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  • FIRST POST
    • Beckyy
    • By Beckyy 11th Jul 12, 12:22 PM
    • 2,736Posts
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    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 2
    • Beckyy
    • By Beckyy 20th Jul 12, 5:56 PM
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    Beckyy
    I've just had a good read of that and of todays article on Scottish Power deals, and have run through each of the comparison sites. They all seem to say British Gas Online Variable August 2013 is the cheapest options for us. I'm not really a fan of locking into something, but it's only got a £30 cancellation fee if we ever did need to change. Plus, I'll get cashback for switching, a free energy monitor which I'm sure will keep me entertained, and the my nectar points if they ever get round to sorting out my card's 'fault'. Am going to go through confused.com and Quidco, as the other comparison sites couldn't give me the energysmart option online. I hope it goes smoothly!
    Last edited by Beckyy; 20-07-2012 at 6:02 PM.
    • Beckyy
    • By Beckyy 24th Jul 12, 10:00 AM
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    Beckyy
    Payday is creeping up and it can't come quick enough this month. I've not got an amazing pay as I had a couple of weeks on holiday (at basic pay) but OH should get some extra from overtime this month. So, I'm going to make up the money for this months £500 on payday and make our first overpayment. Knowing that next month I need to be a lot stricter!

    There are quite a few things I need to get done this month too. We need to put up new guttering on the building that runs along our garden. It's not our responsibility, but the previous owners said the buildings owner wouldn't pay for new guttering. It's broken, and leaking all down the wall and ruining a big patch of our lawn. Rather than causing bother I'm happy just to buy some more and throw it up. I done it at our old house and it wasn't as hard as I had thought. Then I can order some garden plants and make it look more presentable.

    I also have the dreaded car insurance renawal in August. I haven't had my renewal through yet, but I'm already shopping around. Only problem is, I usually have 10 month booster policies which are rounded to 1year NCD at the end, so as it is I have slightly more NCD than I've had a driving license, which companies other than my current don't recognise. So I'm not sure if it will go down by much this year...here's hoping.

    Today I'm going to get some washing done and on the line, and measure up for the guttering so I can reserve and collect from B&Q with Quidco cashback.

    Electricity meter reading today: 22659.6 - slowing down a bit!
    • Beckyy
    • By Beckyy 25th Jul 12, 7:12 PM
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    Beckyy
    Tomorrow I intend to make our first overpayment!

    I've just called the automated Barclays line for the mortgage and got a balance: £101,545.88

    I will make the OP by standing order tomorrow and call again in the evening to see if it's gone through. I'm not sure if it might take a few days, but we'll see. I'm SO looking forward to seeing it go down

    Electricity meter reading today: 22671.2
    • QB Wolf
    • By QB Wolf 25th Jul 12, 8:26 PM
    • 701 Posts
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    QB Wolf
    My very first standing order went out today but not showing on the mortgage, how long does it take to transfer?
    Start Date 16/09/2015
    Original amount outstanding = 225,000 Current amount outstanding =207,500
    Original LTV = 64.29% Current LTV = 59.29%
    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
    • Beckyy
    • By Beckyy 25th Jul 12, 8:30 PM
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    Beckyy
    I'm not too sure either, but I'm guessing it could take up to 5 working days?
    • QB Wolf
    • By QB Wolf 25th Jul 12, 8:32 PM
    • 701 Posts
    • 3,046 Thanks
    QB Wolf
    It's weird some accounts I move money round and it appears almost instantly in the other account, some take ages!!
    Start Date 16/09/2015
    Original amount outstanding = 225,000 Current amount outstanding =207,500
    Original LTV = 64.29% Current LTV = 59.29%
    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
    • Beckyy
    • By Beckyy 29th Jul 12, 9:45 PM
    • 2,736 Posts
    • 4,148 Thanks
    Beckyy
    I set up the standing order on 26th July, to come out on 27th. It left my account on 27th, and when I checked the mortgage balance that evening it had come off. So seemed to go through the same day.

    We made our first OP for £500. I'm really chuffed, it's been a tough month for getting used to budgets and I know I've got a lot of room for improvement! Next month I'm aiming for £500 again. We have a few birthdays, and I may be visiting family which is an expensive drive, but we'll keep going!
    • Beckyy
    • By Beckyy 1st Aug 12, 10:37 AM
    • 2,736 Posts
    • 4,148 Thanks
    Beckyy
    So that's another month gone... can't believe how quickly this year is going.

    I've set myself a strict £200 budget for food this month. I've already done a big shop to start with using the £5 off £40 shop Tesco voucher I had. I've had to stop buying organic veg, apart from fair trade bananas. Which I'm sad about, but needs must. I'm still getting organic dairy and free range/organic meat.

    I'm still waiting for my renewal quote for the car insurance to come through. I'm going to ring if it doesn't come this week, as I don't want to forget and be stung with an expensive automatic renewal. Hopefully I can shave some off my switching or asking them to pricematch - fingers crossed!

