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  • FIRST POST
    • mrsp1987
    • By mrsp1987 4th Feb 16, 8:28 PM
    • 781Posts
    • 3,760Thanks
    mrsp1987
    Mortgage Free Mini-Goals
    • #1
    • 4th Feb 16, 8:28 PM
    Mortgage Free Mini-Goals 4th Feb 16 at 8:28 PM
    So, I've decided that I want to make a concerted effort to reducing our mortgage so that we finish our term well before the initial end date of April 2041. Unfortunately, I haven't quite set a fixed date in mind I just know that I want to pay it off early.

    A bit of backstory for you all. My husband and I bought our first home together in April 2011. We initially had a mortgage for £108K. 2 years later when our fixed term came to an end we wanted to free up some money so that we could do some renovations on the house - extend the bathroom and convert the garage. We had the house revalued as £155K which allowed us to remortgage for £116K, giving us £10K for the renovations.

    Life tootled on and I fixed out mortgage again at the end of the 2 year fixed period in April 2015 for 5 years. Annoyingly, we were just over the 75% LTV ratio when I remortgaged and within a few months we had dropped below it and could have got a cheaper rate and saved ourselves about £100 a month. But, I didn't know this at the time and hindsight is 20/20.

    After our wedding last year DH's dad came along one day out of the blue and said he wanted to give DH an advance on his inheritance. Well, not just an advance but his actual inheritance early. To the tune of £100K!! This actually rendered me speechless. Not something that happens very often.
    As our mortgage was over this amount we decided not to put it all down onto the mortgage. Whether this was the right or wrong thing to do...well, people will have their own opinions. We decided to pay off our debts and put £10K down as a lump sum on the mortgage and invest/save the rest.
    Oh and we both took £1000 each to do what we wish with. He spent his on a titanium frame and built a new road bike. I invested some of mine in Funding Circle, bought a new iPhone after buying myself out of my mobile contract and have the rest in a savings account. This is why I'm in charge of the household finances

    Anyway....we now have a mortgage below £100K and when the statement came through at the end of December I was so excited! This seemed to me like a massive milestone and it got me thinking.
    How much more could I do? How much money could I get out of my husband each month without him complaining too much? Where can I squeeze some money and put it towards the mortgage and bring it down? The fact that we shaved off nearly 5 years on the length of the term really excited me. How much more could I take off if we made regular over-payments?
    Unfortunately we can only make lump-sum over-payments of £500+ on our mortgage. So, my plan is to save the money up and make either one or two lump-sum payments each year. This year I want to pay a minimum of £1,000 extra.

    I've also just realised that this post is loooong and quite possibly very boring to you all. So, for now I will leave it at this and keep updating as I go along. Also, my cat has decided to sit on my arm as I'm typing and this isn't particularly conducive to typing.
    So, hopefully I'll get a few followers on this journey of mine. If not, at least I've got somewhere for me to put my random and not-so-random ramblings.
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
Page 16
    • mrsp1987
    • By mrsp1987 11th Sep 16, 5:32 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Life seems to be good at the moment. Except I think I'm coimg down with something as my throat hurts and k feel really cold and tired. Early night for me I think! But other than that life is really pretty decent.
    I didn't spend too much time with any one cat when we went today so I don't feel too attached to them and feel as if any of them are 'mine.' I'm also a firm believer in fate and that our kitten/cat wasn't there or wasn't available to be adopted just yet when we went today so I shall have to dig deep and try and find that tiny smidgen of patience that I possess.
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • cat683
    • By cat683 12th Sep 16, 1:42 PM
    • 19 Posts
    • 58 Thanks
    cat683
    Hi there mrsp1987,


    I have just read your thread for the past few weeks. I had to stop though when I was reading about your cat, I nearly started crying!! I am so sorry!
    Those kittens are just adorable!! I have my second cat now, well my first one was when I was young and my parents mostly took care of him.
    Junior is little trouble maker and he is 3 years old now. First time I seen him was when he was about 4 weeks old and he fit in my hand!! Now he's a good 6kg, down from 7kg!!! and is so mischievous!


