Pixelwife MFW - Overpayment Diary

pixelwife

Hi All

Not posted in a while as I've just got a mortgage for another BTL (:)). I shall leave posting about that one as it's a distraction and focus on paying down the one this thread is about. I suppose I can always setup another thread for that one

Current interest rate on the property is 3.39% (0.39% over base).

I will shortly be receiving £800 pcm rent on this property which will be reinvested straight back into the mortgage on top of my normal payment. I think this will reduce the term to around 12 years but I'm waiting to find out from my broker whether I did this on an original 20 or 25 year mortgage.

I've done a few greasypalm bits and done an SOA which shows hubby and I should be left with £1000 per month after all mortgages and bills and a few treats so potentially this could also go into overpayments.

The only caveat to this is we're desperate for a pied-a-terre in London as we spend a lot of time there and have just found a cheap as chips studio which we'd like to buy and do up for our use. This could mean we don't have any additional overpayments for quite some time but hey, it means we can earn even more!

Pixelwife.

pixelwife

Hi All

Not posted in a while as I've just got a mortgage for another BTL (:)). I shall leave posting about that one as it's a distraction and focus on paying down the one this thread is about. I suppose I can always setup another thread for that one

Current interest rate on the property is 3.39% (0.39% over base).

I will shortly be receiving £800 pcm rent on this property which will be reinvested straight back into the mortgage on top of my normal payment. I think this will reduce the term to around 12 years but I'm waiting to find out from my broker whether I did this on an original 20 or 25 year mortgage.

I've done a few greasypalm bits and done an SOA which shows hubby and I should be left with £1000 per month after all mortgages and bills and a few treats so potentially this could also go into overpayments.

The only caveat to this is we're desperate for a pied-a-terre in London as we spend a lot of time there and have just found a cheap as chips studio which we'd like to buy and do up for our use. This could mean we don't have any additional overpayments for quite some time but hey, it means we can earn even more!

Pixelwife.

pixelwife

OK, well my signature is updated. Sadly it's a 25 year mortgage not a 20 year as I'd hoped but still it'll be paid way way quicker if I keep up with my snaffling of every spare penny into it!

I have a very small cheque coming through which I'll pay against the mortgage plus my greasypalm rebates for hubby and I (due January). Hubby may do a car boot before Christmas but that's more for getting some garage space back than income.

I have crunched a lot of numbers in the last few days and I am very confident that we'll be left with 4 (or even 5 if we get the London place) properties and only 1 mortgage within about 5-6 years!

I really shouldn't enjoy this as much as I do...

Pixelwife.

pixelwife

Hello all

Well I'm back on the money trail today with the added incentive of a lovely interest rate cut across my C&G trackers x 3! :eek:

I have listed in my sig both my BTLs which have mortgages so I can switch and hit the overpayments off the more recent and higher rate one.

I haven't listed my overall mortgage debt as you'd all pass out. It's a huge figure and I certainly haven't seen any figure like it on here so I'm too embarrassed to post but what I have put down is my final mortgage free date according to whatsthecost.com.

15 years to own 4 properties is exciting but still feels like a grind so I'm going to have a mad fit and see what we can do to bring it down.

Before I can truly begin though, I have to clear a £15k loan my hubby has had for donkeys years. Paid a big chunk of it off today so now just seeing what we can port from savings without penalties to get rid.

Any ideas of how we can get some big chunks off these?

Pixelwife

pixelwife

Let me just add, my mortgage pig has been converted to a 20p-ig and I've asked all my friends and family to save 20ps for me and I'll swap they for change or quids. When that's full that'll go straight of the loan or the mortgages.

I've also poached a JP Gaultier tin of hubby's for all small change and again we'll bank when it's stuffed.

I have a cheque for £220 coming for money I lent someone so that goes in the pot, plus I'm going to see if hubby has enough in his account to make a double payment on his loan.

It's amazing how you can make giving money to banks fun eh? :rolleyes:

Pixelwife

setmefree2

Well done on all that:D

pixelwife

Thanks SetMeFree. I thought no one was reading my thread for a while!

I am having a day off today and have just won a little pot of money at poker (it's a little treat I allow myself - you've got to have some fun!) and guess what? Not spending it on the mortgage! I'm getting a nice big Christmas tree tomorrow with it.

As is said so often here, you can't pay your mortgage off to the exclusion of all life's pleasures!

Hope the base rate cut has given everyone here a lift. I know it's done wonders for me!

Pixelwife

pixelwife

My cheque I was waiting for has also come in - so that WILL go against something - though probably hubby's loan seeing as that's the one with horrendous interest!

setmefree2

Hope your tree is lovely:xmastree:

pixelwife

SMF that is the onlytree I have seen :rolleyes: ^^

We had to re-do the bathroom in our new BTL so that was over a grand (but discounted to £800 thanks to a nice chap at the DIY place who gave us a friends and family discount card).

Hubby worked on it all weekend and tonight, plus every night this week.

Have had a fair bit more success and have withdrawn over $250 so far so some of that may end up in tree form!

Thanks for keeping in touch SMF!

Pixelwife