Officially beginning our Mortgage Free journey!

SkintGypsy

It has been a long time since I have updated here, just because we have been getting our act together now I'm back in work after maternity leave. I'm working part time, paying full time nursery fees and generally meeting all payments but not having a great deal left over.

We are still on interest only, but we are overpaying to repayment level each month, which is comforting. We went onto IO for a couple of years after a job loss, so really want to overpay to get those two years back. Husband gets a regular bonus, so when the next payment comes that will be going straight onto the mortgage.

Despite having nine months off, we overpaid by a couple of grand last year, and it looks like we should be able to at least double that this year. Really want to get 20% under our belts to give us a few more options when we want a new deal. Hoping to be at 15% by the end of the year if interest rates don't go mental in the meantime. Should do a proper sig to keep track!

SkintGypsy

Just got a letter from the bank and our monthly mortgage payment has gone down by £5! Woohoo! Can't wait for more letters like that.

kingster2069

SkintGypsy wrote: »

Just got a letter from the bank and our monthly mortgage payment has gone down by £5! Woohoo! Can't wait for more letters like that.

Hi SG, just wanted to say congratulations on the overpayment whilst have a baby very impressive! Hope your enjoying parenthood. I've just done a few calculations and if you mortgage has 20 years to go and you pay an average of 4.99% during that time. Then the additional £5 should save you over £2K during the remainder of your mortgage:beer:
Are you using child care vouchers to pay for your child's nursery place? Our little on is 9 months old and see so fun to be with.:D

SkintGypsy

Hi kingster. Thanks for your comments, and calculations! Amazing what such a small overpayment does, and definitely very motivating. Yes, we do use childcare vouchers from my work, and every £ is a help to us. We managed on maternity pay, so anything I earn over that after childcare goes in the pot. We are used to frugality, having spent the previous three years paying off our unsecured debts of £28k. Definitely in it for the long haul, trying not to waste money but enjoying our young family. Will be fitting in plenty of frugal fun. Camping in a couple of weeks. Hoping it'll be easier than last time when baby was two months old. The boy is just a touch older than your baby at 10.5 months. Cruising, crawling at speed, and generally wrecking the joint. He is amazing. This is definitely the nicest time, don't you think??

kingster2069

SkintGypsy wrote: »

Hoping it'll be easier than last time when baby was two months old. The boy is just a touch older than your baby at 10.5 months. Cruising, crawling at speed, and generally wrecking the joint. He is amazing. This is definitely the nicest time, don't you think??

We're both really loving it as we see more of her personality coming out and she's able to communicate more with us. She's a very giggly baby which is so much fun. She is the best thing that has happened to us, made our relationship so much more rewarding This lovely weather this really making this feel great too :j