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    • Schoolworker
    • By Schoolworker 15th Nov 16, 1:14 PM
    • 145Posts
    • 346Thanks
    Schoolworker
    Aim to get mortgage down before increasing again
    • #1
    • 15th Nov 16, 1:14 PM
    Aim to get mortgage down before increasing again 15th Nov 16 at 1:14 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 4
    • Schoolworker
    • By Schoolworker 2nd Jul 17, 8:25 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Hiya grocery amount for July so far is £27.11 as only needed a few things for over the weekend since we are heading away for our holidays tomorrow Monday for a week - caravan holiday at sandy bay - friends are also going so kids and we have company for night time entertainment - looking forward to this.

    Goigng to visit parents to leave my brother present for them as he is coming home for dinner with the txt of my family as we are away (he stays in Aberdeen) anyway it's a big birthday so got him nice 1977 1/2p coin cuff links and money for him to out towards something.

    Got most of the kids school uniforms in but will need to finish this when we return from holiday - so I can forgot about it for the rest of the school holidays. Kids are booked into a summer club for several Thursday's and a few Friday over the 7 weeks off so we have a break from each other. Hopefully they will enjoy.
    • Jessy103
    • By Jessy103 3rd Jul 17, 10:59 AM
    • 437 Posts
    • 1,856 Thanks
    Jessy103
    Have a lovely holiday!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22
    • Schoolworker
    • By Schoolworker 10th Jul 17, 7:34 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Well we are back from our holidays and it was well enjoyed. We had paid for an extra wide caravan which we did not get but we survived. Anyway we got a voucher to spend at the restaurant on the park so went out for dinner with friends and then used our voucher for dinner out on Saturday.
    Had takeaway for dinner tonight and mostly unpacked - now need dry days for washing to dry.
    Tomorrow hubbis is still off work so think we are going to pics in the morning when its showery to watch descipsible me 3. Need to stock up with some food to do until the end of the week - hope to do this tomorrow as got milk and bread.
    Hope to make a small overpayment this month as cc is very high. Will pay this off and if hubbies expenses come in then the overpayment could be increased.
    • Schoolworker
    • By Schoolworker 13th Jul 17, 1:16 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Hiya just made an overpayment of £155 towards the mortgage today. Will need to see if any other overpayment will be made later in the month. Trying to pay this mortgage down as we will be asking for the agreed extra borrowing next month and I do like to see the balance going down.
    • shangaijimmy
    • By shangaijimmy 13th Jul 17, 7:00 PM
    • 2,198 Posts
    • 10,031 Thanks
    shangaijimmy
    That's £155 that will never get charged interest ever again!
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • Schoolworker
    • By Schoolworker 14th Jul 17, 9:58 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Well bad news builder had too many work commitments so can't start work end Aug but thinks he can do end Nov. Not starting e tension works near Dec. We are going to speak to the other builders to see what there schedule is like and see what happens. We have the extra funding approved and waiting g for release but it may lapse - it expires 10th sept. Also put down a deposit for kitchen so will speak to them later if we manage to get a new building start date and see if we can push this out even further. The joys.
    • Schoolworker
    • By Schoolworker 15th Jul 17, 2:26 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Well grocery bill for July so far is £159.11 which I suppose is not too bad for mid month. Needed to stock up the freezer a bit today so got some stuff in for dinners.

    Well waiting for 2 builders to get back to us on their quote and when they can start work. One builder we already had a quote which was £6k more than we were originally going for but if we have to do it then so be it. Other builder was mentioned by a friend so he has just the drawings and will get back to us. C what price he comes in.

    Really maddening about our original builder - Hubble says he has a huge project converting a old school into flats so he thinks he has financed heavily against this project. Hope we hAve enough between the extra borrowing and our extra in savings to get through this.

    Hubble car eventually passed his mot but there is a problem with the wheel frames so I think he will definitely need to replace begin of next year if we can hold until then and see how much this extension costs. I'm glad that I not been bathroom shopping etc as well. Will keep you updated.
    • Schoolworker
    • By Schoolworker 20th Jul 17, 4:42 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Well we advertised Dd little tikes plastic house which is no longer by Dd or ds and needs to be gone if extension goes ahead on gumtree the other night. Got a buyer round last night and it's sold - great. Money will probably go into Dd and ds bank account since it was a present for Dd from Santa when under 2yrs. Still waiting to see if anyone wants Dd old bike.