    Very well done on your mortgage overpayments!! You're working really hard and making great progress, especially as you and your hubby are not on huge wages. I find that really great motivation for myself.
    I do hope you keep it up and then you'll be mortgage free soonish...


    Good luck on the new kitten. If you find one, or two, you must post pictures of them.
    • A Frayed Knot
    • By A Frayed Knot 13th Sep 16, 8:14 PM
    • 1,742 Posts
    • 7,993 Thanks
    A Frayed Knot
    Was over on Ms-Bristol's Diary, where I saw your post.

    It is Dec 31st, for H@lifax, so the next 10% allowance starts 1st Jan each year. However if your fixed rate ends, say in Sept (like mine did, last year) you can obviously pay as much as you like (as out of deal) then take on new fixed deal, you would have a 10% allowance from Oct to 31st Dec (like I did) then another 10% from 1st Jan.

    But to compensate for all o/p's previously made and with a raise in income, I added extra income figure (which was raise, interest saved in new deal and no internet to pay for 1 year) to my normal payments and reduced my years (took 6 and a half years off) so still had a 10% allowance allowed every year.

    I was having a chat with my dad yesterday and he was asking about my 10% cap as well. For me it runs from January to December rather than the anniversary of the loan, which I find simpler.
    *He asked if I could pay 10% in October and then 10% again in January which got me thinking.
    I'm also limited by only being able to make a minimum repayment of £500 at a time and my aim is to save up £500 and then make a payment. So, what I might do is find out how much I've got of my 10% left in the middle of **December and then make a lump sum from some of my savings. It might not be up to the full amount but maybe knock another 2/3K off it.

    Originally posted by mrsp1987

    *See my above answer to your dad's question, bearing in mind I'm with the H@lifax.
    **That's exactly what I done in Dec 31st last year as, as they say "once it's gone - it's gone" meaning the 10% allowance for that year - you can never get last year's allowance back - it's gone. Have to tell you - I was so happy I done that - right decision for me and saves you interest in the meantime
    I have been told by my mortgage company that I can actually reduce my term even more, without penalty even though I'm only 11 months into my 2 year fixed deal. Thought this may be my solution to o/p more as I have reached my 10% only 8 months into this year.

    Hope this helps, give you food for thought
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • mrsp1987
    • By mrsp1987 14th Sep 16, 3:40 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Thank you so much Cat. It was such a difficult time when Skip became ill. I've never had pets as a child so t was the first time I'd lost a pet and I'd never gone through pet euthanasia before. It was tough and I kept popping my head in the bedroom to check on her forgetting that she wasn't there anymore.
    I'd love to get a proper kitten (they had some at the RSPCA centre on Sunday) but we're just not at home enough currently to give them the dedication they deserve. Maybe when I'm older and I'm semi-retired or something.

    Yes, most definitely food for thought AFK. My fix doesn't run out until March 2020 sadly. I will consider making a lump sum at the end of the year however, I am also reluctant to use all (or the bulk of) my savings when I don't know what may be around the corner. I am on a fixed term contract at work until March 2017 and I also just like having a nice stash of money. Makes me feel safe

    Getting myself all in a tiz over this cheap energy club collective switch. I'm already on the collective fix Feb 2017 with BG and so I'm checking out the prices for the new one and basically the figures that I'm being billed by BG are cheaper than the figures that are being quoted by MSE CEC for the February Collective Switch.

    On my bill it's 2.670 pence per unit for gas and 8.370 pence for electricity and an 18pence per day standing charge. However, according to the CEC website the tariff prices are 2.804 pence per unit for gas and 8.789 pence per unit for electricity with an 18.9pence per day standing charge. So I don't know whether I should switch to the new fix because depending on which of the above figures I use it'll either be £42 a year or £3 a year more expensive to switch.
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 14th Sep 16, 3:45 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Apparently it's all to do with VAT. The unit prices that CEC quote include the 5% VAT whereas my bill prices don't include VAT and it's added on as in individual item at the end of the bill.

