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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 3
  • Peonie
    Becky that's great. Will you go under £100k next month?
    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 24th Aug 12, 10:40 AM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    As far as I can see we should . It's so encouraging when you see it go down and a big chunk come off!

    My OP went through this morning and the balance is now: £100,245.28

    It's such a good feeling when it goes through! I really wish I could have taken it under the £100K mark, but we'll save that for next month!

    Last edited by Beckyy; 24-08-2012 at 10:45 AM.
  • exarmydreamer
    Hi, Beckyy

    Just read your diary and wanted to say well done, as I am aiming towards £100K by xmas (fingers crossed). It's brill when you see loads coming off but i've only just started and am so encouraged by other people's diaries. Good luck.
    • shala_moo
    • By shala_moo 25th Aug 12, 4:07 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    As far as I can see we should . It's so encouraging when you see it go down and a big chunk come off!

    My OP went through this morning and the balance is now: £100,245.28

    It's such a good feeling when it goes through! I really wish I could have taken it under the £100K mark, but we'll save that for next month!

    Originally posted by Beckyy
    Will you be celebrating when it hits the £99k's? It's fab milestone to smash, well done
    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • Beckyy
    • By Beckyy 5th Sep 12, 11:00 AM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    Hopefully! It seems so far between OP's when they're just once a month, am so looking forward to it going down though.

    It's been almost 7 weeks since we applied to change electricity tariffs through confuseddotcom with BG and I've still not heard anything. I'm actually getting rather annoyed now, as they still haven't sorted out the fauilt to register my nectar card 4 months on. It feels like they're just ignoring me for as long as I keep quiet, whilst charging me an absolute fortune. I was intending to make a complaint through their website to see if it gave them a kick up the bum... but very conveniently it's not working!!
    • Beckyy
    • By Beckyy 17th Sep 12, 12:57 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    The Electrcity tariff has changed now, although it didn't seem to go through with the 'Energy Smart' bit and I SO wanted one of those free energy monitors :P so I'll have to add it on next month.

    I also contacted British Gas through their website and asked AGAIN about my Nectar card and it's magically been registered since. I also had my bonus points added on as promised so I'm very chuffed about that.

    Next OP should go through at the end of this week, I was hoping it would be £600 again, but more likely to be £550 as we have some house stuff to budget for and need to start the Christmas shopping too
    • LittleMissAspie
    • By LittleMissAspie 17th Sep 12, 2:36 PM
    • 2,089 Posts
    • 3,141 Thanks
    LittleMissAspie
    Hi Beckyy, have you considered checking your balance just before the overpayment and paying off the odd bits on the end to make your balance a round number? So 28p, or £5.28, or even £45.28 added to your overpayment. I do this and it just helps me stretch that bit further, I mean what's 28p? But every penny counts. Plus I like round numbers
    • Beckyy
    • By Beckyy 17th Sep 12, 3:01 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    I really wanted to start doing that so that I could have it at a nice round number, but as we can only OP by standing order whenever I amend it it has to have 1 worked day to go through, so I think daily interest would have been added on then and changed the balance. I'll definitely have a check of the balance either tomorrow or wednesday, as planning to OP Thursday and I should be able to work out roughly how much will take us under the £100,000 mark, then I can make sure I add that in
    • lilmissmup
    • By lilmissmup 18th Sep 12, 5:07 PM
    • 6,814 Posts
    • 8,723 Thanks
    lilmissmup
    I just did a one off faster payment to overpay mine when I did it? Does your bank not allow you?
    Now a SAHM trying to earn some spare pennies each month
    • Beckyy
    • By Beckyy 20th Sep 12, 10:56 AM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    Actually, thinking of it I must be able to but I've set up a standing order to go through and at least that way I never forget to do it The faster payment will come in handy if I get any extra money that I want to OP straight away though!

