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  • FIRST POST
    • Beckyy
    • By Beckyy 11th Jul 12, 12:22 PM
    • 2,747Posts
    • 4,157Thanks
    Beckyy
    Goodbye Mortgage - the beginning of the end!
    • #1
    • 11th Jul 12, 12:22 PM
    Goodbye Mortgage - the beginning of the end! 11th Jul 12 at 12:22 PM
    Hello!

    I've been lurking for a while and have finally plucked up the courage to start my own diary.

    My OH and I moved into our current house a few months ago (it doesn’t feel that long!) We bought it for £125,000 and we have a mortgage with Woolwich for £102,000. It's a 3 year fixed at 4.28%.

    The section of our keyfacts stating 'For every £1 borrowed you pay back £1.59' is haunting me, and I'm determined not to have it hanging over us for 25 years. I've been toying with figures and I'm hoping we could do it in 10 years. This depends a lot on the future though. We know we want to have a family in the next few years which will mean our income could change hugely, but we'll plod along and see!

    My first challenge is finding out how to actually make overpayments on the mortgage. Woolwich seem to make it very difficult. I can’t view the mortgage online, so have been into Barclays and they have said I can bring in a cheque or cash to branch, but I was hoping they’d be a more convenient way as I don‘t go near the branch often. I’m going to call them today and hopefully find out!

    Wish me luck...
    Last edited by Beckyy; 18-10-2013 at 3:46 PM.
Page 1
    • Beckyy
    • By Beckyy 11th Jul 12, 12:26 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    • #2
    • 11th Jul 12, 12:26 PM
    • #2
    • 11th Jul 12, 12:26 PM
    MFW no.83

    OP aim for 2017: £3000
    Total OP for 2017 (so far): £1244.05

    Overpayments to date:
    1. July 2012 - £500 OP. Mortgage Balance: £101,069.51
    2. August 2012 - £600 OP. Mortgage Balance: £100,245.28
    3. September 2012 - £550 OP. Mortgage Balance: £99,469.01
    4. October 2012 - £531.20 OP. Mortgage Balance: £98,830.45
    5. November 2012 - £25.26 OP. Mortgage Balance: £98,642.76
    6. December 2012 - £5 OP.
    -
    7. January 2013 - £5 OP.
    8. February 2013 - £5 OP.
    9. March 2013 - £5 OP.
    10. April 2013 - £132.04 OP. Mortgage Balance: £97,478.93
    11. May 2013 - £71.37 OP. Mortgage Balance: £97,465.23
    12. June 2013 - £75.05 OP. Mortgage Balance: £97, 324.23
    13. July 2013 - £36.41 OP. Mortgage Balance: £96,658.53
    14. August 2013 - £25.11 OP.
    15.September 2013 - £15 OP.
    16. October 2013 - £52.02 OP. Mortgage Balance: £95,924.45
    17. November 2013 - £160.65 OP. Mortgage Balance: -£95,546.06
    18. December 2013 - £106.32 OP. Mortgage Balance: £95,120.31
    -
    19. January 2014 - £209 OP.
    20. February 2014 - £214 OP. Mortgage Balance: £94,360.15
    21. March 2014 - £209 OP. Mortgage balance: £93,806.66
    22. April 2014 - £205 OP. Mortgage balance: £93,376.94
    23. May 2014 - £277.07 OP. Mortgage balance: £93,003.87
    24. June 2014 - £275 OP. Mortgage balance: £92,478.36
    25. July 2014 - £109.14 OP. Mortgage balance: £92,193.06
    26. August 2014 - £215 OP. Mortgage balance: £91,767.93
    27. September 2014 - £75 OP. Mortgage balance: £91,439.17
    28. October 2014 - £94 OP. Mortgage balance: £91,175.50
    29. November 2014 - £161.25 OP. Mortgage balance: £90,930.75
    30. December 2014 - £460 OP. Mortgage balance: £90,430.75
    -
    31. January 2015 - £550.61 OP. Mortgage balance:£89,201.76
    32. February 2015 - £131.90 OP Mortgage balance: £88,925.91
    33. March 2015 - £1013.04 OP.
    34. April 2015 - £5 OP. Mortgage balance: £87,351.93
    35. May 2015 - £100 OP. Mortgage balance: £87,071.08
    36. June 2015 - £300 OP. Mortgage balance: £86,771.08
    37. July 2015 - £250 OP. Mortgage balance: £85,800.80
    38. August 2015 - £225 OP. Mortgage balance: £85,483.93
    39. September 2015 - £0 OP.
    40. October 2015 - £100 OP . Mortgage balance: £84,989.91
    41. November 2015 - £0 OP.
    42. December 2015 - £0 OP.
    -
    43. January 2016 - £0 OP Mortgage balance: £83,930.78
    44. February 2016 - £0 OP
    45. March 2016 - £300 OP Mortgage balance: £82,940.85
    46. April 2016 - £405 OP Mortgage balance: £81,948.51
    47. May 2016 - £575 OP Mortgage balance: £81,530.13
    48. June 2016 - £250 OP Mortgage balance: £80,512.43
    49. July 2016 - £350 OP Mortgage balance: £80,118.17
    50. August 2016 - £355 OP Mortgage balance: £79,262.39
    51. September 2016 - £484 OP Mortgage balance: £78,534.44
    52. October 2016 - £325 OP
    53. November 2016 - £0 OP
    54. December 2016 - £0 OP