    Electricity reading: 22740.4
    Still waiting for hear more on the tariff switch, I think it will take a few weeksn yet.
    Last edited by Beckyy; 01-08-2012 at 10:39 AM.
    • Beckyy
    • By Beckyy 2nd Aug 12, 7:14 PM
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    • 4,148 Thanks
    Beckyy
    So it's not been a good day. The bank called me yesterday to say there's been some fraudulent transactions on my account, the main one was declined but one was authorised. They're going to refund it if it goes through, and have cancelled my card.

    I also got our pet insurance renewal through and they've tried to put it up by more than 50% - we've never made a claim, ever. They did the same the previous year so we cancelled and took out exactly the same policy again with the introductory discounts etc. for the same price.

    I think I'm going to have to do the same again, knowing if we do have to claim we're going to be stuck with their extortionate renewals next year, but sadly it really is necessary for our breed of dog.

    I did however find a very good deal with Sainsburys pet insurance offering £80 Quidco cashback on a new policy. So I can take out a low cover policy for one of the cats for £63 per year and make a profit on it overall (or cancel after 4-6 months after cashback and make an even bigger profit. Not that I'd advocate such a thing!)

    I've a day off work tomorrow and I really need it. I've worked too many long, antisocial, shifts over the past couple of weeks and I'm thoroughly fed up of it at the moment.
    • Sepa74
    • By Sepa74 3rd Aug 12, 12:18 PM
    • 953 Posts
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    Sepa74
    **rant alert**

    Pet insurance is extortionate, but so are vet bills! I have a suspicion that it's developing into a vicious circle in the way health care has in the US - because everyone is covered by insurance the care providers can charge a lot more than if noone was covered by insurance and had to pay the bills themselves. The fact that a lot more sophisticated treatments are available acts as 'cover' to the fact that basic costs are rising dramatically as well. It doesn't help that we are as emotional about our pets as we are about our health - people will pay almost anything to keep a beloved pet alive.

    It has become a vicious circle in the US, and looks like it may become one for pets in the UK as well.

    I had insurance for a year and cancelled it after a major price rise even though I'd not made a claim. It just didn't feel fair, although I do understand why the price rises as an animal gets older.

    I am self-insuring, on the general principle that I would rather not find myself locked into an insurance policy, but make sure I actually save the money I would otherwise pay to the insurers. I am aware of the risks of doing so, both emotional and financial. I have been recommended to put aside £50 per cat per month (!) but that is pretty much what a lifetime policy costs these days.

    If the cats need expensive care later in life than I will have a big chunk of money available to pay for it, and if they don't then I am quids in.... but I am keeping my fingers crossed very tightly!!
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58)
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
    • Beckyy
    • By Beckyy 4th Aug 12, 8:49 PM
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    • 4,148 Thanks
    Beckyy
    I couldn't agree more! I think it's outrageous. We recently had to take the dog to the vet, and they didn't have it on their system that he was insured. So they gave us a short course of antibiotics to save us money, but when I revealed that he was actually insured they made it clear that they felt an expensive 'insurance job' procedure would be the quickst solution to the problem.

    I've never insured a pet before but as he's a giant breed dog, and I know owners of his relatives have maxed out the limits on their pet insurance with some health problems common to the breed, I thought I better (begrudgingly) take it out. It's daylight robbery though.

    On the MFW side of things it's not looking to positive (I seem to say that too often!) OH has wanted a new car for a while, and I've said we'll split our spare money between OPing mortgage and saving for a new car for him. I was always taught that when it comes to luxuries if I can't afford it then I can't buy it, but OH is more than happy to take out finance really. So I think I may have to shuffle around and put more into his car fund so that in the long run we're not paying a stupid amount of interest on finance, as the cars he's looking at are a few thousand more than he'll get for his as a part-exchange. He's not really keen on OPing in the mortgage and thinks as it's a manageable amount each month we should just not bother and use our money for other things.
    • lilmissmup
    • By lilmissmup 5th Aug 12, 8:39 AM
    • 6,813 Posts
    • 8,721 Thanks
    lilmissmup
    Hi Becky!

    Could you post or message me the phone number you ring to check the mortgage balance and who you spoke to get the sort code for the mortgage account as I want to set up a SO too as rarely pass a branch.

    Me and OH have just started a mortgage with the woolwich, looking to get overpayments sorted asap as looking to sell in next couple years but less mortgage means more profit on selling to get another house.

    I will subscribe to your diary so we can beat the woolwich together!
    Now a SAHM trying to earn some spare pennies each month
    • Beckyy
    • By Beckyy 6th Aug 12, 12:20 PM
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    Beckyy
    Sure! The number is 0800 022 4022
    If you phone during the day you can speak to an advisor, and if you phone outside of office hors you get an automated service which you can use to check the balance/last payment etc.

    I can't remember who I spoke to, but I just told them I wanted to make overpayments and if they could give me the details of where to send them. They gave me the sort cod and account number, and said to put my mortgage account number as the reference for the SO.

    The Account no./Sort code they give you to OP are made up of your mortgage account number I think. It was actually much simpler than I thought it would be. They also gave me the exact figure of how much I cold overpay for the next year without incuring any fees.

