiday (it was much needed) and ive paid my home insurance in full, bought some bits and bobs that i kept putting off for the house, done a big freezer shop, had a couple of meals and days out and with the bank holiday thrown in im struggling to balanced my bank
So hopefully by the end of the week all card payments should have gone though and i might have a bit extra to make an additional payment
fingers crossed,0 -
Hi Skye, I'm with the Spanish bank too and they're incredibly unhelpful when it comes to OPing aren't they? I feel your pain. (And then there's the two letters they feel the need to send every time and the time it takes to update your online balance....).
It sounds like you're really getting into the swing of things now with OPing - it's amazing how all the little bits add up. It sounds like you're working on it now, but I definitely think you should have a bit more than one month's salary in your EF. Could you not open an account with a better interest rate to stash it in too (it might not beat the 4.29% on the mortgage, but it could be better than 0.5%). I don't know - this might not be possible while you're on a DMP?Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days
'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway0 -
hi
it sometimes feels everything is so complicated don't you think
i tried to up my dmp by £25 last month and they said as i has already changed it i would have to phone and do a review, last thing i want to do after a working day the times don't work and its not something i want to do at work
i put £10 a wk in my emergency fund and have managed an extra £100 a couple of times, i agree i;d feel better if that reaches 6 months - work in progress
re opening a better rate account i don't know how it would work, you're right i need to look into it. thanks for the nudge themadvix0 -
hi
i finally balanced my bank account and made a 2nd payment for the month (1st time ever ive paid 2 in one month)!
Paid £300 made up of remainder of my tax refund and some cash back from surveys and an ebay sale
i listed 2 items on ebay to see how i got on, both sold only one person didn't pay, 2 weeks later they still haven't!!!
have a good week everyone0
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