    55. January 2017 - £500 OP Mortgage balance: £77,036.54
    56. February 2017 - £0 OP
    57. March 2017 - £0 OP
    58. April 2017 - £5 OP
    59. May 2017 - £116 OP Mortgage balance: £75, 234.00
    60. June 2017 - £190 OP Mortgage balance: £74,768.95
    61. July 2017 - £33.05 OP
    62. August 2017 - £15 OP
    63. September 2017 - £175 Mortgage balance: £73,537.04
    64. October 2017 - £150 Mortgage balance: £72,650.23

    65. November 2017 - £7 OP Mortgage balance:£72,213.37
    66.December 2017 - £50 OP (so far) Mortgage balance: £72, 207.97

    OP aim for 2012: £3000. Total 2012 OP: £2264.80 (75.49%)
    OP aim for 2013: N/A. Total 2013 OP: £666.58
    OP aim for 2014: £2500 Total 2014 OP: £2503.39 (100.1356%)
    OP aim for 2015: £2500 Total 2015 OP: £2675.55 (107.02%)
    OP aim for 2016: £2500 Total 2016 OP: £3044
    OP aim for 2017: £3000 Total 2017 OP to date: £1244.05
    Total OPd: £12,198.37

    Mortgage at highest: £102,000 (May 2012)
    Outstanding mortgage balance at last check: £72,213.37 21/11/2017
    Last edited by Beckyy; 06-12-2017 at 8:02 AM.
    • NPowerUser
    • By NPowerUser 11th Jul 12, 12:46 PM
    • 403 Posts
    • 693 Thanks
    NPowerUser
    • #3
    • 11th Jul 12, 12:46 PM
    • #3
    • 11th Jul 12, 12:46 PM
    Check the Terms and Conditions of your mortgage.

    I checked the small print on ours and found out that during our fixed rate deal over 2 years, the maximum overpayment was 10% per year of the balance owing at the year end.

    After 2 years, most lenders including ours, do not restrict the amount you could overpay.

    Good luck in paying it back quicker. Its not uncommon for mortgage holders to pay back twice what they borrow and sometimes a bit more, over the life of a mortgage.

    Owning beats renting any day.
    • Beckyy
    • By Beckyy 11th Jul 12, 2:25 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    • #4
    • 11th Jul 12, 2:25 PM
    • #4
    • 11th Jul 12, 2:25 PM
    Thank you NPowerUser!