    Why the heck doesn't it say that? I mean, I know not many people go into as much detail as I do looking at the price comparisons and stuff but how the hell was I meant to know that?!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 15th Sep 16, 9:46 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    So after a week my £500 overpayment has been applied to my mortgage. A week! What a joke. Had a moan on the Santander Facebook page and they asked for more details so are now treating it as a proper complaint I may have accused them of keeping hold of my money in order to earn interest off of it for themselves

    In other news I have my flu jab at 9am tomorrow morning. Oh joy of joys! But I get it early and choose to pay for it because I actually got the flu 2 years ago and it was the worst thing ever. I understand how people die from the flu! Annoyingly I'd had the flu jab 13 days before I became ill but my body hadn't had enough time to create the antibodies (or I caught a different strain) so now I make sure I get it as soon as I can!! But I still don't like being jabbed with a needle
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 23rd Sep 16, 1:46 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    So Santander took me seriously and handled my little moan as a proper complaint and everything. Got a resolution letter seeing as I don't answer my mobile phone to numbers I don't know (I get A LOT of spam) saying that even though it can take 5-7 working days to apply the money to my account they work the interest out from the day the payment leaves me bank account so it's not to my detriment. If they'd just flipping well say that somewhere either online or on the phone when I make the payments I wouldn't mind and I wouldn't have complained. Anyway I got a free £25 out of it so I'm happy! Wasn't even a proper complaint. I was just having a whinge on FB but whatever. Free money is free money!!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • EatingTheElephant
    • By EatingTheElephant 24th Sep 16, 8:25 AM
    • 605 Posts
    • 2,923 Thanks
    EatingTheElephant
    Great news that you got a little extra from them! I'm the same with my mobile and don't tend to answer unknown numbers, I did read that one of the networks is putting in place something to stop the spammy calls even getting to your phone. I hope they will all follow suit.
    • mrsp1987
    • By mrsp1987 24th Sep 16, 9:17 AM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    The great irony is that that £25 will be part of my next £500 mortgage overpayment
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 2nd Oct 16, 7:41 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    So hubby and I are off on our holibobs tomorrow - 4 night jaunt to Madrid but I just wanted to let you know that when we get back our little family will be expanding!! We've adopted 2 more cats!

    Okay so this is boy cat, currently called Ben


    and he has a sister, currently called Julie who had an operation on her hernia last Friday and was spayed at the same time, hence why she's rocking the lampshade look.

    Save
    We're hoping to be able to pick them up next Saturday but the vet wants to see girl cat on Wednesday because her hernia is still a bit pokey outey and he may have to re-repair it but fingers crossed even if he does we should be able to bring them home over the weekend!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • PrincessLou
    • By PrincessLou 2nd Oct 16, 8:21 PM
    • 461 Posts
    • 1,755 Thanks
    PrincessLou
    Congratulations on your new additions MrsP. They are truly adorable
    • giblet1979
    • By giblet1979 9th Oct 16, 11:50 AM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Hi mrsp - hope you had a lovely holiday?
    Gorgeous cats!!!!! So happy for you. They are really cute. I know that one of mine burst her stitches after she was neutered (she didn't like the head cone and climbed up every pair of curtains in a frenzy until it was off...probably then that she did it!) She was fine after a little op...didn't bother with the cone again, just tried to watch her with the stiches as much as possible.

