Pixelwife MFW - Overpayment Diary

MallyGirl

I ebay a bit but work nearly full time with a DD about to go to senior school. I just get a bit here and there from qu**co / topcash**ck.
Where I live even the cheapest houses would be a significant investment - even if they did generate good income - so we are not going to think about BTL until we have done our extension and paid for it again. It is an interesting idea though for the future.

cotswoldaccountant

Sorry to hear you've been having a difficult time, Pixelwife. It must be very worrying. At least you are motivated to keep making inroads into your mortgage using whatever means possible!

I must admit I have been somewhat slack at posting myself recently on my own diary - the demands of children, work and home are somewhat overwhelming at the moment. Large amounts of building work are also preventing me making overpayments at the moment so I feel a little guilty looking at my monthly OP target and knowing I won't be overpaying a penny for the next couple of months!

Hope things improve for you very soon.

CA

pixelwife

Hi Cotswoldaccountant

I've often checked in at your diary to see how you're getting on as like me, you've got a rather mahoosive mortgage!

I'm in a bit of a frustrating position at the moment in that I know my business has signed enough deals to more than get us back on track but now I have to wait patiently for the cash to arrive so in that period, I'm still chewing on the stubs of fingers that used to be fingernails!

You are right in that life with business, family and home can get a bit overwhelming. I shall be so glad when I've got everything organised again so I can take my foot off the gas just a teeny bit!

Pixelwife

pixelwife

Not exactly made an impact but another £500 paid off today

pixelwife

I've lost my way a bit with the MFW way of life whilst having financial difficulties the last couple of years. I still have arrears on our main property but am hoping to have these cleared this month.

I've decided I need a new strategy to help me achieve my mortgage free aims. Looking at my debt free figure is just too scary and it feels like we'll never be free of these, let alone whilst we're still young enough to enjoy ourselves.

So, new strategy... I'm focussing on our smallest mortgage (with the highest interest rate) and going to try and make a game of paying that one off as quick as I can. It's currently at £108,000 and an overpayment of £500 a month would take that down to an 8 year term but that still seems way too long. I figure it's a starting point though so I now need to come up with as many ways as possible of eeking out another £500 a month from selling stuff, comping and the day job!

All thoughts and suggestions welcome as always.

Pixelwife

pixelwife

Another £5000 paid off the arrears on our house which felt great, the end is definitely in sight at least when it comes to under payments! And our total mortgage debt has just dipped below three quarters of a million pounds lol, not a nice sounding milestone to most but we're really happy about it!

gallygirl

pixelwife wrote: »

And our total mortgage debt has just dipped below three quarters of a million pounds lol, not a nice sounded milestone to most but we're really happy about it!

_pale_ Congratulations, it will pay off in the end but I don't have your nerve!

pixelwife

Well amazing news, after some problematic months I've finally settled all the arrears and have overpaid by a few pence.

What an achievement. It's made a big dent in the overall amount too so now I'm back on my overpayment journey. Woohoo!

pixelwife

Finally some overpayments to announce.

Yesterday - £250 paid
Today - £100 paid

cotswoldaccountant

Some great news that you have settled the arrears and made some overpayments - you've spurred me on too. Off to make a long-overdue update to my own diary now!

CA