    Builder 1 came back to house to go over his quote and has required this with an item which was missed off so went up £1k. The other builder no 2 is due out tomorrow night and I hope he can give a price quick so we can make up our mind and see if it will happen this year or do we put off until next year and reapply for extra borrowing.

    Had applied for £65k and quote now is £54k so only £11k left for kitchen, toilet, ensuite , tiles and tiler rates. Not enough to so will definitely be using the most if not all the savings. Stressing about this and the build has not happened.

    Baked a cake with the kids today and family friend birthday. Heading back to theirs later round the corner to taste our lovely baking efforts, Dd baked it herself.
    • Schoolworker
    • By Schoolworker 24th Jul 17, 2:54 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Hiya. Builder 2 has not really done such a big job so decided not to give him the work. Builder 1 has been instructed and due to start 18th sept. They are still talking about a 8 week build so this goes to mid November and hopefully downstairs can be sorted. His quote is £7k more than our previous builder so will dip into our savings a bit. I just hope all goes to plan and no worrying but time will tell.

    Managed to sell 2 of dd stuff that she had outgrown and made money but its going into her bank account as she does not need any more toys or stuff at the moment.
    • Jessy103
    • By Jessy103 25th Jul 17, 10:31 AM
    • 437 Posts
    • 1,856 Thanks
    Jessy103
    Good luck with the builder, I hope it all goes smoothly for you!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22
    • Schoolworker
    • By Schoolworker 25th Jul 17, 11:44 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Thanks jessie103 and I too hope it goes smoothly without too much problems since we have encountered the problems before hand.

    I have made a small overpayment to the mortgage today of £30 which was made from Tilly Tally's adding up
    • CathT
    • By CathT 25th Jul 17, 12:22 PM
    • 5,283 Posts
    • 36,314 Thanks
    CathT
    Good luck with the build, it's a long process isn't it. Our two storey extension was completed in April this year and we haven't looked back. The additional borrowing is scary but it was definitely the right thing for us.
    August 2017 -
    part 1 - £79,967
    part 2 - £46,351
    Total - £126,318
    • Schoolworker
    • By Schoolworker 26th Jul 17, 8:00 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Well the other day had a look at the fixed energy deal as ours is due to run out tomorrow but with the one year with same supplier it is due to jump up £8 per month - it does not sound a lot iknow but other bilks may increase once build starts or is done.I did a price comparison and gave signed up for an energy deal for 13months which is a reduction of £15 from the fixed stated so took the bull by the horns and proceed with this. It takes 6 weeks to process so we will be on the standard for this time and hopefully still get some money back from them as we were in credit in gas and electric of over £100 - hopefully the standard charge does eat up too much of this credit and fingers crossed my calculations are right for the next year.
    Need to do my review at least 5-6weeks before deal finishes.
    I quite liked having a smart Meter but time will time if the new company will offer this to us.
    • Schoolworker
    • By Schoolworker 3rd Aug 17, 11:29 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Hiya managing to survive the summer holidays with the kids but youngwst wants to play with oldest but she does not so a few arguments.
    I have managed to catch a cold and been feeling rough most St of this week. Hope it gets better soon.
    Was out to pics with a friend last night to see girls trip - it was good.

    Made an overpayment of £200 today to the mortgage.
    Hubbie managed to get a pay increase so sent it to savings as need to get as much as we can before the works start next month.
    • Schoolworker
    • By Schoolworker 3rd Aug 17, 11:35 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Starting to wonder if the kitchen we have put down a deposit is a good price - I had originally thought it was but we are visiting howdens to see what price they can give us and can compare.
    Builder has told us a place for bathroom stuff at reasonable prices so will look into that later this month/ sept.
    Been tracking my grocery spend and its at £295 for the month which seems reasonable but will need to visit scotmid up the hill to see if I can get reduced meats to put in the freezer (they do good reductions) and see if I can reduce this a bit more for a family if 4.
    Looking after nana and papa rabbit as they are due to move house tomorrow.
    Saturday night I off out with a friend for dinner which I've to pay and then to see celiene dione - it will be great to see her in concert again since I last saw her in my 20's.
    Last edited by Schoolworker; 10-08-2017 at 8:48 AM.
    • Jessy103
    • By Jessy103 4th Aug 17, 9:51 AM
    • 437 Posts
    • 1,856 Thanks
    Jessy103
    Well done on the overpayment! I hope the cold is gone soon and you feel better! Have fun at Celine Dion!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22
    • Schoolworker
    • By Schoolworker 8th Aug 17, 8:43 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Enjoying the concert on Saturday. Friday we helped in laws to unpack after they moved house. They have not moved for over 30years so was a bit bossy about unpacking bedroom and kitchen first and some of the living room. The removal guys reversed into the street light and the kitchen table broke in the van but they are getting there and happy.