    I've just done a balance check and it's currently: £100,007.40p OP should go through tomorrow, so I'll amend the amount and update tomorrow
    • lilmissmup
    • By lilmissmup 20th Sep 12, 6:48 PM
    • 6,814 Posts
    • 8,723 Thanks
    lilmissmup
    Wooohoooo under £100k!!!
    Now a SAHM trying to earn some spare pennies each month
    • Tilly MFW in 6 YRS
    • By Tilly MFW in 6 YRS 20th Sep 12, 7:14 PM
    • 7,756 Posts
    • 86,539 Thanks
    Tilly MFW in 6 YRS
    Hi Becky, roll on your update tomorrow - sub 100k

    Tilly x
    2004 £387k 29 years - MF March 2033
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15
    • Beckyy
    • By Beckyy 21st Sep 12, 12:15 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    £99,469.01p

    WOOHOO
    • shala_moo
    • By shala_moo 23rd Sep 12, 4:25 PM
    • 3,242 Posts
    • 27,179 Thanks
    shala_moo
    £99,469.01p

    WOOHOO
    Originally posted by Beckyy
    Fantastic

    Mortgage = £166,050£118,172.76
    Mortgage Offset % = 32.56%
    Mortgage Neutral Date = Dec 2036 Mar 2026
    • Beckyy
    • By Beckyy 27th Sep 12, 2:06 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    I've been trying to set up a faster payment online for a couple of days and my online banking has been a nightmare and given me an error everytime! Have finally got it sorted though, and sent through a £1 payment to test it.

    I've just called for a balance and its not gone through yet, but think it can take a couple of hours. Current balance is: £99,538.62

    It's horrible seeing it go up with the interest! I've got a little Quidco payment of £8.88 so I'll OP that once the fast payment tester has gone through. Every little helps!
    • Beckyy
    • By Beckyy 27th Sep 12, 3:37 PM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    Finally managed to check the faster payment went through after about 5 painful attempts at the automated Barclays line. Either I have a ridiculous accent or it's having a bad day, or both!

    Balance now: £99,537.62. £8.88 OP sent through
    • justinj
    • By justinj 27th Sep 12, 6:01 PM
    • 50 Posts
    • 110 Thanks
    justinj
    Congratulations Becky, Down to 5 figures absolutely brilliant news. I will be joining you tomorrow as I've got a regular saver maturing and I get paid.
    It's been our mini goal since we started. Will you be celebrating? I think we may treat ourselves to the cinema if we can get a baby sitter!
    Mortgage was £144,308.70 (12.1.10)

    Mortgage now £79,046.09 (30.11.15)
    • QB Wolf
    • By QB Wolf 27th Sep 12, 11:02 PM
    • 703 Posts
    • 3,048 Thanks
    QB Wolf
    Well done - great news.
    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
    • Beckyy
    • By Beckyy 28th Sep 12, 10:12 AM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    It's been our mini goal since we started. Will you be celebrating? I think we may treat ourselves to the cinema if we can get a baby sitter!
    Originally posted by justinj
    Congratulations! I think we might do the same actually, I hope you have a lovely night
    • Beckyy
    • By Beckyy 5th Oct 12, 10:11 AM
    • 2,747 Posts
    • 4,157 Thanks
    Beckyy
    It's been a very expensive month so far, and we're only a few days in!

    I had to take the dog back to the vets as the inflammation between his toes has come back. I paid for a prescription for the antibiotics and anti inflammatory, then ordered them online. Consultation, prescriptions and medication = £150. He's to go back for the same again in 3 weeks if that doesn't totally clear it up.

    We've also had a big problem with our raw dog food supplier, and although we've now found another supplier we've had to stock up on the incredibly expensive frozen food from Pets at Home, which works out more than double the price. We also have to pay our new supplier next week for an order.

    It's also OH's sisters birthday this weekend. We said we'd get a takeaway for everyone and go round with it, and we also still have to find her a little gift too.

    I have however, just OP'd £10 of Halifax rewards and £3 Quidco payment (every little helps!). I added some extra into OH's car fund at the end of September, but I'm going to have to take it out as the poor dog has muddled up the budgets this month.
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