Was Mortgage Free until 52!!!

Luckyinlife · 14 March 2016 at 6:13PM

A_Frayed_Knot wrote: »

:rotfl:Cause my OCD wouldn't let me :rotfl:

Mortgage £29,649.38, o/p 49.38 :eek: so now £29,600

Like my mortgage to be all neat and tidy. Next tidying, will be Mortgage plus 2 sub accounts. I know I'm mad but it works for me :beer:

love this afk great job :] :cool::cool:

leave it get messy then tiddy it up will work well :] your so close to 28s now to woooooo :]

can i ask what your normal payment is currently ?

A_Frayed_Knot · 14 March 2016 at 9:07PM

Hey, Hold on, just reached the 20's and it takes me at least 2 months to reach the next thousand down

And next month Council Tax will be back with us

and its a 5 week month, and I'm off for 2 weeks, and its Easter and another milestone will be hit

So with that said - thinking about it - might have to change my target to dropping a thousand every 2 months.

So my monthly payment went from 330 to 300 :mad:(cause I o/p), to just over 400 plus my target of o/p 250 a month, so over 50% of my salary is going on mortgage. Which doesn't sound a lot if your a high earner, but I'm not

But I'm sure my 1% rise

(which needs topped up to the minimum rise

) will help :rotfl::rotfl::rotfl:

My friend - the bay of E - helps me to pay the bills

but only if I work at it.

Your mortgage total is just over double mine, yet to aim to pay it by the same time as me - does that mean your paying double what I am?

Luckyinlife · 14 March 2016 at 10:53PM

I see what you mean
For me i worked it out based on my current rate if i overpay £350 a month over payment on average ill be done in 9 years so 2024

my normal payment is around £298 currently with around 24 years to run my rate is 2.4% currently i think so looking forward this will change maby up maby down hopefully as ill own 50/60% ltv when it comes to remortgage next time around

Basically need to hit 4k in over payments + around 2k comes off from normal monthly payments currently anyway

whats your rate currently ? how much actually comes off your mortgage from what you pay at the moment

Will you remortgage anytime soon as you have a great ltv dont you :]

A_Frayed_Knot · 15 March 2016 at 1:23AM

Basically then, we're paying the same total - I'm paying more mortgage, less o/p but total is roughly the same.

I got a good rate of 1.78% as LTV was under 60%, when I remortgaged last Sept it was for 2 years fixed and that reduced my monthly interest from £140 a month to approx £70 a month, and within 6 months my interest monthly is now under £50. Thanks to my o/p and me raiding some of my EF just before NY.

So you see what I mean by o/p lump sum - interest should be reduced, unless you have loads stashed away
earning more interest than you are paying on your mortgage. Mine was of much better use paying my mortgage.

I took a 2 year fixed deal and reduced my term from 14 and a half years to 8 years. Any longer than 2 year fixed would restrict me too much by the o/p rule, now my mortgage is quite low.

Lump sum paid now and teeny tiny amounts throughout the year.

Every £1 paid now is a £1 you will never pay interest on again :j

And an advert has just came on for B@rcl@ys advertising - pay-mortgage-quicker, thats a turn up for the books

AlexLK · 15 March 2016 at 1:27AM

Frayed Knot: Are you wanting to move?

A_Frayed_Knot · 15 March 2016 at 1:40AM

AlexLK wrote: »

Frayed Knot: Are you wanting to move?

No, would just like the money I have out on loan back

shangaijimmy · 15 March 2016 at 8:53AM

My budget is to pay 1/3 of income to mortgage as payment + standard OP. I then manage to find between £50-100 bonus from bits and bobs (Halifax rewards, TT's, Quidco etc...). We then have the boost of non council tax months, account switching rewards and then if I'm feeling flush!

Overall i think we could sneak another £100-200 as standard OP, but with 3 kids under 7 I think Mrs SJ would pop! I do plan an accelerated final 18months but she doesn't no that yet :shhh:

ScotinLondon · 16 March 2016 at 6:16PM

I'm also about the same as shangaijimmy - I could do more, but as we are saving up to do up the house bit by bit - it is all going into the various high earning current accounts and regular savings accounts that I have. Hence the spread sheet...love my spread sheets.

We just upgraded our boiler, washing machine, fridge freezer and carpets. Mind you with the fridge freezer & washing machine - we had a lot of vouchers that we used as part of the payment. It all helps in my book!

Have a good rest of the day all.

SIL

A_Frayed_Knot · 16 March 2016 at 11:58PM

Whatever works for you, so long as your happy with your balance. (work, life, mortgage, funds)

How did the exam go, when do you hear.

ScotinLondon · 17 March 2016 at 1:29PM

Afternoon - I get the exam results in April. Let us see what happens.
If I fail, then I will re-take it.

Yep - happy with life work mortgage budgets balance - it works for us and that is the main thing.

Have a good afternoon all

SIL

Was Mortgage Free until 52!!!

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