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  • FIRST POST
    • Schoolworker
    • By Schoolworker 15th Nov 16, 1:14 PM
    • 174Posts
    • 411Thanks
    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 5
    • Schoolworker
    • By Schoolworker 26th Aug 17, 9:06 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Got final bill for electric from SSE and due money back on 8th sept. Waiting for the final gas bill to see as we should be due money - hope to pay this to the mortgage in sept.

    Went to local flower and craft show today. I got 2nd prize for my sultana cake. Son put in 2 items and got 3rd prize for his fruit turtle. Daughter put in 7 items of craft as well as her sponge cake - she got 4 2nd prizes and 3 3rd prizes - do she is chuffed with herself.

    Son goes to football and we usually pay £30 for 10 weeks but it has jumped up in price and you have to pay via DD of £20 per month. Not happy about this but he liked it. Have signed up for this at the moment but may need to cancel in future when he start to learn to swim as it will be too much h for son only as he also goes to tiger club which is paid monthly. It's a rant - sorry just !!!!ed off about as not advised before summer break up and then nearly did not let son Nd the other kids to play as hubbie did not take his wallet so could not fill out the DD form.

    Still awaiting kitchen price from hidden and builder is to chase this up and then we can decide who to go with. The builder has answered my several questions so thats good. Life insurance not sorted but need to do this Monday and get it set up.
    • Schoolworker
    • By Schoolworker 26th Aug 17, 9:14 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Just booked a table at a nice Italian restaurant about 15mins drive away for hubbie 40th birthday on sat 28th October for direct family and close friends. Will need to do own Invitations to see how many of the 16 folk will attend. Hubbies birthday is actually Halloween but can't do that day as kids like to go round the doors. Will need to try to allocate money for this and then see what he wishes within reasonable for a present. This is happening during the build otherwise I would have family dinner out and then friends round to house for drink and nibbles but can't as house will be a building site at that time and we may not in the house at that time.
    • Schoolworker
    • By Schoolworker 29th Aug 17, 1:10 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Made an overpayment of £40 to mortgage today. Managed to get new canvas shoes for hubbie in the sale since his current pair has a big hole in it.

    Need to try to stop the spending as not much left over from my wages last Thursday but hubbie big wages due in this Thursday. Got money out in case we need this tomorrow as attending hubbie gran funeral - so I have a day off work and thinking of going out for a bite to eat later on rather than cooking - kids will love it no doubt.

    Have sorted out new mortgage protection cover so going to cancel old policy since we have been told we are now covered and need to update monthly spreadsheet with the new amount and adjust other figures - will do after lunch to get it sorted.
    • Schoolworker
    • By Schoolworker 2nd Sep 17, 11:25 AM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    My grocery spend for august was £320.50 - not sure if it was a 5 week month but ok about this.

    We got the quote for kitchen from howden's which includes a dishwasher for £1k less than wren kitchen so need to tell builder ok to get this. We have cancelled wren kitchen and await deposit back onto the credit card - I have allocated this money for hubbie family birthday dinner out.
    Sorted out the new mortgage life cover and finance guy is due to come to see us to sign us up as customers in paperwork and look into hubbie pension since he has several different work wee pensions - think we will be poorer when retired so will see what he says
    Phoned lender and requested the extra borrowing for our build so should receive this next week. The build starts in 2 weeks time.
    Went looking at tile place and saw nice tiles but we did not have our build plans with us so need to go back with this to price up the tiles we like.

    Trying to see if we can make some savings from bathroom place and get the towel rail, fancy radiator and shower slightly cheaper at screwfix.

    Off out this afternoon. To the next village for the scarecrow festival - at least it's dry and sunny. need to check weather for tomorrow as would like to do car boot sale but it's in a field so need to be fairly dry - daughter wishes to come early with me to sell - will see if it's a delight of a chore for her.
    • Schoolworker
    • By Schoolworker 3rd Sep 17, 4:10 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Had a good day at scarecrow festival yesterday and then to my mum to collect their pasting table back for dinner and then food shopping - so busy day. Today daughter and I went to car boot sale and for most of our stuff sold which is good and made £100.60 - really chuffed with this. Will see if I'm able to pay £80 towards the mortgage as we have allocated spends for our wee holiday later in the month when we go to large.