    After the SO I phoned the automated service in the evening and checked my 'last payment' and it was there.

    Together we can beat the Woolwich
    • CathT
    • By CathT 6th Aug 12, 2:03 PM
    • 5,314 Posts
    • 36,494 Thanks
    CathT
    Hi Becky, I looked for your diary after you posted on mine

    Glad you managed to get your mortgage sorted out online, I can't view mine anymore and while it is a little frustrating I do have my spreadsheet!!

    Hope you get your tarrif sorted too, I've moved away from British Gas a few times but usually end up going back to them.

    £500 a month is a fab OP, have you used the OP calculator to see how much you can save/months you can knock off?
    August 2017 -
    part 1 - £79,967
    part 2 - £46,351
    Total - £126,318
    • Beckyy
    • By Beckyy 13th Aug 12, 6:31 PM
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    • 4,148 Thanks
    Beckyy
    The figures on the OP calculator were insane! It said OPing by £500 each month would knock 15years off the 25 year term, and save over £40,000 in interest. I hope we manage to keep it up!

    I had a dire day at work today, to the point where I came home and started looking at job vacancies online. There's not a lot of hope of me finding anything with the same pay and hours as I have now though, so I think I'm just going to have to hope that it improves over time. Ideally I'd like to get to a point on this house where we've overpaid the mortgage enough to switch to a BTL, and release enough equity to put a deposit down on our next home. We still own our previous home, mortgage free (it's a tiny house!) and will hopefully be letting that out soon which will make our monthly OPments much easier to reach.

    We've already had 1 birthday this month, and have another 4 more (including mine) and then 1 in the beginning of September. I think it's going to be an expensive month
    Last edited by Beckyy; 13-08-2012 at 6:33 PM.
    • Beckyy
    • By Beckyy 17th Aug 12, 7:56 PM
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    Beckyy
    BIL and MILs birthdays are both done = £40
    Tomorrow is OH's Grans... have yet to get her something as we won't be able to go round til next week because I'm working through the whole weekend until late at night. May just get her some nice flowers though... she has everything she needs so it's more a case of 'it's the thought that counts'

    Dad's birthday present is mainly sorted and brothers is in the pipeline. Phew!

    Just had my payslip today and hopefully I should be able to go over our £500 OP target this month. Fingers crossed!

    Car Insurance renewal goes through tomorrow. For the first time I couldn't find it cheaper elsewhere, with or without cashback so I've just stayed with my current provider. I'm so glad we've been putting away money each month for 'car stuff' as it's taken a huge dent out of it!
    • gallygirl
    • By gallygirl 18th Aug 12, 9:48 AM
    • 16,431 Posts
    • 107,671 Thanks
    gallygirl
    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!
    Originally posted by originalmiscellany
    And every £2.50 coffee actually 'costs' over £3.75 .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • lilmissmup
    • By lilmissmup 18th Aug 12, 10:22 AM
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    • 8,721 Thanks
    lilmissmup
    Thats great that you should be able to outdo your OP.

    I am thinking of ways to do our next one!
    Now a SAHM trying to earn some spare pennies each month
    • Beckyy
    • By Beckyy 22nd Aug 12, 10:00 AM
    • 2,736 Posts
    • 4,148 Thanks
    Beckyy
    PD is on the horizon and I've just scraped over our £500 aim. I think it will be about £560 this month, but will know for certain in the next day or two.

    I'm going to visit some family at the end of the month and travel costs etc. will probably be a good £150-200. I got a decent pay from overtime I've done recently, it's a shame to see such a big chunk of it go, but will be nice to catch up with family. I don't get the chance often.

    My car insurance renewal went through so that's the best part of £475 gone. I shopped around as much as I could but really couldn't beat the renewal, suprisingly. That came out of the 'car stuff' pot which is almost empty now!

    I've a little bit of time off work at the moment, and feel like I've not stopped for the past few weeks so we're going to go out for dinner at the end of the week and I'm determind to just enjoy and not attempt to start adding up the prices in my head before I order or think about how much intered I'd save if I didn't have pudding

    Electricity meter reading - 22932.7 Still no word on the tariff change going through yet.
    • Beckyy
    • By Beckyy 23rd Aug 12, 6:07 PM
    • 2,736 Posts
    • 4,148 Thanks
    Beckyy
    I got a haircut today, even with my 10% discount it came to £36 . I desperately needed one though, and the salon is very nice (obviously...)

    I called Woolwich and asked if we could change the date of our monthly DD. We asked our broker to set it for the 1st of the month, but for some reason he didn't bother and it's at a very obscure date. They told me I wasn't allowed though... and said if I was struggling to make payments they could arrange a payment plan. Think she had the wrong end of the stick a little, but it doen't matter too much, it's fine as it is.

    Tomorrows monthly standing order is set to go through for £600. £100 over our £500 monthly target. Will update once it's through

    Todays current mortgage balance is: £100,833.79

    I'll be so happy when it goes under £100K!
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