    I've phoned Woolwich today to find out the details. We can overpay up to 10%/£10,225 (I wish!) between 1st June 2012 and 31st May 2013. He's also given me the Sort Code and Acc. no. I need to make overpayments by standing order/bank transfer.

    He said it won't reduce our term, but we will pay it off quicker (um?). Also, that it won't alter our monthly DD unless we make an overpayment which is 3x or more our monthly DD, in which case it wil be recalculated. I'm still trying to get my head around the details exactly, but I think I've just about grasped it.

    The plan is to (hopefully) overpay by £500 per month at the moment. I've set aside £250 so far this month and I'm hoping we'll have enough left by payday to bring it up to £500 for our first overpayment. I'm far too excited by it!
    • marko21
    • By marko21 11th Jul 12, 4:58 PM
    • 25 Posts
    • 24 Thanks
    marko21
    • #5
    • 11th Jul 12, 4:58 PM
    • #5
    • 11th Jul 12, 4:58 PM
    I'm with Woolwich but now past my fixed deal. I haven't looked at a new fixed rate a it's at 2.49% (1.99+ base rate), I overpay by standing order like you mentioned, just wish I could view on line, surely woolwich should get this sorted!
    Mortgage @ April 2010 £86000 (18yr 2 yr Fixed 3.99 then 1.99 over BR - Currently 2.49)
    Balance @ Jan 2017 £56992
    Over payment's
    to date £2100
    MF Date - March 2020 or sooner
    • greent
    • By greent 12th Jul 12, 9:52 AM
    • 6,504 Posts
    • 65,599 Thanks
    greent
    • #6
    • 12th Jul 12, 9:52 AM
    • #6
    • 12th Jul 12, 9:52 AM

    He said it won't reduce our term, but we will pay it off quicker (um?). Also, that it won't alter our monthly DD unless we make an overpayment which is 3x or more our monthly DD, in which case it wil be recalculated. I'm still trying to get my head around the details exactly, but I think I've just about grasped it.

    The plan is to (hopefully) overpay by £500 per month at the moment. I've set aside £250 so far this month and I'm hoping we'll have enough left by payday to bring it up to £500 for our first overpayment. I'm far too excited by it!
    Originally posted by Beckyy
    I'm pretty sure he means that you'll pay it off quicker - but Woolwich won't officially reduce your term to reflect your OPs (C&G are pretty similar to this) It means that your paperwork/ statements etc will still show your original mortgage date - but you can feel smug in the knowledge that that won't be the case


    Welcome!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
    • Beckyy
    • By Beckyy 12th Jul 12, 7:23 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    • #7
    • 12th Jul 12, 7:23 PM
    • #7
    • 12th Jul 12, 7:23 PM
    Thank you! That makes it much clearer

    Marko21, I couldn't agree more. It's so silly not letting peopel view them online.

    Not a lot to report today. I had a NSD, but also had a letter saying that I underpaid tax by just over £100 last year. A few of my collegues got the same letter for exactly the same amount, so I'm going to speak to payroll and look into it.
    • DawnW
    • By DawnW 12th Jul 12, 8:52 PM
    • 4,658 Posts
    • 35,790 Thanks
    DawnW
    • #8
    • 12th Jul 12, 8:52 PM
    • #8
    • 12th Jul 12, 8:52 PM
    I'm pretty sure he means that you'll pay it off quicker - but Woolwich won't officially reduce your term to reflect your OPs (C&G are pretty similar to this) It means that your paperwork/ statements etc will still show your original mortgage date - but you can feel smug in the knowledge that that won't be the case

    Originally posted by greent
    Yes, C&G still think we will keep going till the end of our term

    In their dreams
    NSDs for December 3/15
    Decluttering 13/31

    • QB Wolf
    • By QB Wolf 12th Jul 12, 9:43 PM
    • 703 Posts
    • 3,048 Thanks
    QB Wolf
    • #9
    • 12th Jul 12, 9:43 PM
    • #9
    • 12th Jul 12, 9:43 PM

