Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MichaelDH
    • By MichaelDH 2nd Aug 17, 2:18 PM
    • 90Posts
    • 415Thanks
    MichaelDH
    Adding value before making over payments
    • #1
    • 2nd Aug 17, 2:18 PM
    Adding value before making over payments 2nd Aug 17 at 2:18 PM
    I’ve spent a couple of weeks lurking around other people’s diaries so thought starting my own might help me (and in turn my partner) stay on track with reducing outgoings and saving money.

    Our situation is somewhat different to most of you that post on this board. Currently, we don’t make over payments on the mortgage, although this is our long-term intention. For now, any spare cash is saved (and often spent) on renovating our house. Our current mortgage deal ends in one years’ time, 90% LTV over 30 years, fixed at 2.45% for 2 years, and we are hoping that the value we will have added to the house by then will allow us to remortgage with a LTV of 60-65% with a reduced term if possible.

    We bought our house in August 2016 for £188k, which was an absolute bargain to be honest, so we were very fortunate. Up until now we have spent in the region of £15k on works such as replacing all of the windows and doors, installing central heating, knocking down a wall and putting in a steel support, electrical work and some plastering. We still need to put down flooring and replace the skirting boards and door frames, as well as new internal doors, redecoration, and replacing carpet upstairs. The kitchen, bathroom were replaced by tenants who lived in the property for a year or so before we bought it, long story but they thought they would be able to buy the house then couldn’t, so we don’t plan to replace them yet.

    Once our current program of works is completed we intend to start saving towards replacing the garage with a single story side extension to expand the kitchen, add a small utility and downstairs toilet, create a room for the dog, possibly dogs by then , and we will also reconfigure the bathroom to combine the bathroom and separate toilet.

    Similar properties in our road have recently sold for £69k, £77k and £102k more than what we paid 12 months ago, so we are quite confident that once completed we should achieve the same (possibly more )

    We currently save £1k each month between us, although this is spent on the house as and when needed, but going forward anything left in the current account at the end of the month will be moved in to savings. We are aiming to reduce our outgoings as much as possible to increase the amount left in the current account at the end of the month.
Page 3
    • newgirly
    • By newgirly 1st Sep 17, 8:19 AM
    • 5,772 Posts
    • 39,523 Thanks
    newgirly
    Hi Michael dh, happy first of the month to you too

    I think you should set a challenge to clear it by 40, if you don't get there it's not the end of the world and at least you will be closer than you would have been perhaps.

    Have you / Are you going to join the mfw yearly challenge? I'm not even halfway to this year's target which I set very high, but I'm still oping more than usual, I think it helps having to update and see it listed if it says im "slipping" form target.

    I feel your pain with meter readings, Ive had to top up £100 recently as we were in deficit, considering it's been hot for ages it doesn't bode well for winter
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • MichaelDH
    • By MichaelDH 1st Sep 17, 1:57 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Hi Michael dh, happy first of the month to you too

    I think you should set a challenge to clear it by 40, if you don't get there it's not the end of the world and at least you will be closer than you would have been perhaps.

    Have you / Are you going to join the mfw yearly challenge? I'm not even halfway to this year's target which I set very high, but I'm still oping more than usual, I think it helps having to update and see it listed if it says im "slipping" form target.

    I feel your pain with meter readings, Ive had to top up £100 recently as we were in deficit, considering it's been hot for ages it doesn't bode well for winter
    Originally posted by newgirly
    Hi newgirly

    Yes I think 40 is definitely a good target, that's now only 8 years and 12 days away so unlikely to be possible... definitely something to aspire too though!

    What's the mfw yearly challenge? I will sign up to anything that will me to stay on track
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • newgirly
    • By newgirly 1st Sep 17, 2:48 PM
    • 5,772 Posts
    • 39,523 Thanks
    newgirly
    It's the thread currently (and usually) somewhere on the first page of this board called 'MFW 2017' , there's a long explanation on the first post , you can click on the link there too and see how much people have paid off this year, sorry I can't link as even though gallygirl has told me how to a few times, I still can't do it
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • MichaelDH
    • By MichaelDH 1st Sep 17, 3:42 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    It's the thread currently (and usually) somewhere on the first page of this board called 'MFW 2017' , there's a long explanation on the first post , you can click on the link there too and see how much people have paid off this year, sorry I can't link as even though gallygirl has told me how to a few times, I still can't do it
    Originally posted by newgirly
    Thank you. I will take a look and join in
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • MichaelDH
    • By MichaelDH 1st Sep 17, 8:02 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Who knew that updating ones signature could be so exciting!!!

    Normal monthly payment plus our shiny new over payment went out this morning and has been credited to mortgage account, so balance has decreased by £666.58 to £165.581.39

    Have now set myself a mini target to get the balance to £165k by the end of the month
    Last edited by MichaelDH; 05-09-2017 at 7:57 AM. Reason: Corrected current mortgage balance.
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • wildesavings
    • By wildesavings 1st Sep 17, 9:30 PM
    • 160 Posts
    • 426 Thanks
    wildesavings
    Nice round number ... go for it
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • Kittenkirst
    • By Kittenkirst 2nd Sep 17, 5:05 AM
    • 1,573 Posts
    • 8,082 Thanks
    Kittenkirst
    Fingers crossed you break the £165k barrier this month.

