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    • Schoolworker
    • By Schoolworker 15th Nov 16, 1:14 PM
    • 116Posts
    • 289Thanks
    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
    • 116 Posts
    • 289 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
    • 342 Posts
    • 1,383 Thanks
    Jessy103
    Have a lovely holiday!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£3,246.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96
    • Schoolworker
    • By Schoolworker 10th Jul 17, 7:34 PM
    • 116 Posts
    • 289 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
    • 116 Posts
    • 289 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
    • 2,009 Posts
    • 8,584 Thanks
    shangaijimmy
    That's £155 that will never get charged interest ever again!
    MFW: Turning June 2036 into March 2023...
    28//120 Payments Challenge, Diary Reduction £29,621.76
    Aug 2009: £163,051 // Current: £106,378.27 // Avg Daily Interest £4.78
    MFiT-T4 #8 - 42.45% of £41,000
    • Schoolworker
    • By Schoolworker 14th Jul 17, 9:58 AM
    • 116 Posts
    • 289 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
    • 116 Posts
    • 289 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
    • 116 Posts
    • 289 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
    • 116 Posts
    • 289 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
    • 342 Posts
    • 1,383 Thanks
    Jessy103
    Good luck with the builder, I hope it all goes smoothly for you!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£3,246.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96
    • Schoolworker
    • By Schoolworker 25th Jul 17, 11:44 AM
    • 116 Posts
    • 289 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
    • 5,203 Posts
    • 35,716 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.
    July 2017 -
    part 1 - £80,702
    part 2 - £46,583
    Total - £127,285
    • Schoolworker
    • By Schoolworker 26th Jul 17, 8:00 PM
    • 116 Posts
    • 289 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.
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