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  • FIRST POST
    • obay
    • By obay 1st Dec 16, 8:20 AM
    • 451Posts
    • 329Thanks
    obay
    A way to pay! Clear this mortgage before 30 years!
    • #1
    • 1st Dec 16, 8:20 AM
    A way to pay! Clear this mortgage before 30 years! 1st Dec 16 at 8:20 AM
    So;

    I'll give a little bit of background details about myself;

    I am a young 25 year old man who has just completed a house purchase on the 11th of November, 2016, my first ever house! I am so excited, me and the wife are very happy with our purchase, however we have some gritty bits that we must sort out! It's an old 1970's house with old wiring, which has caused us some problems unfortunately! + The roof needs to be replaced at some point!

    I am currently self employed - I work online 99% of the day, if Mrs Obay doesn't want me to do some decorating..

    I completed with the mortgage balance of £151,282 of which today was my first payment.. of £1209.03 paid to them.

    I unfortunately, had to take a high interest loan from Kensington mortgage company because no other high street lender would take me on

    My aim is to clear a good amount by the time I come to remortgage, which would be 11th November 2018, even though the interest is high I aim to make a daily repayment anywhere from £10 to £100 to get our remortgage amount down as much as we can so we can pay lower then what we are currently repaying!!

    I hope to get to around £140,000 before the time we remortgage!!

    To give an insight we pay £804.93 per month for 24 months...

    Please wish us luck!

    I will keep this diary updated as much as I can as I always wanted to do one of these since I first joined!
    Last edited by obay; 01-12-2016 at 8:25 AM.
Page 7
    • obay
    • By obay 20th Nov 17, 7:31 AM
    • 451 Posts
    • 329 Thanks
    obay
    I think within the next 12 months I will be mortgage free. I've just signed the biggest contract I have with a customer today(12k). I will be plowing around £5-6k into the mortgage per month for the next 12 months. With very little costs on this.

    This will make me extremely happy once he is live and I am able to pay my mortgage completely off within the 12 months.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • kelpie35
    • By kelpie35 20th Nov 17, 7:36 AM
    • 1,534 Posts
    • 4,903 Thanks
    kelpie35
    Hope it all works out for you.

    At least it will probably help your mental health issues not having so much to worry about.
    • obay
    • By obay 20th Nov 17, 7:59 AM
    • 451 Posts
    • 329 Thanks
    obay
    Hope it all works out for you.

    At least it will probably help your mental health issues not having so much to worry about.
    Originally posted by kelpie35
    Hopefully, it was a nice surprise on a sunday morning that's for sure..
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • JWPopps
    • By JWPopps 22nd Nov 17, 3:27 PM
    • 265 Posts
    • 1,413 Thanks
    JWPopps
    Hey Obay,

    I haven't been around on here much lately because of issues in my life too and I just wanted to say having caught up, you have a really amazing attitude!! I am so sorry to hear about the car crash and your illness and I'm so glad you've recovered.
    Credit Card Debt: £720
    Loan Debt: £6,100
    Savings: £30



    [B]PAYDBX 2017 - #19 : 80% paid 6624/8280[/
    • obay
    • By obay 23rd Nov 17, 3:11 PM
    • 451 Posts
    • 329 Thanks
    obay
    Hey Obay,

    I haven't been around on here much lately because of issues in my life too and I just wanted to say having caught up, you have a really amazing attitude!! I am so sorry to hear about the car crash and your illness and I'm so glad you've recovered.
    Originally posted by JWPopps
    Thank you for that, I'm OK now -- I've had a killer week at work, signed some really amazing contracts this week, got ALL green lights everywhere which everyone is happy about.

    Next year I am hoping to get debt free and mortgage free. It's going to be one amazing year I hope. Next to focus on getting my life together completely - I have recovered - I went and treated my wife to something called pandora. I just a bit happier..
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • obay
    • By obay 28th Nov 17, 1:40 PM
    • 451 Posts
    • 329 Thanks
    obay
    Made a small overpayment of £90 for this month, bringing up to £97.12 in total, I know that makes no sense what so ever (and believe me, I am also confused why I didn't just put the £100 on it).