    The plan is to (hopefully) overpay by £500 per month at the moment!
    Originally posted by Beckyy

    £500 seems to be the magic number, in terms of OP per month and what I'd like to get t0
    Start Date 16/09/2015
    Original amount outstanding = 225,000 Current amount outstanding =205,745
    Original LTV = 64.29% Current LTV = 58.78%
    Original Pay Off Date = Oct' 36 New Pay Off date = Oct' 36
    Original Dly Int = 17.17 New Dly Int = 17.17 Total OP = £1319.31
    • unhappy_shopper
    • By unhappy_shopper 12th Jul 12, 10:04 PM
    • 1,300 Posts
    • 7,061 Thanks
    unhappy_shopper
    We are also with W00lwich @ 2.49%. I agree it is a hassle not being able to see the mortgage account online. We pay online through our B@rclays account using the mortgage sort code and account number whenever we have some spare money.

    Good luck in your MFW journey.
    Mortgage: @ Feb. 2007: £133,200; Apr. 2011: £24,373; May 2011: £175,999; Jun 2013: ~£97K; Mar. 2014 £392,212.73; Dec. 2015: £327,051.77; Mar. 2016: ~£480K; Mar. 2017 £444,445.74
    • Beckyy
    • By Beckyy 12th Jul 12, 11:49 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    Maybe it's their way of trying to put people off overpaying... hide it and hope they don't realise how much they could save

    I've not long finished work and have ended up on the computer, but found an email for a free graze box in my inbox. I've reactivated my account to recieve it, and will cancel after. I'm sure there will be some nice 'bits' I can put in OH's lunches that will shave a little of the food shopping as my £200 monthly budget is dissapearing far too quickly!
    • shala_moo
    • By shala_moo 14th Jul 12, 11:12 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    I'm another one who can't see our mortgage online.. that's why i keep my spreadsheet up to date then i can see at a moments notice how much we owe back.. (not that i check it all the time, cos that would be sad )

    Good luck on your journey, it's great that you've started OP'ing straight away, that pesky mortgage will be gone in no time
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
  • foxblade
    How strange, are you with Barclays for your current account? We are with Barclays and moved our mortgage to Woolwich in August 2011 I can see the account online and just click a button that says overpay. Also it tells me how many years I have on the mortgage due to offsetting etc etc.

    If you are with Barclays I would go and talk to them, because obviously it can been done and I agree it is very very handy!
    • newgirly
    • By newgirly 15th Jul 12, 9:19 AM
    • 5,894 Posts
    • 40,185 Thanks
    newgirly
    Hi, I spotted your link on peonie's diary and wanted to say best of luck!
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • originalmiscellany
    • By originalmiscellany 15th Jul 12, 9:54 AM
    • 1,591 Posts
    • 3,839 Thanks
    originalmiscellany
    Well said on identifying: "For every £1 borrowed you pay back £1.59' "

    Just think that every £10 you pay back is effectively £5.90 saved over the life of the mortgage. That's a huge carrot isn't it!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • unhappy_shopper
    • By unhappy_shopper 15th Jul 12, 11:06 AM
    • 1,300 Posts
    • 7,061 Thanks
    unhappy_shopper
    How strange, are you with Barclays for your current account? We are with Barclays and moved our mortgage to Woolwich in August 2011 I can see the account online and just click a button that says overpay. Also it tells me how many years I have on the mortgage due to offsetting etc etc.