    Good work ok the utility readings, I do it religiously monthly and keep photos of my meter reads just in case of errors/problems down the line

    Have you seen the news on Prolific about multiple accounts in the same address- worth having a read for you with you and Drew both doing prolific? http://blog.prolificacademic.co.uk/2017/08/31/some-new-account-rules-for-participants

    Keep up the fab work Michael! X
    2017 MFW #20 - OP £1914.25/ £2150. 89%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £161.63

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • MichaelDH
    • By MichaelDH 2nd Sep 17, 7:36 AM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Morning Kittenkirst

    If we can get to under £165.5k this month I will be really pleased. It's really very motivating seeing the balance come down - I can't believe it's taken me a year to figure this out, although to be fair we have had quite a few expenses in the last 12 months with work on the house.

    Keeping photos of meter readings is a great idea. A friend of mine has recently had an issue when selling a property because the meter reading she took as she left varies massively to the reading the new occupier has submitted, so she's been billed extra and the supplier is being a !!!! about it

    Have noticed on Prolific that Drew and I don't get invited to the same surveys. We did check the rules before he joined so hopefully should be fine... Drew was rather jealous last night because I got a £9 survey, though survey was actually a test which took forever and was really difficult, so he had the last laugh

    I'm back up to a balance of £13.45 and £12.65 pending on Prolific so really pleased with that. Added bonus is that if I'm busy completing a survey then I'm not eating biscuits or chocolate

    Have you downloaded the Chrome extension for Prolific? It's really handy for letting you know that a survey is available... I've set mine to check every minute
    Last edited by MichaelDH; 06-09-2017 at 3:14 PM.
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • Kittenkirst
    • By Kittenkirst 2nd Sep 17, 8:40 AM
    • 1,573 Posts
    • 8,082 Thanks
    Kittenkirst
    I did try the chrome extension but as I use my work laptop (on breaks/out of hours obviously!) the extension is blocked by work software- booooooo!
    2017 MFW #20 - OP £1914.25/ £2150. 89%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £161.63

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • MichaelDH
    • By MichaelDH 4th Sep 17, 10:52 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Evening all

    Weekend was a little spendy... Saturday we needed to buy Oscar's food and some treats (will last for 2 months) so that left us £73.95 worse off Should have been £83.95 but we had a free £10 voucher to use I'm sure the mut eats better than we do!

    Did meal plan for the week and then popped to Asda for a weeks shopping. Came to £42.68 after using last weeks price guarantee vouchers (£1.67) which I don't think is too bad for the week, especially as that includes packed lunches for the two of us for the week. Also, some of what was bought has/will be used up in meals where half is frozen to use another time so less to buy in other weeks Have checked receipt any printed off a voucher for £1.93 to use next week.

    I'm trying not to get too hung up on the grocery shop as it's important to us to eat well and enjoy our meals as we both love food. Would rather concentrate on only buying the ingredients we needs and not letting food go to waste plus cutting down on unnecessary spending like takeaways and trips to Tesco Express for chocolate, biscuits and Ben & Jerrey's ice cream

    Did some batch cooking over the weekend. Spaghetti Bolognese for dinner on Saturday so half of the bolognese has been frozen to have next week. Sweet Chilli Turkey Burgers, which again were frozen. We've had one each tonight for dinner in a bun with some oven chips and will have the other two later in the month. Also made a chicken casserole using a load of left over veg so that's been divided and frozen. Will use half in a pie I think, and the other half for an easy Sunday dinner. Freezer meals are building up nicely and food waste is virtually zero

    Drew's parents visited on Sunday and took us out for lunch so at least Sunday was NSD

    In other news, survey completed on PineCone so £3 withdrawn. I've just reached 938 pints on swagbucks so £5 withdrawn, and on Prolific I'm up to £14.45 plus £12.90 pending so think I will cash out once balance is £20. Drew is almost up to £25 on Swagbucks and has just cashed out on Prolific so £22.08 after fees. Not bad at all for an hour or so a night whilst watching TV!

    Apologies for the huge post... must learn to stop waffling... do think writing everything down here helps stop it all whirling around in my head though
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • MichaelDH
    • By MichaelDH 6th Sep 17, 1:32 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Afternoon

    Quick mid-week update:

    Drew cashed out on Prolific so that's another £22.09 paid to the mortgage.

    We've both cashed out on a few other survey sites plus withdrawn some cleared funds from Quidco, but I won't count that until funds have cleared and been sent over to the mortgage!

