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  • FIRST POST
    • Schoolworker
    • By Schoolworker 15th Nov 16, 12:14 PM
    • 70Posts
    • 74Thanks
    Schoolworker
    Aim to get mortgage down before increasing again
    • #1
    • 15th Nov 16, 12:14 PM
    Aim to get mortgage down before increasing again 15th Nov 16 at 12:14 PM
    Hiya I had joined years back but in the last year been reading most of the diaries re trying to get your mortgage. I have been overpaying the mortgage for the last ten years and managed to overpay over £20k. I want to note my progress as trying to get mortgage down as much as possible before borrowing more money for a 2 Storey extension.

    We moved into our 3 bed detached 6years ago and had a mortgage of roughly £110 but to date I have managed to get this down to £60450 approx. I am overpaying £200 per month as this is ok does not affect family life otherwise husband would say something but he is happy that I am doing this. Trying to continue to put more money into our savings so that we have some money to contribute to the extension cost as well as trying to get the mortgage down to £58k or lower.

    I'm 42 with Hubble 39 and 2 kids 9 and nearly 5. We are awaiting to hear if we have planning for the rear extension and then will have to see if passed by building control afterwards and then approach our mortgage lender to see if they will allow us extra borrowing of roughly £60k. This will take up up to a higher figure than I would like but I will plod along and see how it goes,

    We are on a 5yr fixed which we took out last June at a rate of 2.34%.

    Been doing Tilly tally every Sunday and it all adds up and will transfer the extra money to the mortgage and see what else I can do to bring it down before we have to increase.

    Will try to keep you posted.
Page 2
    • Schoolworker
    • By Schoolworker 23rd Jan 17, 7:59 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Made another overpayment of £30 today from Tilly tally. Think this is the final amount for January. Hubble seems to think he will be paid this week so I can plan what to overpay soon.
    Due to open the vantage account next Monday and got money waiting to transfer and get more interest. Just need to sort out the 2 Dd in febuary so that I can start to get interest in March. I just hope the terms and conditions don't change in the near future.
    • Schoolworker
    • By Schoolworker 29th Jan 17, 4:10 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Well just done final shop I think for January and we spent £325.60 over 4 weeks of January. Now I have something to work on and try to get it down a bit for February. I have allocated £350 for food at the mo but would love to get this down. This amount includes stuff for packed lunches for me and kids as well as toiletries, cleaning stuff and alcohol.
    Got bank meeting tomorrow to open vantage account and have taken a chunk money out of my is a which is now payi g only 0.85% so it will work better in this account. After Monday will need to sort out 2 DDS to be set up there. Not sure if you can set up a dd to transfer money to an access saving account but will ask this as well as try to get the charity we already pay to change to this account.
    Still waiting for builders quotes which tend to be slow in coming so time will tell if this happens in 2017 and 2018.
    Hubbie talking about if he wants a party for his big birthday in October or talk of a big holiday to new York. He wants to spend whist I'm trying to save. The joys. He has to decide what he wants so I can try to budget.
    • Schoolworker
    • By Schoolworker 30th Jan 17, 8:48 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Well opened up the vantage account and put in £4K from my iSa so just need to contact a few companies to change the account which the direct debit come out of. Glad this is done.
    Bit a spending spree today as got several birthday presents to buy. 4 bought sco far and only 1 more to buy for later on in February.
    Received one more quote which seems reasonable at the moment, still waiting for 2more quotes to come in and compare. Can't do anything until building warrant is issued by council and we have strutted the engineer to do their report. Planning on continuing to overpay as I can until we decide if going ahead this year or need to wait until next year.
    Received mortgage statement the other day and notice that nationwide do not charge you for reduce or extending your term - which has s good as we will need to extend if doing this extension but previously we were charged for reducing our term. Very pleased no charges.
    • Schoolworker
    • By Schoolworker 3rd Feb 17, 7:10 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Well glad January's over but its only early February and got a very high credit card bill of over £1k. So been trying to claw back some money which was due to go to savings so this can be paid infull. I'm trying to live normally whilst paying for extras and trying not to touch savings. High cc due to council fee for building warrant, holiday paid for in July and theatre tickets as well as hubbie petrol and expenses.
    So managed to sort out how to pay which is fine but at end of this month 2 car insurances due which I usually put on cc and take from everyday savings account. - I think there is just enough so with be starting again in march to build this up. Also need to pay a friend our half of another weekend break so with have to go into savings for this.
    Need to try to sort out this so I don't dip into savings - I hate doing this.
    Will try to keep food budget to a reasonable amount and see if this helps.
    Just seems we are constantly paying out for stuff all the time - hope this changes in march.
    Got parents and in-laws and my brother over tomorrow night for Turkey pie (last of the turkey) - nipped to the shops to get stuff for that earlier. Big shop will be done over the weekend but I think we have most dinners in the freezer and fingers crossed the spend if not too high.
    • Schoolworker
    • By Schoolworker 6th Feb 17, 8:52 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    February grocery figure is £74.50 as had to buy stuff in for Saturday night as well as wine etc. The good news is there are several dinners in the freezer so hopefully will try to curb the grocery spending this coming weekend.