    We are off out soon school shoe shopping - can't believe I'm back at work next week and kids back Thursday but the kids are getting grumpy now especially my 5yr old - he has never had this long off before as went to private nursery.

    Hoping to go to emoji movie on Thursday with a friend and the kids. Kids getting hair cuts for returning to school on Friday.

    I managed to get 4 new tops for work in the sale for £30 so happy with this. Only need to get shoes next week but need to check bank money wise and what needs to be paid out over the next 2-3weeks.
    Trying to do a bit of a clean out and need to go to a car boot sale soon to get rid of the stuff.
    Last edited by Schoolworker; 10-08-2017 at 8:46 AM.
    • Schoolworker
    • By Schoolworker 10th Aug 17, 8:45 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Since its August and over half way through the the year I decided to check and see my mortgage total outstanding before it increases next month. Currently it's £53547.33, which I'm happy with as putting a big chunk of money into the savings most of this year for the extra spends needed for the extension.

    Hubble is due payment of expenses next week so hoping to make another small overpayment and some tot the savings.

    Howdens have done basic kitchen drawings and we have noted the extras so will see what price they come up with. We had originally put down a deposit with wren kitchens in June but believe we can get a refund if needed. Trying to claw back prices and will look into bathroom prices soon since the original build quote is now £54k and we have requested £65k for extra borrowing so it only leaves £11k for kitchen,bathroom ensuite and tiler etc. I fully expect to use a chunk of our savings.

    Going to emoji movie with kids this afternoon. Hubble out tonight at fringe event with work.
    Last edited by Schoolworker; 10-08-2017 at 8:50 AM.
    • Schoolworker
    • By Schoolworker 14th Aug 17, 10:05 AM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    Well yesterday we went to bathroom shop to see what we liked for bathroom and ensuite stuff. We got a quote which I think it's reasonable at roughly £2k. We have the quote and sent to the builder to see if we have got everything we need or missed anything.

    The boiler is playing up and hope it holds out for a month or so since it's being replaced when extension being done.

    Need to go out today to get my mum's birthday present and we are all heading out for dinner Tuesday night to a buffet restaurant which mg kids love for grand birthday dinner and before I go back to school on Wednesday.

    Had email from EDF to say that they are taking over our gas and electric and asking for meter readings. I cannot get these as the gas box screen is blank and we have new electronic electric meter installed when we got smart meter out in 2 years ago. I'm hoping will get bill as it's due from old supplier and this will have actual readings due to smart meter. Was advised by new supplier that I should be able to see normal readings as smart will become disabled. Time will tell and hope it works out to be ok.
    • Schoolworker
    • By Schoolworker 21st Aug 17, 5:05 PM
    • 145 Posts
    • 346 Thanks
    Schoolworker
    EDF are providing us with gas and electric. Received online bill from old supplier for gas only so far and we are in credit so will see what the final bill says when we get it as well as the electric.

    Put money into savings today. On the count down to my payday on Thursday and hubbie next week so I can redo figures for dept.

    Trying to sort out new life insurance with critical illness - it's a minefield but hopefully hubbie has got an email on good policies at reasonable price so we can get things to proceed. We need higher cover in a few weeks when I request the extra mortgage funding. Then will need to cancel old policy but not sure as we may have one month of paying to both policies to cover ourselves.

    Hope to hear from the builder as he has returned from holidays about our bathroom quote and if the stuff is correct that we need as well as answers to my questions. We visited howden's on Saturday to get a price but they will contact the builder hopefully today with the price and then we can decide on where to go. I now builder would prefer to go to them and they do good sturdy units but it depends on price.

    Getting nervous as it only 4 weeks until D-day. Will need to think about packing up some of daughters room even though not needed until later. Already been looking at different decorating ideas or wallpaper - its very early but we can look.
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