    Working all week so will be tiring - this is overtime as two Inthe office are on holiday so says ok but only work until 2pm as need to get kids from school and extra money will be handy.
    • Schoolworker
    • By Schoolworker 4th Sep 17, 9:48 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    well got more bad news builder number 2 has says he has hurt his back and in a brace so can't start our extension in 2 weeks as we thought. Back to square 1 of trying to find a builder and think this will not happen this year - trying to see if builders will maybe think about this mid March. Hubble not sure if builder is really hurt or it's too big a job for him.

    We have asked for the mortgage money which is being processed so unsure if I should cancel this if I can or it maybe too late. If we can cancel then we will need to go through it all again and interest rate could be higher. We will be Ltv of 80% of the current house price at the moment. I believe we are due the money in our account by Thursday/Friday this week.

    Not sure if we have made the wrong decisions but I hope this can proceed at some point at roughly the same price as we were quoted.
    • MichaelDH
    • By MichaelDH 4th Sep 17, 11:07 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    Sorry to hear you've had a set back with the building project, bet you are really annoyed!

    If you genuinely think the project may be too big for your chosen builder then I would go with your instincts and try to find someone else. You really can't be too careful when it comes to builders and handing over large sums of money - there's a house local to us that has had a tarpaulin for a roof on their new extension for months as the builder !!!!!!ed off with their cash so they are struggling to afford finishing the project.

    In the meantime, have you got an account with a decent interest rate where you can stash the cash?

    Don't lose hope, you will get your shiny new extension and kitchen eventually!
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
    • Jessy103
    • By Jessy103 5th Sep 17, 10:47 AM
    • 467 Posts
    • 1,971 Thanks
    Jessy103
    Oh no! Sorry to hear about this and I hope you can get it sorted soon.
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Oct 2017 - £61,990.00
    Overpayment Target for 2017 - £5,000 /£4,060.70
    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 October - £381.61
    • Schoolworker
    • By Schoolworker 12th Sep 17, 1:58 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Thanks for your comments - we are plodding on trying to get more quotes and see what happens. 2 builders have visited the house to see the work to be done and we await prices this week. I think 3 other builders have the plans do will see if any of them come back with prices.

    Builder1 was nice and is doing an extension next month for my daughters friend gran - she rates him highly and he would start in January if price ok and we go with him. Builder 2 visited us last night and had a look and to get price to us later this week. He says he is finishing a job and there is talk of another job but no contract has been signed so could start the following week if we go with him and sign a contract. He says it would take approx 12weeks depend on weather but would hope to be watertight in 4 weeks max. It sound great and both were nice but we have been here before and been stung thankfully not lost any money. Time will tell what happens.

    Made overpayment of mortgage today of £240 as well more money into the savings when we need this.

    Received refund from old energy supplier for our credit on electric and await more money from them for the credit in the gas. It will be split between mortgage overpayment and savings I think.

    Off out tonight to see a youth group do the musical Annie with my mum and daughter who is 10 yrs and starting to like musicals. I hope it's a good night out.
    • Schoolworker
    • By Schoolworker 17th Sep 17, 9:30 AM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Well Annie was great and daughter enjoyed it. Kids at grand since we were out for dinner and drinks with friends in Glasgow last night. Hubbie suffering a bit.
    • Schoolworker
    • By Schoolworker 17th Sep 17, 9:40 AM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Well we got money from mortgage lender so mortgage is over £118,000 at the moment and will see what small payments can be done over the next few months.

    Updated news we received 2 quotes and one of the builders gave us a good quote and can start work on Tues 26th sept after the local holiday. My dad came up for a meeting with him o. Thursday night and all seems good so we sign a contract and talked about payment terms etc. Fingers crossed he will show up and start a week on Tuesday.

    Going to empty small garden stuff into hut and try to empty outside stuff this week in anticipation of works starting. Builder 3 seems nice and hope it goes to plan. Need to go to a different howden's to choose our kitchen as we only had a plan no specifics of cupboard etc so need to choose this again and get it priced up.
    Been told it will take at least 12 weeks so think it will be majority there for Christmas but not finished but we will have to see what state it's in for Christmas we usually have one set of grandparents here for dinner etc.