    Paid an overpayment of £200 today and will see if I can try to make another wee payment later on in the month if expenses are put in and paid to us.
    • Schoolworker
    • By Schoolworker 12th Feb 17, 12:02 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Grocery spend for February at the moment is £122.70. Spend today was not too bad and we have most of the dinners for this week in the freezer but out 2 nights to my mums on Monday and then out with family for my birthday. Will keep a check.on this over the next 2 weeks and see what the actual figure is for February.

    Hubbies is a rate is going down to 0.5% so was looking for another tber account to put a chunk of this money into to get better interest - was all for the tesco o e but they suspended all new applications at the moment so will see if this comes back or any other bank accounts with a rate if over 1%.
    Fingers crossed my other dd is set up in the next week or so on my new vantage account so I get decent rate for my £5k.

    Still await builders quotes - they tend to not rush to let you have a quote. 2 quotes in but at either side of the scale so would be good if another quote came in - awaiting 3 to answer so we can see if we ate proceeding with thus extension this year so next year.
    • Schoolworker
    • By Schoolworker 18th Feb 17, 8:57 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Hiya went food shopping today and running total is £200.50 which is s good for one more week to go in February and freezer got quite a few dinners. Will c how long we get the food budget down.

    Received a cheque of money I paid out for a school thing so waiting for this to clear and then its going to the mortgage so its £40 plus anything else I can get. Not missed this money so OK.

    Looking at mobile phone for dd for her birthday so pricing this up and a sim from tesco which is month-to-month to see how we get on. She is going to be 10 but everyone in the class has a nobile but they all seem to have iphones. I have explained no and was not too excited about the smart phone we saw today - coning round to that is on w as I said she could save up for an iPhone . me and hubbie not got an iPhone. Will also need to look for insurance as on r taking the risk and do not have bank account with this perk. Any ideas but not too dear. I know how much vodapgone for their cheap insurance for the year.
    • Schoolworker
    • By Schoolworker 20th Feb 17, 11:24 AM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Well paid in £45 towards the mortgage today - think this will take mortgage to £57k. Will keep on plodding on with tilly tally. Decided since its only a cheap phone maybe not advisable to take out insurance but DD will have to get replacement herself. Still shopping about for a reasonable phone and see what one DD likes.

    Hubbie thinking about going for a sim deal only for his mobile so will see if he goes through with this or not. Got the PAC code but does not like change I think.
    • Schoolworker
    • By Schoolworker 27th Feb 17, 8:22 AM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Grocery spend for February is £289.64 which I pleased about and will see what march holds for us.

    Hubbie has requested a new sim card from his original supplier at a new rate of £7.50. He can't keep his mobile number so getting a new one - even though he has the PAC code they say they can't do it. Well he will need to notify everyone of his new number but it will save us £8 a month And its a better deal of his data. Its mo th-to-month so may look into this for did mobile when we buy.

    Need to pay structural engineer invoice which I file away and forgot to pay and arrange for him to do a house visit. Nothing else happening re extension. At most me t. Waiting for builders to come back with quotes and building warrant to give approval but do not think this will happen until end march at earliest.
    Still awaiting hubbies expenses but he gets normal wages tomorrow so will see when expenses come through and see where to allocate this is either mortgage or cc as multi car insurance just went on cc so will be fairly high but not as bad as january.
    • Schoolworker
    • By Schoolworker 6th Mar 17, 12:43 PM
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    • 74 Thanks
    Schoolworker
    Grocery spend for march so far is £56.93. Will see if we can keep under £300 for march even though we have both sets of granparents coming for dinner on mothers for dd birthday.

    Paid £200 towards the mortgage and hope to make another payment during march.
    Paid wee holidays for April/ may and sept so not as much sent to savings. Both 2 birthday presents and trying to sort out dd present as she wants a mobile so ordering the phone and then to get the sim deal.

    Still awaiting hubbies expenses from last month and hope this comes in the next week or two as going towards the cc.
    Was out Saturday night with friends to Greek restaurant which was great.
    • Maiden Mum
    • By Maiden Mum 6th Mar 17, 6:37 PM
    • 106 Posts
    • 274 Thanks
    Maiden Mum
    Hi Schoolworker. You are doing great with your over-payments! Will the interest rate be the same as what you are on when you borrow for the extension?
    • Schoolworker
    • By Schoolworker 7th Mar 17, 8:25 AM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Maidenmum - thanks for reading and responding. I have only looked on NW website and for extra borrowing the rate is lower I believe under 2%. Just need to see when we apply for part 3 of our mortgage if rate is still good. Trying to get original part 1 & part 2 down figure and will need to extend out the term of the mortgage. The joys. Off out to try to order dd birthday present.
    • Schoolworker
    • By Schoolworker 14th Mar 17, 6:32 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Had structural guy out yesterday to look over house where the window will be moved upstairs and new side door put in so cement lintels will be put in. He is to produce the set certificate and send to the council by end of this week.
    Had a builder round today to have a look at house and compare with drawings. He will price up for us on Friday and take from there. He was really nice but if price is reasonable then need to view other projects he has done to see his work as he was not a recommendation.
    Sent updated drawings to another builder who gave us a rough quote and see if he can give a detailed quote to compare with builder guy today. Fingers crossed things are progressing a bit now.

