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  • FIRST POST
    • Cariad71
    • By Cariad71 8th Oct 12, 2:28 PM
    • 157Posts
    • 147Thanks
    Cariad71
    Welsh Mam on a mortgage free mission
    • #1
    • 8th Oct 12, 2:28 PM
    Welsh Mam on a mortgage free mission 8th Oct 12 at 2:28 PM
    Good afternoon all!
    I have been reading these boards for a while and decided to start my own diary in order to motivate myself.
    I'm 41, married with two kids and a nutty cat.
    This is my second time around. We paid off our mortgage a few years ago. So why am I here I hear you ask. Well, we decided to move to a bigger house and rent out the first house.
    So now we have a ahem £172k mortgage. It's interest only but the aim is to overpay so that the first house is a pension pot.
    First mortgage payment goes out 19th of this month. I'm hoping to make an overpayment at the end of the month. That's enough for now......I'll be back
Page 4
    • Cariad71
    • By Cariad71 11th Sep 16, 6:37 PM
    • 157 Posts
    • 147 Thanks
    Cariad71
    Well we've had the letter through from the bank and the repayments are now £398. Even better!
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033
    • Cariad71
    • By Cariad71 14th Nov 16, 11:09 AM
    • 157 Posts
    • 147 Thanks
    Cariad71
    Plodding on
    Well husband decided to take a car loan out to buy new car......then decided to keep old car. So I overpaid another lump sum. The loan rate is good so at least by paying the mortgage, the monthly loan amount gets paid to the mortgage if that makes sense.
    So nice to see the mortgage coming down.
    Tenants in first house say they're moving in 2 years, so we'll probably sell house one, buy a cheaper property to rent out and reduce the mortgage more again.
    How's everyone doing? It's so hard to stay focused but worth it!
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033
    • Cariad71
    • By Cariad71 1st Jan 17, 2:59 PM
    • 157 Posts
    • 147 Thanks
    Cariad71
    Happy New Year everyone
    Happy New Year to you all!
    Just before Christmas I overpaid £1967. That's it for this financial year....we've hit the 10% threshold. Can't quite believe we did that but it's all good.
    I think our tenants are moving out soon......so we shall have to decide whether to keep renting (MR Cariad wants to do this) or sell up and have some money in the bank (Mrs Cariad's preferred option).
    I've bought stacks in the sales (Body shop, Boots, Yankee candle) for birthdays throughout the year and even next Christmas.......I just need to remember it's all there!
    I'm off to plan a budget food shopping list now. Have a good day y'all X
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033
    • Cariad71
    • By Cariad71 30th Jan 17, 6:41 PM
    • 157 Posts
    • 147 Thanks
    Cariad71
    January
    Where did January go? I can't overpay until the new financial year in April but I've managed to pay off the holiday in full from January's spare money. Managed to get a good deal on 'Owner's Direct'. Never had a villa before but daughter has her boyfriend coming on hols with us.
    We seem to have had a lot of outgoings recently so need to tighten my belt. Hope you are all staying focused
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033
    • Flower1976
    • By Flower1976 1st Feb 17, 8:09 PM
    • 76 Posts
    • 127 Thanks
    Flower1976
    Happy new year Cariad.
    Your numbers are reducing lovely!
    Where are you going on holiday?
    Flower
    • Cariad71
    • By Cariad71 30th Aug 17, 10:38 PM
    • 157 Posts
    • 147 Thanks
    Cariad71
    Took my eye off the ball
    Sorry Flower, I havent been on here in ages! We went to Menorca.......for anyone interested in MUCH cheaper holidays, I can heartily recommend Owner's Direct.

    I haven't been very money saving lately! It's hubbies 50th in January and our Silver Wedding next year, so I've decided to be less strict, then get back on it.

    I don't think I've made any over-payments this year yet......but we have redone the attic room and carpeted the whole of the second and third floors.

    I think I had a bit of a 'Why am I saving so hard, I could be dead tomorrow' moment. I need to find a happy balance between frugal and splurge queen
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033
    • Cariad71
    • By Cariad71 14th Feb 18, 7:53 PM
    • 157 Posts
    • 147 Thanks
    Cariad71
    Well, I never made any over payments last year but we did take lots of holidays and do lots to the house. The good news is that the house we are renting out has gone up from £165000-£200000.
    As our mortgage is 138,000 that's equity of 62,000.
    I still want to overpay but I'm not anywhere near as obsessed as I was because I only have one mortgage and 2 houses.

    I've also decided to take voluntary redundancy as my health is not brilliant. My aim for 2018 is to just pay a little off the mortgage so watch this space.
    We remortgage in May and go from 3.29% to 1.44% (fixed for 2 years)...or 2.38% (fixed for 5 years) which will slash the monthly repayments. Any thoughts on a 2 year versus a 5 year fix?
    Starting balance £173,000 (Sept 2012) interest only so if we do nothing We will owe this at the end of the term!!!128513;!!!128513;
    Balance as of Sept 2014 £165,803
    Balance as of Feb 2015 £163,360
    Balance end of July 2015 £159,050
    Balance as of Jan 2017.... £138,033
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