Valli takes the plunge

Valli

Hi all
a big birthday for me this year so obviously lots of reflection. Here in Valli Towers there are me (slave) DS (16) and DD (14), a cat and gerbils. I have realised that in two years or so my income (I work p/t) will drop when I no longer receive Child Benefit, maintainance and WFTC to the extent I do now - so figured I would start to put my surplus cash (such as it is) to good use and lower the mortgage.

My last statement (a whole year ago, almost, showed a debt of £57963.09; the mortgage was taken out in 1 April 08 £60536.26 to take over the 'married' mortgage and pay ex hubby around £20K in settlement. This is a repayment mortgage; previously I had been on a mix of endowment/repayment. Not having the benefit of a crystal ball I had taken out a fixed deal (I know I know) 6.13% over 15 years.

Last Saturday I popped into the BS and asked about overpaying. I can pay, at the moment, 10% overpayments without penalty. It's unlikely that I could afford to overpay more, anyway. So they have phoned me with the bank details and I have now had the info I need to set up a payment as-and-when from my current account.

To be on the safe side I have overpaid £ 30.00, in the hope it doesn't get lost in the ether. Once I know it's going where it should I can easily make more OPs.

I also need to bump up my standby savings - not least because there are jobs which need doing on the house.

Let's see how it goes...

McKneff

Hello, Valli,
cant help but just to wish you well.
(you will know who i am when i say this,
You could always go and sell your own homebaked better sausage rolls outside
Greggs) I changed my name a while ago. lol.
Good luck

Valli

McKneff wrote: »

Hello, Valli,
cant help but just to wish you well.
(you will know who i am when i say this,
You could always go and sell your own homebaked better sausage rolls outside
Greggs) I changed my name a while ago. lol.
Good luck

*rubs chin and ponders*
Annie's thread - gosh that was a while ago...Hiya Annie! (and I recognise the siggy - well the wave's still there!)
but thank you for your good wishes....

Penelope_Penguin

Valli wrote: »

My last statement (a whole year ago, almost, showed a debt of £57963.09; the mortgage was taken out in 1 April 08 £60536.26 to take over the 'married' mortgage and pay ex hubby around £20K in settlement. This is a repayment mortgage; previously I had been on a mix of endowment/repayment. Not having the benefit of a crystal ball I had taken out a fixed deal (I know I know) 6.13% over 15 years.

Good luck Valli :T Have you taken a look at whether it might be in your interest to Ditch the Fixed? Martin has a calculator tool here

Valli

Penelope_Penguin wrote: »

Good luck Valli :T Have you taken a look at whether it might be in your interest to Ditch the Fixed? Martin has a calculator tool here

The fix isn't 15 years - just the first three I think...
*blushes as is clearly financially incompetent*

gratefulforhelp_2

Bravo, valli!

Huge good luck.

cha97michelle

Hiya Valli.

Good luck with your mission. Best to think about these things early. Also if the kids go to uni they might need extra years of you helping them. Plus, you don't want to work forever to keep you going.

You'll love it on this board. Lots of lovely chatty people, and a scary amount of teachers.

I'll be keeping an eye on your progress.

Michelle x

DansMum_2

Hello!! Well done starting it gets really addictive!!!!!!!!!

I'm the same as you waiting for income to drop and interest rates to rise so paying what I can now before it goes silly again!!!

Brallaqueen

Valli- all the very best of luck to you. :beer:

dimbo61

Hi Valli you owe about £55,300 now !!!
What does your mortgage revert to ( follow on rate) after the 3 year fix ?
You can use " whatsthecost" to see how much your mortgage is decreasing each month. Should be about £52,400 if you dont overpay in march 2011.
you should also get child benefit and maintence until youngest goes to Uni or reaches 19

Valli

cha97michelle wrote: »

I'll be keeping an eye on your progress.

Michelle x

your thread has sort of inspired me - in particular your comments on the multiple pages your annual statements needs with all the little overpayments here and there.

so thank you (and everyone else) for your comments!

One moneysaving thing I am doing is parking away from town when I pop in - thus saving just over a £1 in parking charges which is going into a jar...another OP source there methinks!