Jaywhoopee's MF diary

jaywhoopee

Another £1k cleared

jaywhoopee

jaywhoopee wrote: »

Another £1k cleared

Make that £1400 - another one off overpayment made today.

I've updated the target to £5400 this year to compensate for this.

jaywhoopee

I had my first real NSD yesterday - there have been many when I've been working from home etc, but yesterday I was in the London office and still managed not to spend anything all day.

jaywhoopee

For the 11th month in a row we've managed to clear at least £1k from the mortgage balance.

I should think we'll be able to keep it up next month, but after that we're expecting a new arrival, so things might get a bit tighter in 2012, particularly if interest rates go up ...

Peonie

Hi Jay,

I've read through your thread for the first time. Well done on the overpayments, when we found our mortgage earlier this year we did not consider getting one that's capped. It must be good for your piece of mind.

Who do you have your mortgage with and have you made any changes to your lifestyle to fund the overpayments?

We also upgraded and increased our mortgage but decided to go back to 25 years for flexibility for when the BOE rate goes up. At the moment we're saving for a rainy day rather than overpaying.

And congratulations on your new arrival.

jaywhoopee

Peonie wrote: »

I've read through your thread for the first time. Well done on the overpayments, when we found our mortgage earlier this year we did not consider getting one that's capped. It must be good for your piece of mind.

It's certainly nice to know there's an upper limit on what we can be required to pay.

We're both pretty risk averse so a 5.75% fix for up to 30 years was another contender when we were shopping around, but this seemed worth a punt and (at least if we only consider the past 2 years and the remaining 3 of the cap) has already proved much cheaper.

Peonie wrote: »

Who do you have your mortgage with and have you made any changes to your lifestyle to fund the overpayments?

It's a Co-Op product which I don't think is available any more. (We've been massively impressed by their customer service and would highly recommend them btw).

We're trying not to "waste" so much money on gadgets, gizmos, nights out etc, but I wouldn't say we really feel we're missing out on anything.

To keep up the current level of overpayment if rates went up would mean tightening our belts though.

Peonie wrote: »

We also upgraded and increased our mortgage but decided to go back to 25 years for flexibility for when the BOE rate goes up. At the moment we're saving for a rainy day rather than overpaying.

Although our payments have gone up to about 1.5 times what we paid on the old house this is mostly due to the additional borrowing and keeping the term the same as we had left there, rather than reverting to 25 years and this extra is pretty much covered by increases in sallary over that first 5 years (I REALLY regret not overpaying more in that time!)

We're still saving but perhaps not as much as we would like.

Peonie wrote: »

And congratulations on your new arrival.

Thanks

We've chosen not to know what we're having so we'll find out in December whether we'll be able to use our daughter's cast offs or have to buy a whole new set of boys clothes ...

Twiddy

Hi Jay

Just caught up on your thread and am amazed at the rate of overpayment, that's making great dents into your debt and is applauded!! Great work.....

We hope to get on the overpayment bus next April when our current mortgage deal runs out and funds become a bit better when OH goes back to work from Maternity Leave.

Good Luck with your new arrival next month, and welcome to more of the No Sleep Club (we are proud members at the moment, oh yes!!)

Cheers
T

jaywhoopee

Twiddy wrote: »

Hi Jay

Good Luck with your new arrival next month, and welcome to more of the No Sleep Club (we are proud members at the moment, oh yes!!)

We're already there - our 4 year old woke us at 1:30 this morning and I couldn't get back to sleep until 5am

Dozed for about an hour then got up for work at 6, so today is going to hurt!

JP

jaywhoopee

December overpayment just made and we've managed a full year of clearing at least £1k off the balance every month, with a grand total of £12,900 cleared in 2011, of which £5,420 was through overpayment.

Bring on 2012!

jaywhoopee

(and it's still 2011 - just!)

£1k cleared from balance (we'll hopefully keep this tradition up in 2012 and beyond!) and we're on target to hit £160k outstanding balance milestone next month.