    If you are with Barclays I would go and talk to them, because obviously it can been done and I agree it is very very handy!
    Originally posted by foxblade
    I think only W00lwich offset mortgage holders can see the accounts on Barcl@ys online. I have a tracker but I cannot see the details on my Barcl@ys a/c
    Mortgage: @ Feb. 2007: £133,200; Apr. 2011: £24,373; May 2011: £175,999; Jun 2013: ~£97K; Mar. 2014 £392,212.73; Dec. 2015: £327,051.77; Mar. 2016: ~£480K; Mar. 2017 £444,445.74
    • Beckyy
    • By Beckyy 16th Jul 12, 12:33 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    I think it's right about the offsets being the only ones we can view online. It's really annoying, but hopefully it won't make too much difference. It would just be nice being able to log in and see it going down!

    I haven't got much to update on the MFW side of things, although it's been an expensive few days. I had to take the dog to the vets this morning as I spotted a lump between his pads last week. Although I've been bathing it in salt water it's not changed. They've prescribed him a weeks worth of antibiotics as they think there's something in there. If those don't work then he'll need to be sedated and have it lanced. They said it's likely he'll need that and I should claim on his insurance if he does, which I'm dreading as we've never claimed before so have been able to cancel our policy and take out a new one every year to keep getting the introductory discount. I also came out of the vets £65 lighter, he's worth every penny but it's still expensive for what it was!

    I've got a couple of hours of paid training this afternoon for work, then about 11 days straight as I've taken on some extra shifts. I can't say I'm looking forward to it, but it's worth it to eat away at that mortgage!
  • Peonie
    Just think about the mortgage when you're at work.
    Pots: House £6966/£7100, Rainy day Complete, Sunny day £0/£700, IVF £2523/£2523, Car up-keep £135/£135, New car £5000/£5000, Holiday £1000/£1000, MFW #16 £2077/£3120
    MFiT3 #86: Reduce mortgage from £146,800 to £125,000
    Mortgage Sept 2014: £135,500, MF Oct 2035 Peak July 2011: £154,000, MF July 2036
    • Beckyy
    • By Beckyy 20th Jul 12, 4:49 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    It does seem to help doesn't it!

    Now, I wish I had a fantastic and productive report to make, but it's actually quite the opposite. At the end of last month I divided our money up, and put £600 into savings (split between Mortgage OPs/OH's New Car Fund/Savings) with the intentions of adding our leftovers at the end of the month. I've now had to take money back out, and have generally gone to pot a bit. I've gone over my £200 food budget by about £20 so far, and that's with sticking to my meal plans and buying cheaper things that I would have bought previously.

    We're also having a bit of bother with British Gas not being able to register my Nectar Card due to some 'fault' on my nectar account and them 'working on it', which could take months apparently (while we're on expensive standard tariff, of course!). I was hoping to have it done so I could change tariff (or supplier), but I think I'll just have to do it and loose the potential nectar points as we had to submit our meter reading online and I was shocked at how much we had used. Our DD was estimated at £36.50. Turns out we used 787 units in our 2 months of living here, which I think is insane. They calculated our bill and we now owe them £32.94 extra meaning we're really spending about £52.97 per month. I'm trying to look at the tariffs and different suppliers on the comparison sites but everytime I do a comparison it throws up totally different results and I'm a bit confused if I'm honest.

    So a big aim for me is to keep electricity consumption down and get my head around the crazy lists of suppliers/tariffs. We had a key card at our old house, and although it was expensive I'm embarassed to say I think the simplicity was almost worth the extra!

    Today's meter reading is: 2261.7
    • *Jellie*
    • By *Jellie* 20th Jul 12, 5:44 PM
    • 2,949 Posts
    • 13,373 Thanks
    *Jellie*
    Have you checked out the guide to deciding on suppliers on the main board? It might help you get your head round it all.
    We all have times when we don't achieve what we want as MFW- the key is to keep going!

    Well and truly fell off wagon!...2017 Womble #9 Gave up counting :-( Saving for Christmas 2017 #46 £250/ £520. 365 Day Penny Challenge in 2017 gave up! VSP 2017 # Gave up SPC 10. Stashbusting projects lost track! Crazy clothes challenge 2017 #12 £350/200.....oops!
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