Pixelwife MFW - Overpayment Diary

pixelwife

Hi all

Another update from me. Just had the revised standard repayments letter from C&G taking the new interest rates into account and the latest buy to let is less than £100 from being entirely self-funding, however we are massively overpaying on a monthly basis to get rid of that one.

As we are self employed we are going to take a dividend at some point to pay off the loan as I really hate the idea of it hanging over us.

Bit of bad news now folks for my debt free date. We've found a holiday home we want to buy. It's in the UK but as we have a lot of pets that works out well for us. Very small, very cheap but just gorgeous. We're hoping to buy it in cash from savings but it is going to auction so who knows. Wish us luck.

Pixelwife.

setmefree2

pixelwife wrote: »

Wish us luck.

pixelwife

Hello all, been lurking in here but decided to reinstate this thread after the longest absence and sadly a serious lack of overpayments since I last posted!

As hubby and I are self employed, the recession hit us hard so we really felt the benefit of our overpayments in so much as we did not pay the mortgages for a few months when things were really bad but as we'd overpaid they didn't want anything from us!

Also, a short while after my last post in early 2009 I got pregnant so I now have a strapping little boy who'll be 2 in a few months! Where has the time gone?

So now, we're back on the journey to MF life. I still have 3 mortgages and 4 properties. I've just had up to date figures on all of them which I'll post in my signature. Before we can pay any of these off, my hubby has a loan at a ridiculous interest rate that we can only pay off either the set monthly fee til the end of time, or in full. Nothing in between. So first off, by the end of this month we want to get rid of that - and it's over £10,000! Don't worry, the loan is from way before he met frugal PW!

Well, I hope some of you remember me, and I look forward to reporting in regularly and sharing your MFW journeys with you all

Pixelwife

wantabetterlife

Welcome back PW. Have just read your diary from the start, congratulations on the birth of your son. You have done really well to be able to hold on to all of your properties and ride out the storm. Goodluck with your MF plans.

pixelwife

Thank you for the post, wantabetterlife. To be honest, I'd not felt we'd achieved anything the last couple of years but you're absolutely right - hanging onto them in such turbulent times IS a big achievement and one we shall celebrate! I treated my hubby to a steak for dinner so that can now be why he's having steak!

I see you have a BTL as well as your own mortgage - what's been the key to your success so far?

Pixelwife

Sepa74

Welcome back Pixelwife, and congratulations on the little one. Good luck getting rid of the loan... once that's gone you'll really be able to focus on getting the mortgages down!

pixelwife

Thanks Sepa74, my little boy is going through shall we say a 'challenging' phase at the moment - but he's a delight and I just can't imagine our lives without him now. I quite fancy another by my hubby has ruled it out til we have a few spare quid in the bank!

Definitely want to clear the loan this month. The interest rate taunts me every month and I've convinced my hubby it's the only way forward!

Really good to be back on this forum - forgot how lovely everyone is, and I love being accountable through my forumite buddies.

Pixelwife.

pixelwife

One of our BTLs was behind so needed to pay 2 payments totally £1400 so rounded it up to £2000 and paid online today. Forgot how good that feels. Will now update my sig with revised DFD!

Pixelwife

cha97michelle

First time I have ever seen your diary today. Welcome back, and good luck on resuming your journey to mortgage freedom.

pixelwife

Got a cheque off a friend who owed £75 so that will be coming off the highest interest mortgage in next couple of days when cleared.

Lots of bills to pay this month but already thinking of what I might be able to skim off to overpay. Super addictive. How is everyone else getting on?

Pixelwife