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    • MichaelDH
    • By MichaelDH 2nd Aug 17, 2:18 PM
    • 99Posts
    • 462Thanks
    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 4
    • MichaelDH
    • By MichaelDH 4th Oct 17, 9:53 PM
    • 99 Posts
    • 462 Thanks
    Evening all

    This months monthly payment (£668.08) plus our monthly OP (£331.92) has now been credited so mortgage balance now stands at £164.720.53.

    Total OPs so far stand at £906.58, so this month's mini challenge is to get that to £1000

    We've had a surprise cheque from first Utility (who we haven't used for over 12 months!) for £28.99 so that'll be sent to the mortgage once we've paid it in. Hoping some cash back clears on quidco so that'll go to the mortgage too.

    Was a bit naughty yesterday, spent over £50 on candles, so going to try and recover that money from elsewhere in the budget to make sure we don't dip in to savings if things get tight this month.
    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
    • Kittenkirst
    • By Kittenkirst 6th Oct 17, 8:53 PM
    • 1,593 Posts
    • 8,227 Thanks
    I’m so impressed by your OP figures Michael- definitely inspiring

    How is your Oscar?
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £206.32

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • MichaelDH
    • By MichaelDH 6th Oct 17, 9:01 PM
    • 99 Posts
    • 462 Thanks
    I’m so impressed by your OP figures Michael- definitely inspiring

    How is your Oscar?
    Originally posted by Kittenkirst
    Hey Kittenkirst

    Thank you. The free money from survey sites really helps. Have slacked off a bit last few weeks as have both been so busy at work. Determined to get the mortgage below £160k before we remortgage!

    Oscar is good. He's almost 9 months old now so starting to lose his puppy looks bless him,

    How are the kittens doing? x
    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
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