    Great news about the bonus £25 too...better in your pocket (well mortgage, but you know what I mean)

    Gib x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 9th Oct 16, 4:46 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Hi giblet

    Had a lovely time in Madrid, weather was beautiful and got to visit the Estadio Bernabeu, which was amazing!! Flight home was delayed by 5 hours so we landed at about 01:45 and didnt get home til 3am!! I've just finished filling in my compensation form so hopefully we'll have EUR 500 headed our way soon. I made a mistake at the airport when i googled the distance between Madrid and Birmingham and it gave me the driving distance not the flying distance so for the last 48hours I've been thinking we'd be getting EUR 800 instead. Oops. Oh well, its all money - however this will probably go on christmas not the mortgage.

    Rang up about the itty bitty kitty committee yesterday. Julie's surgery went okay but because she had to have it redone they want to make sure she's okay for another few days, so we're to call back on Tuesday and hopefully we can pick them up on Wednesday. I was actually a bit relieved because I was just so tired yesterday I really didn't want to drive out past Shrewsbury and back and also it gives our current kitties the chance to get used to us being in house again.
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • giblet1979
    • By giblet1979 10th Oct 16, 10:15 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Sounds like a great holiday - glad you had a good time, and how organised are you with the compensation! That'll be a nice christmas bonus x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 11th Oct 16, 7:24 AM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Sounds like a great holiday - glad you had a good time, and how organised are you with the compensation! That'll be a nice christmas bonus x
    Originally posted by giblet1979
    I was actually on the MSE website looking up how much compensation we could get whilst in the terminal waiting to see if the delay would be more than 3 hours
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 11th Oct 16, 10:00 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    Kitties tomorrow!!!! Need to remember to ask if her hernia counts as an existing condition for insurance purposes.
    Yay!
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • mrsp1987
    • By mrsp1987 12th Oct 16, 5:56 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    We have the kitties and we can confirm that they're called Renault and Clio. Clio needs her stitches out next Wednesday and she's booked in with our vet in town. She also has a slightly watery right eye, so it's possible she might be coming down with a bit of cat flu but we were happy to bring her home anyway and we'll keep an eye on it and if it develops into something more we'll take her the vets for any antibiotics or whatever. So far it's clear so hopefully nothing will come of it.
    They're all causing minor mayhem tucked up in my office upstairs. I'm trying very hard to keep hubby on the straight and narrow and allow for a gradual introduction to the home, rather than his usual way which is to let the cats out and see what happens!! I don't want to stress out the existing cats too much whereas hubby thinks it's just a case of leg nature take its course, it'll all be alright in the end!" *sigh*
    Photos to follow when I get a chance xx
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
    • A Frayed Knot
    • By A Frayed Knot 12th Oct 16, 8:42 PM
    • 1,742 Posts
    • 7,993 Thanks
    A Frayed Knot
    Love the names , one of my friends has Pepsi and Sprite, and Jeremy and Jemima. Hope you get some sleep tonight.
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • giblet1979
    • By giblet1979 12th Oct 16, 9:02 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Awwww....glad you've got them and looking forward to pictures.
    I'm laughing at the thought of you checking the compensation from the airport; I'm sure Martin would approve x
    Debt remaining:
    Mortgage - £122,780 (of £134,600)

    Work overpayment and home improvement loan paid back (£19200)


    • mrsp1987
    • By mrsp1987 14th Oct 16, 6:29 PM
    • 781 Posts
    • 3,760 Thanks
    mrsp1987
    On the phone to Severn Trent water. Got my bill via email this morning and was thrilled to find out that my monthly direct debit would be going down again to £1.89!! Had a look at the actual bill and the actual meter readings from 6 months ago was 306, and today it was 306!
    Just checked the meter and indeed it's stuck on 306 so it looks as if I need a new meter. I'm being very responsible and asking for my monthly payments to go back up so I don't end up with a build of arrears.
    Negotiated to pay £20 a month taking into account previous usage history and the £103 credit we have. I feel like a very responsible adult right now
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £96,211.87 20 yrs 10 months left
    O/P Fund: £2,336.81/£1,000
    Tilly Tidy #11: I've completely lost count!!
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000. Currently £95,166.53
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