    In other money saving news, we've been wanting to go for a meal at Las Iguanas for ages, haven't been before and has always been fully booked when we've tried, so have decided to go for my birthday next week. By coincidence, spotted an offer on here last night for free main course when joining the mailing list so signed up and voucher was emailed to me this morning. Sure the meal will taste even nice knowing we've saved some money! Here is the link: http://www.moneysavingexpert.com/deals/las-iguanas#deal38707

    We both have the week off next week, were planning to go away but didn't get round to booking anything. Think we are going to paint the hall, landing and stairs instead (fed up of looking at bare plaster and have been putting it off), go shopping for flooring, order a new sofa and try and squeeze in couple of days to relax so fingers crossed that all goes to plan!

    Good luck with all your money saving and mortgage overpaying endeavours for the rest of the week
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • MichaelDH
    • By MichaelDH 6th Sep 17, 9:22 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    News just in...

    Received £3 from PineCone and £30 from Swagbucks (£5 for me and a massive £25 for Drew) so that's another £33 paid to the mortgage this evening. That's £387.01 so far for August, very pleased with that considering it's only the 6th!

    If anyone want's to try Swagbucks I have a referral link: http://www.swagbucks.com/p/register?rb=38802866
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • MichaelDH
    • By MichaelDH 7th Sep 17, 1:52 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Signature updated to include yesterday's OP's

    We did a quick top up shop in Asda last night (£12.77) for a few essentials and toiletries. Checked price guarantee this morning and printed off a voucher for £1.64

    Can't believe I'm admitting to this... someone had left their receipt on the till so I nabbed that and then on the walk back to the car I picked up a discarded receipt, so checked them this morning too and printed off vouchers for £1.77 and £1.49

    So that's £4.90 off next weeks shopping. A bit sad I know, but I'm going to add a tab to my budget spreadsheets to track money off vouchers and see how they total up at the end of the year. I've already added a tab for earnings from surveys and Quidco etc. as I think tracking all that free money will help keep us on track
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • MichaelDH
    • By MichaelDH 8th Sep 17, 7:45 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Just made another over payment

    £22.57 (after fees) from Prolific and £5 from SwagBucks so £27.57 in total.

    Mortgage balance now at £165,498.64 so we've smashed our £165.500 mini target for August already.
    Last edited by MichaelDH; 12-09-2017 at 4:11 PM.
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • MichaelDH
    • By MichaelDH 12th Sep 17, 4:23 PM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Afternoon all

    It's my birthday today. Been having a little day dream about how nice it would be to wake up on my 40th birthday (8 years to go) and not have a mortgage

    Just made another over payment to the mortgage of £46.84, £5 from SwagBucks and £41.84 from Quidco for energy switch plus a few other bits and pieces. Think we are up to £461.84 this month so far so would be nice to get that to £500

    Also received a voucher for £5 from Asda today for complaining about the fresh baked bread being frozen! Not much but that's £5 off next weeks shop

    Off out to Las Iguana tonight with my voucher for a free main course so looking forward to that.

    In other news Drew's new car is being delivered on Thursday so he's very excited about that. Just got to try and sell his current car now. Have advertised it on a few facebook pages for £1,800 but if it doesn't go will probably take it to webuyanycar and get £1,200 if we're lucky.
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • Kittenkirst
    • By Kittenkirst 13th Sep 17, 11:07 PM
    • 1,573 Posts
    • 8,082 Thanks
    Kittenkirst
    Hope you had a lovely time at Las Iguanas- they have a fantastic menu and getting that voucher means it's frugal too

    Happy birthday

    You are doing so well with the Swagbucks and the Prolific, and so good with getting Drew in on it too

    Keep up the good work!
    2017 MFW #20 - OP £1914.25/ £2150. 89%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £161.63

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • MichaelDH
    • By MichaelDH 17th Sep 17, 9:56 AM
    • 90 Posts
    • 415 Thanks
    MichaelDH
    Thanks Kittenkirst!

    I had a great birthday. We didn't get to Las Iguanas in the end... there was a fuel spillage up the road from us so all the local roads came to a standstill. Instead we had a takeaway from the local Chinese which was very tasty indeed

    Bit of a spendy week being at home as haven't had much of a routine to follow. Very naughty, we haven't done any of the decorating we had planned! We have spent lots of time playing with Oscar and going for walks so not too bothered. Also managed to visit a couple of kitchen showrooms (Wren and Magnet) to get some ideas. The lady in Magnet was very nice and gave us some very good advice about the current trends and not going to OTT with the kitchen unless it's our forever home which was very good considering she was potentially talking herself out of some commission when we are ready to buy. We also has a builder come round to talk extensions and expecting some estimates tomorrow so that's exciting to be getting the ball rolling.

    Drew's new car was delivered on Thursday and he's really pleased with it. Very relieved that it's a nice colour, can't remember if I said before but the colour was a bit of a gamble as hadn't seen it on an actual car before, only on the colour wall in the VW garage. Sure my 5 year old Golf will feel ancient when I drive to work tomorrow!

    Back on track these week with being frugal
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,060Posts Today

6,526Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin