Ajmoney's mortgage reduction diary

ajmoney

About to switch ISAs to get a bit more interest, especially as there is no difference for the amount in there which means I can get the money out I need for wedding and honeymoon without any penalties.

I am very excited. Have booked a weekend away for OHs birthday here http://www.tigh-na-sgiath.co.uk/ I am really struggling to keep it a secret!

ajmoney

I propmise I haven't disappeared off the face of the earth. With the wedding I have been busy with other bits and bobs.

Had a very interesting chat with a financial advisor yesterday as wanted to change some of the stocks and shares ISA funds I have. Although he has lost his commission for the advice he gave, I am now putting that money to OPs instead until interest rates change. So although my £140 OPs were on hold while they went to the wedding fund I am putting an extra £250 to the mortgage so as of August I will be OPing £390 a month! Will be sitting down with OH after the wedding to decide the best course of action with all this but he is interested in matching what I pay so we may make our max monthly OPs of £500 after the summer. It will be very exciting if we do and I will set up a new diary as we will possibly be able to get near paying it off if we don't move house. The extra monthly OPs will get us used to higher monthly payments for a new mortgae on a new house too!

ajmoney

I have just OPd £250 for May. Not long to go until all the money will be sorted for the wedding and then we can see what else we can throw towards the mortgage.

We are quite organised wedding-wise but I am a list freak so it is not surprising really and it is the only time OH is letting me write lists so I am making the most of it!

OHs dad is really ill in hospital at the moment and we don't expect him to live for much longer, it is nice to write it down here to kind of get it off my chest.

I am off to work out a few money things and update some spreadsheets

twinklie

Really sorry to hear about your oh's dad.

ajmoney

OHs dad passed away in the early hours of this morning. It is a relief to know that his suffering is over. We are quite tired as we were at the hospital in the early hours but OH seems to be doing ok.

ajmoney

Just checked my money portfolio and I have just over half the mortgage in savings :j

Next thing to do is see how much my daily mortgage interest is. I am looking forward to starting from scratch with a spreadsheet in the summer to see what I can do with the mortgage...I can feel a new diary coming on!

twinklie

Wow...that seemed quick. Really sorry to hear about your OH's dad, but like you say at least he's not suffering. My DH has only just started to get over the death of his grandma and he's still not himself. Hope your OH copes better, but if you need to vent if he doesn't then just drop a msg my way.

Very excited about your mortgage situation. Mine should look up after October...I'm very excited about it. We can move away from our fixed rate deal then which is still at 5.35%.

ajmoney

Just saved a copy of the statement of affairs and am slowly inputting data ready for the summer. Apart from our joint account for groceries etc we are completely separate where money is concerned. I pay the bills from my account and OH gives me half the money as "rent". Should I put both our costs into it or not? We do our own saving etc as we have different approaches to things.

[Deleted User]

SOrry about OHs dad aj- very sad for everyone.

Re: SOA I guess it depends where the savings/OPs come from? I did mine seperately as at the moment we still have a mortgage each! (but are both OPing) It was more to see where the cuts could come from my income/outgoings if possible - though I have bared mrtyo's down to the bone for him too!! :rotfl:

Maybe do one for you then you can always add in OHs at a later date- or could get OH involved and do one each??

ajmoney

Just updated my signature. If I had never OPd I would be mortgage free in February 2030, if I keep up with what I am OPing now it will be paid off in May 2019. When I change the OP amount in a couple of months it will be June 2017! Obviously that would be with the interest rates staying the same and I can't imagine I will be that lucky. We will probably have moved by then anyway. I think OH is quite interested in helping with this once the wedding is out of the way as I have done most of the OPing so far, if we OP the max amount each month it will be June 2016!