    Dd birthday is soon as she wants a phone. Got a phone which we believed to be locked - several trips to the shop. The phone is locked so went to local phone shop in village to pat for guy to unlock which we are trying to do now and then we can order a sim card for the phone before the big day. Did not gave this hassle with my phone
    • Schoolworker
    • By Schoolworker 20th Mar 17, 12:41 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Managed to get dd phone unlocked and it works with the new sim we got for her. She gets this on Sunday for her birthday and a theatre ticket to see grease with me and friends in may. Does not seem much but money spent this birthday but will pull in next year.

    Received written quote from new builder which is £47 but we have to budget for bathroom, ensuite and kitchen stuff and tiling work so I think £20k should cover this. Awaiting another builder who sent us a figure of the building work and he had £45/£55k down so at least they are similar just need to see if like above we need to budget for other works.

    On Sunday we are having my family mum and dad and brother as well as hubbie mum and dad and his gran for dd birthday dinner. Trying to work out the menu but dd wants broccoli soup and red velvat cake for pudding - struggling to find pudding as the one I usually get is only out at Christmas. Need to look out for this tomorrow as well as get birthday cake from the factory shop.

    Grocery spend to date for march is £194.25. Can't wait for Thursday as it my payday and need to curb the spending until then. This month seems tight money wise but luckily i have not sent all money to savings and will hope to make another overpayment next week once I have my wages in.
    • greent
    • By greent 20th Mar 17, 1:45 PM
    • 5,595 Posts
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    greent
    Our local Tesc0 has red velvet cake in - you can check if your local one has it in stock from the website, I think? (or phone them - I've done that before )
    Repaid mtge early (originally 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 up: BTL Mtge. Op Bal £69786. Cur Bal £68286 - 2017 target £0/£3286
    Net sales 2017 £342.84/£500 PAYDOX17 £6558/£10k Mar GC £355.29/£400 NSD 12 Decluttered 455/2017 items
    • Schoolworker
    • By Schoolworker 20th Mar 17, 1:54 PM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Greent - thanks for the info and will see if my local store has one. Tesco was where I got it at Christmas time but it was frozen but really tasty. Looked in freezer section last week so will try fresh cakes section.
    • greent
    • By greent 20th Mar 17, 6:18 PM
    • 5,595 Posts
    • 56,620 Thanks
    greent
    Greent - thanks for the info and will see if my local store has one. Tesco was where I got it at Christmas time but it was frozen but really tasty. Looked in freezer section last week so will try fresh cakes section.
    Originally posted by Schoolworker
    Ours have a standard 'finest' version around all the time and sometimes have a fancier one in the party cakes section
    Repaid mtge early (originally 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 up: BTL Mtge. Op Bal £69786. Cur Bal £68286 - 2017 target £0/£3286
    Net sales 2017 £342.84/£500 PAYDOX17 £6558/£10k Mar GC £355.29/£400 NSD 12 Decluttered 455/2017 items
    • Schoolworker
    • By Schoolworker 27th Mar 17, 11:35 AM
    • 70 Posts
    • 74 Thanks
    Schoolworker
    Grocery spend for march is £298.04 - at least its under £300 and we had grandparents etc over yesterday for dad birthday so a bit extra food and drink in for that. Dinner went well but daughter not keen on Tesco finest red velvet cake icing as it was hard compared to the frozen one but still had 2 helpings.

    Both kids had their parent evening the other night and doing fairly ok. Worried about ds as writing is really bad - need to work on this but teacher does not seem worried but told us a few things that we were not aware of. Dd doing ok but teacher thinks everything really good when I think maths is ropey so bought some books to work on at our leisure.

    Dd loved her phone and emoji new duvet cover from us. Done well with presents and still got a few to get from friends. Dd having a birthday treat with friends in 2 weeks to cinema and back to house for eats and play. Got most of stuff for party bags and just need to get another cake and stuff for treat bags for the pics.

    Just made another payment to mortgage of £57 which means it's a total of £257 for march. Plodding along with this and putting money in savings to use for extension if it happens this year.

    Advised that our council building control does not do electronic plans so architect to print off all info and plans for them and there is a back logo of at least 4weeks so don't think will hear until end April.
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