    I like rounded numbers. The rest will go towards the boiler from the next month after that contract starts should start destroying it, once and for all.

    Good news is though that NatWest wants to lend to us, so I know for definite I have options. I also want to get my mortgage down to £144,000 ish before the end of December, which makes it a bit tight, but I am *sure* I can potentially do it, with paying the boiler off too.

    On the claim side of things, not much has gone on, they're putting a value on my claim now, that should kill the car debt - And I'll own my car 100% finance free!

    Lots to look forward to in 2018!

    According to martin's overpayment calculator paying £97.12 I have saved £277 on my mortgage, over the lifetime.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • obay
    • By obay 29th Nov 17, 1:27 PM
    • 451 Posts
    • 329 Thanks
    obay
    Decided to do something with the conservatory, there was a company advertised on FB that seems good, they're going to insulate the conservatory which seems good on paper and photos, they have charged us £1500 to do the work, warm in the winter warm in the summer, hopefully it's going to keep our heat bill down and keep it in. Which is what I am looking forward to, hopefully, we haven't been conned with it.


    We'll see on Friday with what they're doing and if they show.. If not down to the courts we go. (I, unfortunately, have doubts every time I hand over LARGE amounts of money to any company..) just human nature until it's done.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • obay
    • By obay 3rd Dec 17, 8:07 AM
    • 451 Posts
    • 329 Thanks
    obay
    Begining of the month, and that contract hasn't come through yet for work, eagerly waiting for it to go live..

    £145,676.39 is the new amount owed, I will until this month is over and that large contract paid off to make a payment of £176.39 towards the mortgage.

    I also have some great news! I have saved £2.38 on my mortgage interest per month! That means during the last year I have saved £29.28 per month on interest only. Does not mean a lot but still a saving is a saving!
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • obay
    • By obay 5th Dec 17, 6:15 PM
    • 451 Posts
    • 329 Thanks
    obay
    Just paid £176.39 on my mortgage, it was at £145,676.39. Just wanted to get it down, and leftover from wage - Don't require anything else really.

    Calculating the daily interest, I'm about £19.20 per day - That would mean from this time last year where I was paying around £20.35 per day in interest I have saved £1.15 per day! Yay...

    I have noticed though - I used to pay around £610 per month in interest, now I am paying around £580ish (before this payment has applied).

    Aim would be to pay another £300 odd, just waiting for this new money to come through then I can really start pounding it!
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • kelpie35
    • By kelpie35 5th Dec 17, 11:48 PM
    • 1,534 Posts
    • 4,903 Thanks
    kelpie35
    Well done on your achievements so far.

    Keep plodding on and you will get there.
    • obay
    • By obay 7th Dec 17, 12:13 PM
    • 451 Posts
    • 329 Thanks
    obay
    Well done on your achievements so far.

    Keep plodding on and you will get there.
    Originally posted by kelpie35
    Thanks for that!

    KMC have started to update stats a lot better now, so it only takes around 12 hours to allocate to the account instead of 48 hours, meaning that I'll be paying the interest off around 30 hours quicker now ha

    That's all good, wondering how we pay the mortgage for January? When do the mortgage companies take their wages? I am self employed so the money will be in there no problem, just do not want it sitting too long.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • obay
    • By obay 7th Dec 17, 6:21 PM
    • 451 Posts
    • 329 Thanks
    obay
    I've put in another £200 today (just now!) I'm at £145,300 now, soon to hit my target for this year, I'll come in just short of my original £6k target, with £1k down. - No worries though, it'll all be good!

    I've just suppressed 2 years saved in my 1st year! that's good, so I'd be free 28 years earlier! (i'll be way before that - I'll start putting £1-2k per month as OP, nearing my SVR now anyways.
    Last edited by obay; 07-12-2017 at 6:23 PM.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
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