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Ajmoney's mortgage reduction diary

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  • ajmoney
    ajmoney Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I have made £1000 in OPs this year and was planning on starting again in 2010 however...today my mortgage total in £31.40 over £47.5K so I have now decided that if there is extra money left over at the end of December I am going to OP again to bring it under £47.5K for the new year. Daily interest of £3.48 x 17 = £59.16 + £31.40 = £90.56

    At the current daily interest I pay £107.88ish a month on interest and was planning on OPing £100 a month, maybe I should up it in the new year to try and balance it out as this seems to be helping bring the interest down. I am remortgaging in February and I know these totals are going to go up as I am on 2.68% at the mo.

    I have just signed up to a new phone company and will be saving around £7 a month. I have also changed my mobile phone company, I am paying slightly more but not paying for mobile broadband anymore so am saving £2.50 a month on that. All I need to do now is change energy suppliers but I always get confused with that. Any advice on that is welcome.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
  • pammyj74
    pammyj74 Posts: 3,290 Forumite
    well done on your OPs, I need to change my energy supplier as well and will go through quidco but will look at this next year. Have no idea myself how to compare them. Sorry :o
    Wish my mortgage was a little as yours but I bet you feel the same about any others lower lol
    MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!! :j
  • ajmoney
    ajmoney Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    pammyj74 wrote: »
    Wish my mortgage was a little as yours but I bet you feel the same about any others lower lol

    This is not my forever house, it is my first and when I bought it, it was based on my wages hence why it is so low. We eventually want to move and it will jump up by then.

    Does anyone know of any websites where I can roughly find out what my house might be worth? I am interested to see how much of the house we own!
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
  • £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • SmlSave
    SmlSave Posts: 4,911 Forumite
    Part of the Furniture Combo Breaker
    I use Zoopla which gives a rough guide< and its nice and simple too!
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • ajmoney
    ajmoney Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    SmlSave wrote: »
    I use Zoopla which gives a rough guide< and its nice and simple too!

    Zoopla estimates that my house is worth £81,109, this would mean I own around 25% of the house :D
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
  • Wow, that's great AJ!!

    I'd never heard of Zoopla, but it looks quite interesting. Am about to go and have a look and will make a note of the outcome in my diary... let's hope it gives me positive news!!

    QB
  • ajmoney
    ajmoney Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Queen-Bee I was being a bit stupid about my calculations...I worked it out with OH last night and we own around 40% of the house :j and that is just in nearly 5 years.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
  • ajmoney
    ajmoney Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It is the 18th of the month so time to update again.

    Total payments £4,122.88
    Total interest charged £1,263.77
    Daily interest £3.48
    Current balance £47,545.35

    I am going to have another look on the 31st. I am quite happy looking at those details and it has put a new interest in me to try and work a bit harder.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
  • ajmoney
    ajmoney Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I know I have no right to moan as there are people worse off than me and plenty on here who have bigger mortgages but I am most depressed now.

    Last month I reduced my mortgage by £290.35. that's great I here you say but...I made payments totalling £395.24 :eek: with £135 of those being OPs.
    Obviously I know I am so much better off than I would have been had I not OPd but that looks rubbish.
    MFW 2025 No. 7 £700/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
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