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  • FIRST POST
    • skye blue
    • By skye blue 17th Mar 17, 8:12 PM
    • 104Posts
    • 443Thanks
    skye blue
    Planning for the next chapter
    • #1
    • 17th Mar 17, 8:12 PM
    Planning for the next chapter 17th Mar 17 at 8:12 PM
    Hi

    Newby here, please be kind

    Read loads of threads and have decided to step up to the mark and set myself some targets

    With all the talk around retirement, pensions etc going around its made me think!

    I have 6-7 years to my retirement, small pension but my mortgage is interest only changed after being off work for a year due to illness a while back and could never afford to change back to repayment. Have asked if i could part part repayment but was told no. Cant change providers as i wouldn't pass all the new criteria now.

    Im on a dmp for another two and a half years and i keep putting it up every few months so its hopefully coming down quicker

    Have about a months salary in savings which i add £10 to each week but as its earning little interest im starting to overpay the mortgage. So ive managed £300 this month

    Do you reckon im on the right track? I know i probably can't pay it all back but it saves interest and probably gives me more choices if i need to sell later. I do not have a partner so just my wage to do this

    House value £115,000 owe £75,000

    Thanks for reading
Page 3
    • skye blue
    • By skye blue 8th Sep 17, 8:18 PM
    • 104 Posts
    • 443 Thanks
    skye blue
    Hi guys

    £440 paid so far this month, i think i can stretch a few £'s more to overpay but having a few minor jobs done at home this weekend so i'll wait and see first

    Payments can be paid up to 10 days before next time payment is due so think i'll try and find another £60 - make it up to £500 this month, that would be good

    Enjoy your weekend folks
    • skye blue
    • By skye blue 15th Sep 17, 8:49 PM
    • 104 Posts
    • 443 Thanks
    skye blue
    Hi guys

    weekend again yeah!

    managed to find an extra £115 so a good month of over payments for me, happy with this

    think that will be all i can managed till after pay day now but you never know
    • skye blue
    • By skye blue 28th Sep 17, 10:13 PM
    • 104 Posts
    • 443 Thanks
    skye blue
    Hi guys

    Just had a bit of a boost tonight

    Had a letter to say mortgage fix ending in Jan 18 but i could phone and ask for a new deal now so thats what I did and guess what they reduced from my rate from 4.29% to 2.19%. i know that may still seem high for some but as i can't move to a different supplier (as i wouldn't pass all the checks now) in chufffed

    It reduces my payment by £126 per month so thats an overpayment every month without even trying, just going to set up a standing order for that amount and carry on paying as much as i can find each month as usual

    I get a bit down sometime re my mortgage overpayments but this feels like a real boost

    Keep going everyone we'll get there in the end
    • sleepygirl126
    • By sleepygirl126 29th Sep 17, 7:44 AM
    • 274 Posts
    • 599 Thanks
    sleepygirl126
    That's fantastic...you're doing really well!!
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
    • BISCUIT1
    • By BISCUIT1 29th Sep 17, 9:05 AM
    • 44 Posts
    • 61 Thanks
    BISCUIT1
    As my Dad would have said, "You can't lose them all!" Nice bit of good luck there on the mortgage-well done and keep going! x
    • skye blue
    • By skye blue 7th Oct 17, 5:09 PM
    • 104 Posts
    • 443 Thanks
    skye blue
    Hi guys

    ive received the mortgage payment letter now and its just under a £130 a month less from next month

    i sent £100 across today (that was £85 made this month by ebay, surveys etc) that i was holding on to until i received the new payment letter that i rounded to £100 - im happy with making this extra, im amazed how it soon adds up

    ive got my mot, service etc on my car in a couple of weeks so finger crossed i don't need much doing and i can make another overpayment

    when i set myself this challenge of paying off this interest only mortgage i thought it was impossible, but as the months go by im feeling a bit more optimistic - its surprises me how the small amounts really make me feel more positive about my future

    have a good weekend folks
    • skye blue
    • By skye blue 5th Nov 17, 7:43 PM
    • 104 Posts
    • 443 Thanks
    skye blue
    Hi guys

    This month £200 has been sent as over payment, ive kept some money back for a second payment once ive had my treatment at the dentist and i had to buy 2 new pairs of glasses as well this week

    I always seem to have extra commitments these last few months but hopefully its all done till car/house insurance next year

    Ive done most of my xmas shopping, cut down loads of relatives i haven't seen for a couple of years, been meaning to do it before but felt guilty - but not now its my future to take care of

    Ive got a few things with bids on ebay ending soon and ive claimed £15 from surveys so that should all go into 2nd mortgage payment im planning

    Think i only have a couple more rates payments then its the 2 free months which im going to pay across (£80 x 2) nice extra amount

    Keep warm and safe everyone
    • gallygirl
    • By gallygirl 5th Nov 17, 9:05 PM
    • 16,455 Posts
    • 107,804 Thanks
    gallygirl
    What great progress you're making, well done .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
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