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    • MichaelDH
    • By MichaelDH 2nd Aug 17, 2:18 PM
    • 100Posts
    • 475Thanks
    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
    Iíve spent a couple of weeks lurking around other peopleís 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 donít 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 yearsí 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 couldnít, so we donít 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
    • 100 Posts
    • 475 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
    • 1,641 Posts
    • 8,562 Thanks
    I’m so impressed by your OP figures Michael- definitely inspiring

    How is your Oscar?
    2017 MFW #20 - OP £2508.28/ £2150 117%. New target £2500 100%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £212.41

    Emergency fund £4K/ £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
    • 100 Posts
    • 475 Thanks
    Iím 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
    • MichaelDH
    • By MichaelDH 30th Oct 17, 3:37 PM
    • 100 Posts
    • 475 Thanks
    Well after a fantastic start in September we have been really naughty this month and only made our standard OP of £331.92

    I've been really busy with new role at work (a little stressful at the moment) and Drew has been busy studying for prince2 qualifications, plus we've been chipping away at the house to do list and making plans for extension project, so we just haven't had time for surveys this month.

    We've signed up to Weight Watchers this month. First weigh in was last Thursday, I lost 6lbs and Drew lost 3lbs, so we are very pleased with that. Hopefully WW will help wipe out the monthly bill for takeaways and popping to local Tesco for chocolate and biscuits!

    Will be making standard OP in November and hopefully a few extra small payments from cashback and surveys etc.

    Hope everyone is winning in the quest to be mortgage free!
    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
    • newgirly
    • By newgirly 30th Oct 17, 4:26 PM
    • 5,900 Posts
    • 40,646 Thanks
    A standard op is way better than no op

    Well done losing weight, I've been doing WW since may and I find it hard sometimes, motivation goes up and down quite drastically! Best of luck
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
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