Welsh Mam on a mortgage free mission

RevolvingDoor · 24 December 2012 at 5:56PM

Good luck, aww, the puppy sounds cute.:) It is important to find a balance in life.

Mrs_Money_Penny · 26 December 2012 at 11:07AM

Hi Cariad71
Happy Christmas to you.
To find a thread you have subscribed to go to the top click on quick links a list appears and subscribed threads is half way down.

Cariad71 · 26 December 2012 at 7:47PM

Thanks for that Miss Moneypenny. I've been trying to do that for ages!:j

Polkadot_Dress · 26 December 2012 at 11:05PM

Merry Christmas Cariad

We added to our family with a labrador puppy last week and I agree although not strictly money saving I already feel there will be a shift in focus with lots of family walks (free) and lounging at home with the dog rather than paying for entertaining days out etc.

Hope your puppy has enjoyed its first christmas

We have spent much of ours wiping wee up from the wooden floor, but I am still besotted with her!

happycamel_2 · 27 December 2012 at 12:24AM

Happy Christmas, it sounds like you're doing a great job. I'm not sure about the emergency fund, ours is huge at the moment and DH and I don't like to have less than £10k but then that's only about 3 months of outgoings for us and we only have minimal insurance (buildings, contents, cars and that's it).

aleenajoe · 27 December 2012 at 6:29AM

we accept a mortgage on both of them but in assumption a alimony pot you accumulate ascendancy of is a abundant idea.

Cariad71 · 3 January 2013 at 12:13PM

Hi all,
I've managed to overpay during December which wasn't easy! I'll be glad to get my next pay cheque.....which isn't until the end of January. Happy Camel, thanks for feedback on emergency fund. In the past we have always had a large pot of money in the bank. I feel psychologically different knowing that it's no longer there. I'm asset rich, money poor lol! However, in the past 20 years, 'emergencies' have only ever equated to 'needing a new washing machine' or 'having to find a £100 excess for the insurance'. We are also overpaying £800 a month, so if things go pear shaped, we could just stop this. So far so good!
Polkadot Dress, thanks for your post. How's the pup? We are having a bit of a problem with biting at the moment. I'm using time out and replacing body parts/clothing/shoes with appropriate biting toys........but this is one stubborn lil pup! We'll get there.
As for the sales, I managed to just buy some birthday gifts for 'January birthdays'.
We are hoping to hammer the overpayments for the next 2 years to get a 60% LTV which will cushion us against interest rate rises.
This means doing minimal cosmetic work on the new house. So I just have to be patient.
Happy New Year everyone x

Cariad71 · 29 August 2014 at 7:42AM

Hello everyone,
I'm back and motivated. We've done a lot of work on the new house over the last 18 months so overpaying has taken a bit of a back seat.
We've got an interest only mortgage so if we don't overpay we'll be stuck with a hefty debt!
We are still renting out our first property (no mortgage left on this house). This is going really well. Yes..there's the occasional maintenance costs but I have excellent tenants and the rent comes in reliably every month.
We've managed to gut/redecorate the living room and hall/stairs/landing and replace the decrepid fence.

I've still been overpaying. mortgage balance is now £165,900.... and I've got £1,900 in the bank ready to pay. I'm a bit torn between saving an emergency fund or slamming the mortgage. Rates are definitely going to rise soon.
We're due to remortgage next month. Thinking of fixing for 4 years at 3.29%. Any thoughts?
I'm aiming to get shot of mortgage number 2 in 12 years. Then sell house number one and enjoy early retirement.... I'm 43 now.

Oh well....best get on with the day....I'll be back.

Cariad71 · 30 August 2014 at 1:41PM

Well today I am annoyed.
Rang the mortgage provider about getting a fixed rate for 4 years and there'll be a delay until they've processed the £2400 overpayment that I made in April!!&#55357;&#56865;
They were waiting for me to instruct them to apply it!! They've never needed this before! This means an interest rise in the meantime! Ggggrrrr&#55357;&#56833;&#55357;&#56865;&#55357;&#56865;&#55357;&#56881;

Cariad71 · 4 September 2014 at 8:23AM

Good morning all!
Well after 4 phone calls Bank of Ireland (Post Office) finally credited our overpayment.
This resulted in us missing the period to get a fixed rate for a month! So aaargh....SVR meant a monthly hike of £170.
The good news is that they'll reserve the fixed rate of 3.29% for us until 1st Oct. So we will be on a fixed rate of 3.29% for 4 years. It's a bit of a gamble but I'm convinced it'll pay off.....and we need to know where we are with payments.
We've decided to overpay at least £1000 every month. Still have no savings but plenty of interest free credit cards/overdraft if we need it. Both our jobs cover full sick pay. If worse comes to worse we can use the £1000 a month that we use to overpay.
I have never really had any need for an 'emergency fund' other than a few hundred quid (new washing machine etc). House is insured. Lives insured too. So hence no 'emergency fund'. Am I missing something?

Anyway.....off to Lidl to get some cheap basics and the sun is shining!
Catch you all later...have a good day!

Welsh Mam on a mortgage free mission

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