uzubairu's Mortgage Free Journey

uzubairu

uzubairu wrote: »

Just received a phone call inviting me to a Market Research meeting for a catalogue company.
It will take a few hours and I'll get £50 cash on the night for attending. :T

Just got back from the meeting with £50 in my back pocket.
Talked about shopping for 2 hours.

£40 for next month's overpayment and we'll spend the tenner on a 2for1 eat-out deal next week.

I managed to bag a PAYG Nokia 2330 on Orange with £10 credit for £10 last week.
It must have been an error (but I still had to give it a go), so I was expecting an email telling me that my order was cancelled because I hadn't received any further communication for 5 days.
I had an email today confirming despatch via courier.

Now I can take advantage of Orange Wednesdays and the 2for1 at Pizza Express. :j

uzubairu

It's that time again.

Overpayment in blue, Interest in red and Balance in green.

Year starting balance = £81,723.61
Overpayment Reserve = £17,968.24

April Stats:-

Month / Payment / Overpay / Interest (per day) / Net reduction / Balance.
Jan / 937.16 / 1,000.00 / 326.49 (10.53) / 1,610.67 / 80,112.94
Feb / 937.16 / 990.00 / 289.55 (10.34) / 1,637.61 / 78,475.33
Mar / 937.16 / 1,000.00 / 313.92 (10.13) / 1,623.24 / 76,852.09
Apr / 937.16 / 1,000.00 / 296.51 (9.88) / 1,640.65 / 75,211.44


Year To Date Totals
Std Payment / Overpay / Interest / Net Reduction / OP Reserve / Balance
3,748.64 / 3,990.00 / 1,226.47 / 6,512.17 / 21,958.24 / 75,211.44

The average daily interest is now below £10. :j
If I hit my 2010 MFW target, it should be around £8.50 by the end of the year.

I've also reduced the term a little more to incorporate savings from the household budget and the new monthly payment will rise to £996.41 from next month.

uzubairu

I worked overtime on Bank Holiday overtime and today, so with 2 lots of additional premium payments due, I should have an extra £280 in my pay next month.

I read the electricity meter today (25500) before we change supplier (currently with Scottish Power).
It is showing as a credit of £71. :T
The credit will nearly cover our first 2 months of direct debits (£38) with our new supplier (EDF).

uzubairu

I finally received the outstanding overtime in this month's pay.
Scottish Power sent me a letter confirming the £71 credit, which they will refund as a cheque.

Final bill for gas (with EON) arrived and we owe them £102.

Buildings and Contents insurance is due for renewal in 5 week time, so I need to start looking again.

I had to lend my dad £560 last month (from overpayment money) which he has promised to pay back on the 1st June.
I don't think I'll get it back by then so I set my self a challenge to eBay enough stuff to get that money back.
A little bit more of the garage floor has been revealed.

So far I'm currently just short of £400 after fees and postage cost.

Overpayments so far this month: £500

uzubairu

May Update
It's that time again.

Overpayment in blue, Interest in red and Balance in green.

Year starting balance = £81,723.61
Overpayment Reserve = £17,968.24

May Stats:-

Month / Payment / Overpay / Interest (per day) / Net reduction / Balance.
Jan / 937.16 / 1,000.00 / 326.49 (10.53) / 1,610.67 / 80,112.94
Feb / 937.16 / 990.00 / 289.55 (10.34) / 1,637.61 / 78,475.33
Mar / 937.16 / 1,000.00 / 313.92 (10.13) / 1,623.24 / 76,852.09
Apr / 937.16 / 1,000.00 / 296.51 (9.88) / 1,640.65 / 75,211.44
May/ 996.41 / 740.00 / 302.46 (9.76) / 1,433.95 / 73,777.49


Year To Date Totals
Std Payment / Overpay / Interest / Net Reduction / OP Reserve / Balance
4,745.05 / 4,730.00 / 1,528.93 / 7,946.12 / 22,698.24 / 75,211.44


I was hoping to overpay another £200 before the end of the month, but I forgot about the Bank Holiday and sent it online and it hasn't reached the mortgage account yet.

I'll just add that to next month's overpayment, which is when the next MFiT-T2 update is due.

Quidco have received £44, so I should get that in the next few days.

I worked overtime yesterday, and I've opted for single time payment and an extra day off (I need the rest).
I've been asked to work next Sunday evening too, so that will add and an extra £150 to next month's pay.

Also have another Race For Life race on Wednesday evening after work and one on Sunday morning too.

