My Mortgage Quest: Go from 85% -> 60% LTV by October 2013

SmlSave

Yay for exchange today!

setmefree2

DJ_Mike

Well, I've had a bit of a freeze on updating this diary, as I've had no net access for the past week!

Completion happened on schedule last Friday - my keys were released to me by 10am! (Although I couldn't pick them up till 1pm due to a work commitment!)

Moving in happened with help from my OH and family over the weekend - I've now completed (bar a vacuum cleaner and my car's parcel shelf) completely vacated my flat - gonna pop there at lunch time to pick those up and take some final meter readings.

It feels really scary but exciting to finally have my own place - and having a detached is really nice from a home cinema point of view - popped in LOTR: The Two Towers last night and cranked the volume waaaay up beyond any level I dared put it when I lived in the flat! Stepped out of my house and shut the doors to evaluate the noise levels - barely audible! Think I'm going to enjoy living there!

Got my fridge/freezer and washing machine delivered by John Lewis yesterday - they are rather spiffy! The washing machine especially is leaps and bounds above what I'm used to from living in a flat with a 10+ year old machine that struggled to even turn the drum for a simple wash.

And finally! I officially made my first overpayment on my mortgage today - to the sum of £1,000 - since I have no rent OR mortgage commitments for the month of October, I can pay off a substantial amount of capital instead.

I've also gained £10,000 as a one-off from matured savings to overpay a big wad of my mortgage now, so I'm getting a big head start on the mortgage right now! :T Doesn't take away from the fact that I'll need to work hard to keep overpayment towards my target, but it's a fantastic boon! Will wait for my first overpayment sum to clear so I know it's all working, then will add this overpayment to it as well!

SmlSave

Hi Mike,

Sounds like you're all sorted in your new home Is there much decorating to do or is it pretty much as you like it?

Well done on the brilliant OP's

DJ_Mike

Actually the previous owner had redecorated it quite recently including brand new bathroom and fresh paint/carpets/curtains/blinds all around. It really is quite lovely and I have no desire to change it!

I must confess I'm intrigued by your £200 a month grocery challenge - how many mouths are you feeding with that?

SmlSave

Only two Mike I know there's plently on the OS board who are fine with half that! It includes everything we buy at the supermarket, cleaning stuff etc.

How nice to move into a decorated house We've been in our house 2 1/2 years and there's still loads to do!

DJ_Mike

That's cool! I'm personally budgeting £100 a month just for me, again that tends to include cleaning stuff - I'm essentially budgeting for everything on my CC bill that has "Tesco" after it!

wynnvegas

Hi Mike,

Just caught your thread and wanted to say congratulations on moving in at last. I can well remember the feeling of stepping into "your" house for the first time. The very best of luck to you with your goal.

Cheers,

Billy

setmefree2

on your new house purchase and good with your future MF plans.

DJ_Mike

Well, I've certainly had a fight and a half!

I tried to send an overpayment of £10,000 to Abbey, but my bank (A+L) decided they weren't having any of that, and stalled my payment over security reasons.

"Fair enough!" I thought, and I called them and confirmed some security details and they sent off the transaction. Two days later and the payment arrived back in my account! Arg!

So after yet more annoying phone calls to their staff (not to mention phone cut outs that meant I had to call them back and liaise with yet more staff), I finally got them to send off the payment!

Fingers crossed it actually gets there this time!

But nonetheless, that's an overpayment of £10,000 more towards my mortgage!

£11,000 overpaid this month has reduced my mortgage term from 30 years... down to 25 years 9 months!