    Usually start thinking about kids Xmas in sept/Oct but may put this off until extension is watertight and then think about it. Exciting and scarry times ahead.
    • Jessy103
    • By Jessy103 18th Sep 17, 9:51 AM
    • 467 Posts
    • 1,971 Thanks
    Jessy103
    Good luck and fingers crossed that it all goes smoothly for you!!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Oct 2017 - £61,990.00
    Overpayment Target for 2017 - £5,000 /£4,060.70
    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 October - £381.61
    • Schoolworker
    • By Schoolworker 20th Sep 17, 6:12 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Thanks jessey103. Sent 1st payment to builder and he is due to start work on Tuesday. His guys are bringing some stuff over to put on our driveway on Friday so they can start straight away on Tuesday. Fingers crossed it's third time lucky.

    We are away for a long weekend Friday to Monday and need to start packing for this tonight.
    • Schoolworker
    • By Schoolworker 26th Sep 17, 12:59 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Made another overpayment to mortgage today of £80 and some money into the savings from the credits if gas and electric when we switched supplier.

    Had a great time away for the long weekend. Back to normal with kids at school and im back to work tomorrow.

    Excellent news the builder turned up this morning and has started digging out the back. Going forward now a days see how hectic things come over the next several months.

    Son is so excited as he has his 1st wobbly tooth so tooth fairy Willbe visiting soon no doubt.
    • Schoolworker
    • By Schoolworker 26th Sep 17, 5:36 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Kids think it funny having a huge hole in the back garden so back door is out of bounce. Builder is talking to structural engineer about a problem with founds so will find out later in week if found a resolution with no cost or some cost?

    Scary stuff when skip lorry tried to pick up the filled skip and both front wheels were off the ground quite high. Worked on 2nd attempt and then had to go down the street to take off the filled skip, back to us to deliver new skip and then back to get filled skip.

    I'm glad I'm at work the next few days so my heart is not in my mouth all the time.
    • Schoolworker
    • By Schoolworker 1st Oct 17, 10:04 AM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Well brickwork is in place for the fkundations. This week I believe scaffold will arrive to do the brickwork. Builder seems to think it will be mostly finished for us to have e Xmas dinner in the new extension. Trying to pack up daughter room a bit at a time now rather than rushing when it needs emptying.

    Sons tooth fell out on Thursday so tooth fairy came and left £2 coin as it the 1st tooth but son is telling everyone he got £10.

    Grocery spend for September was £295 which is normal for us. It Willbe interesting to see if I save anything over October and November as we only have the 1 freezer inside as the outside freezer is switch off incase the builders hit the cable which goes from the house to the hut. So trying to buy only what we need instead of stocking up on reduced meats etc.

    It's our 12th wedding anniversary so going out for dinner to a local Italian restaurant for pre-theatre menu with the kids tonight, since hubbie got extra in his wages this month so decided to go out and then put the rest in the savings as it will be spend over the next few weeks.
    • Schoolworker
    • By Schoolworker 3rd Oct 17, 7:55 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    We had no builders yesterday as it was really windy here so not safe.

    Turned up today to continue with the foundations.and the kits has arrived so it's going up this week I believe and roof next week.
    • Schoolworker
    • By Schoolworker 3rd Oct 17, 7:57 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Made an overpayment today of £160 to the mortgage. Hoping to make another payment of something when hubbie gets his expenses in.
    • Schoolworker
    • By Schoolworker 9th Oct 17, 2:46 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Made an overpayment today of £76. Building work going well and hope to be watertight by end of week. Need to empty daughter's room of some furniture next weekend and whilst off school so some internal works will be done in her room..
    • Schoolworker
    • By Schoolworker 10th Oct 17, 1:43 PM
    • 174 Posts
    • 411 Thanks
    Schoolworker
    Spoke to builder this morning before school run as he is talking about knitting out one of the bathrooms next week. I asked when we need to order the bathroom stuff as this has not been done - awaiting an answer but says that the tiler should be here next week after plumber done the pipe work. I said he was going to try to source a tiler and we would pay them direct - he does not know a tiler. Spoke to a father of a boy in my sons class who is a tiler and he can maybe juggle to do the work sometime next week
    . He is coming round to speak to us tomorrow night but need to speak to the builder and see if he will also be around so that we can try to match it all up. Getting a bit stressed as
    No should probably be out of the house as they are hammering the outer house skin so all you hear is loud bangs. Was out in morning but need to do stuff here. The joys.
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