Closing the mortgage to Open opportunities

Emsky123

Wow, That really was the twilight zone, a minute ago it was February, I blinked and nows it April. So very busy at work and now that March is over i have a week off which would be great if the Weather was better, For the last few weeks i have been sat in an office looking out at loverly sunshine, now all i get is rain:(

Both DS and DD have birthdays this month and i have already had one party just DD's next week but this will be cheap as we are just going to a local farm as a family, She is not at nursury yet so not many friends to invite, Thank goodness as DS party was manic with 25 kids from his school and also family.

In anticipation of the cost of April i did not make an OP in March but still have around £300 in the pot as so far costs have not been too high. I have also managed to convince OH that giving me £500 to OP would be better than putting it in his ISA or even worse leaving it in his business account which pays 0 interest. I phone the bank yesterday to get a letter confirming how much i can op, i have managed to keep on top of this so am paying up to the limit nearly every month.

Now that our yearend is over we are waiting to find out how we did as a business, If we hit our targets and make a profit then in June we get a yearly bonus. Its 50/50 at the moment so fingers crossed as that will be a great boost to the op pot.

Off to the bank today to switch the kids bank account, need to make sure their money is working hard as i am trying to build their accounts up before they reach an age where school excursions and trips away start, This way the money will be there ready instead of us having to say no to a trip.

Not much going on in May so will hopefully be able to make another OP.

Right, time to go to town.

Emsky123

Just got back from town, I put the £500 from OH straight into the joint account and have just sent it straight to the mortgage. Finally dipped below the £60K mark wooohooo. Balance is now £59,709.18

It is low enought that even when the interest goes on it will still stay below £60 - Great feeling. Just need that letter from the bank so i know what the next target is.

Emsky123

Wow what a busy week im exhausted, Had to go away for 3 days for work, Got back on Wednesday night and then had a manic 2 days at work catching up. DD learnt a new work and constantly uses it now - I missed you, So cute but so sad when she says it. i think it is just another reminder of why im doing this - to clear the mortgage and give me the oppertunity to work less and spend more time with the kids.

Im very close to payout on vo so thats another £10 voucher towards shopping. I still have a 25 b00ts voucher from my cc points so will use that when we need an essentials.

Have so many things to carboot, just waiting for the right weather otherwise i feel like its a chore. At least when its sunny i can sit in the sunshine.

My weight has now reached its highest ever so i need to start watching what i eat and do some exersise, i have signed up for the GCC which is a corporate walking challenge so i hope the comp will help

cafelady

Hi Emsky

Just read through your diary and finding it very interesting and inspirational. Keep up the good work!

Emsky123

another £500 sent today, Need to phone bank and find out how much more i can OP.

Emsky123

Cannot belive we are now half way through the year, My OP will slow up for the next two months as i need to buy a new car, i have had my current car 10 years so it has lasted well but it has got to the point where i dont trust it anymore and with 2 kids thats sometime i do not wish to compremise with. I have cashed in my ISA and once the cheque arrives will start looking for a Car, it wont be brand new but about 2 years old so should last me at least 8-10 years. This will leave very little in Savings but as i have been with my current employer over 10 years they now have to give me 3 months notice so i do not need as much in the emergancy pot.

Back in April i bought annual passes to Legoland and have used them twice already, I plan to go at least once per month to make sure i get my moneys worth, It is nice going out for the day and not spending any money, I was very proud on Friday when we went as i managed to resist all them tempting food on offer, At Lunch time i was sat with my mum and the kids drinking a slimfast whilst they eat sandwiches and cakes!

I have a plan to lose over a stone and get healthy before i have two weeks off work in August, I have joined the GCC with is a company walking challenge, I have to do at least 10000 steps a day, It really gets you thinking about how much exercise you do in a day.

I also opened the kids savings accounts up on Saturday, got regular savers accounts paying 6% it only last for a year but at least i know their money is working hard for them, I have set up a direct debit to pay their CB into savings every month, This way by the time they are at school and want to go on school trips the money will be there for them.

Going to have a mass clearout today, We already did the rooms upstairs yesterday so its now time to do downstairs, I should have enought to do a car boot next week so that will be a small OP.

Have a lovely Bank Holiday everyone.

Emsky123

Its been a hard few months, Managed to break my ankle at the end of June and spend the next 4 months recovering, only just getting back to normal. So busy trying to get through the hospital appoitments and getting about with no car that the Op's have gone out the window.

On the plus side by balance went sub £50k this month so im still on target with my normal payments to pay off within the next two years.

Need to get back on the Op wagon and focus.

Emsky123

Time seems to be flying along at the moment, My fixed rate ends this month and so i drop on the base rate saving 0.50% in interest.

Just spent another few weeks at home after a final operation on my ankle, thankfully that is the last one so i can get back to normal now.

Mortgage is coming down nicely and now sits at £46K, Would love to throw everything at it this year but it simply is not possible as we have booked a holiday abroad (first one in 7 years), Its my OH's 40th this year so we wanted to have a nice holiday.

I have however managed to persuade OH to pay some money out of his savings onto the Mortgage so we should be able to get down below the 20K mark by the end of this year:T:T

I do have a dilema now though, we really want an extension to increase the size of our shoebox kitchen and to add a downstairs loo, would love to be in a position for the work to begin next year but we will not have the funds to do this. I am now wondering whether to remortgage whilst rates are so low so i can release the funds.

Main focus for this year is to get the plans drawn up and submitted for planning permission, Get the Mortgage below 20k so that next year will be the year we become MF, and to enjoy our holiday whilst keeping a tight lid on spending.

Here's hoping 2013 is a good year.

Emsky123

Ok, so i thought that it would be impossible to pay of the Mortgage this year but now im starting to think there is a small chance i could pay it off, We have just made an OP of £5K and will pay another £15k from OH savings next week, This will take us Sub £20K. If i reduce our spending and Op all savings we will get very close to zero by the end of the year, Its going to be tight but im up for the challenge.

Here we go!

Emsky123

I have now sent the overpayment from OH, Just received the confirmation letter , balance now £16.5K and term reduced to 11 months.

Have a further 4K in savings but will wait a while before paying this as i need a safely buffer.

Cannot see any other way of bringing this down by the end of this year so its time to start scouring the forums for inspiration again.

Would be so nice when saying goodbye to 2013 that i would also be saying goodbye to the mortgate - just need to go for that final push.