Me and OH have opened Northern Rock Fixed Regular Saver accounts (5% for 1 year, which is 4% after tax), and we'll be adding to them as well as the mortgage, because with overpayments at our current rate, the term will have reduced to June 2016, which is when the fixed rate ends, and we won't be able to add anymore overpayment without incurring charges.
We opted for passbooks so that we can make payments more easily.

We'll just be on the lookout for other savings options for our overpayment money over the next few months.

I'm currently looking for buildings and contents insurance.

uzubairu

OH opened his Northern Rock Regular Saver last week and my appointment was for today.

I was able to open the account (and deposited £200), but the advisor told me that the account was being withdrawn today.
Quite pleased to get a half decent rate before it vanishes.

We are going to deposit £100 into each account monthly until December and when we will no longer be able to overpay (as the term will have shortened to 10 years) we will make the maximum payment into each account (£250) for the next 6 months, as it finishes in June 2011.

uzubairu

June Update

Overpayment in blue, Interest in red and Balance in green.

Year starting balance = £81,723.61
Overpayment Reserve = £17,968.24

June Stats:-

Month / Payment / Overpay / Interest (per day) / Net reduction / Balance.
Jan / 937.16 / 1,000.00 / 326.49 (10.53) / 1,610.67 / 80,112.94
Feb / 937.16 / 990.00 / 289.55 (10.34) / 1,637.61 / 78,475.33
Mar / 937.16 / 1,000.00 / 313.92 (10.13) / 1,623.24 / 76,852.09
Apr / 937.16 / 1,000.00 / 296.51 (9.88) / 1,640.65 / 75,211.44
May / 996.41 / 740.00 / 302.46 (9.76) / 1,433.95 / 73,777.49
Jun / 996.41 / 700.00 / 286.15 (9.54) / 1,410.26 / 72,367.23


Year To Date Totals
Std Payment / Overpay / Interest / Net Reduction / OP Reserve / Balance
5,741.46 / 5,430.00 / 1,815.08 / 9,356.38 / 23,398.24 / 72,367.23

Overpayment is a little less than I had hoped for this month, due to my dad not repaying loan (which I expected) and me awaiting feedback on a few expensive items I sold on eBay.
I prefer to transfer the money once the buyer has confirmed receipt and left feedback.
The buyers took a little longer to reply this time, but they were all happy with their purchases.

I transferred £375 from my Paypal account yesterday, so I will be on target to overpay £1,000 this month, as I also have a couple of days of Sunday overtime due when I get paid next week.

The Northern Rock Regular Savings total stands at £500.

OH has been left £2,000 from a distant elderly relative. When he receives the cheque, £750 will go on mortgage overpayments.

Even though I know it's a few months away, I can't wait for the mortgage balance to start with a 6.

uzubairu

Purchased combined buildings and contents insurance with Kwik Fit for £149.
I went through Quidco, which if it pays will give me £42.50 cashback.:j

OH is considering re-mortgaging to the HSBC tracker (1.79% + base), because the arrangement fee has been reduced to £99 for a short time only.

He is also looking at the Co-op tracker (1.99 + base) which has no ERCs or arrangement fee.

The Co-op allow you take back your overpayments, so it is a bit like our current mortgage with Nationwide.

uzubairu

We got an Agreement In Principle (AIP) from First Direct at the weekend, so we are going to give them a go.

The papers arrived this morning, and I just need OH to sign his bits and await the papers for opening the current account to pay the mortgage from.

I rang the Nationwide and the redemption charge today will be £2,050 :mad:.

Now we are looking at others places to save the overpayment money.

So far we have the following pending/in place:-

1. The Northern Rock Regular Saver (4% net) will receive £500 (£250 x2)
2. First Direct Regular Saver (4% net) will receive £300 (£300 x1)
3. HSBC Regular Saver (3.20% net) will receive £250 (£250 x1)
4. Cheshire Building Society Regular Saver (3.20% net is 3.50 + base until July 2011) will receive £250 (£250 x1)
5. Derbyshire Building Society Regular Saver (3.20% net is 3.50 + base until July 2011) will receive £250 (£250 x1)

Quidco has tracked at £42.50 (from Kwik Fit) for the buildings and contents insurance.
If it pays, the net cost will be £107. :j

uzubairu

Mortgage overpayments so far this month are:- £800.

The Regular Savings accounts (4 so far) have received a total of £1,010 this month.
The money Uncle Arthur left us (RIP) has helped too.

Reg Savers / July / YTD
Northern / = £500 / £1,010
HSBC RS / = £250 / £250
Derbyshire / = £250 / £250
Cheshire / = £100 / £100

First Direct RS will be operational once we re-mortgage.

We will be trying our best to make the maximum payments into each of them every month.
The year end totals will be added to the total overpayments at the end of the year.