My Mortgage Free Diary

mpgsheep · 8 November 2012 at 3:14PM

Are you joining the mortgage free in 3 challenge? I've joined. I'm planning
to knock off an extra £7,400 off the mortgage by Dec 2015. It does not seem a
lot but works out as an extra £205 a month.

No I don't think so, am not very good at keeping track of these things, and because our plans change so much, and some decorating and stuff we want to do, I don't think I would stick to it.

On a money saving front, I worked out this week that the last time I bought any clothes (including shoes), was the 17th May...closing in on 6 months! Little bit skewed because I had a lot of new summer stuff from holiday last December, but still am quite impressed with myself! Am looking forward to a bit of a splurge once we have moved and got Christmas out of the way!

mpgsheep · 15 December 2012 at 10:12AM

Phew, it has been a long time since I last posted. We finally exchanged on Wednesday this week, with a completion date of Friday 11th January. A little later than originally envisioned, soley held up by our buyer's solicitor! But we got there in the end!

mpgsheep · 18 December 2012 at 3:29PM

Quick question, as part of our new mortgage, our solicitor needs a copy of the buildings insurance we are arranging for the new house. I rang up my current insurer (More Than) to ask them to switch. After giving my new postcode, they advised that it would have to be referred to an underwriter, as it was showing that we are in a "medium flood risk area". This was news to me, I know the "river" nearby, it is known locally as "the brook", and is a shallow trickle at best, and in almost 30 years of living in the area I have never known it to flood. What I am hoping is that this is just precautionary from their side, and that they will rung up on Thursday to tell me all ok - anyone have any experience with this? For guidance there are probably 500+ homes in the area that run near the brook, so am assuming that it is possible to insure.

Peonie · 18 December 2012 at 9:15PM

Sorry, I've not been in your situation. The Environment Agency used to have flood maps. You could see if your brook is listed. Risk of flooding can be based on distance to a watercourse rather than if you are on the flood plain or not. It could be that the drains leading to the brook are not big enough so they block and the roads flood. Do a quick internet search to find out if your local paper has reported any floods or other issues.

mpgsheep · 20 December 2012 at 9:32AM

Well I live in the area already, and read local papers/website for last 15 years probably, never heard of any flooding from the brook at all. Should hear back today so crossing fingers!

mpgsheep · 14 January 2013 at 1:57PM

We are in! Friday was moving day, all went as smoothly as can be expected. We are about 50% of the way through the unpacking, with lounge, dining room, kitchen and both sons bedrooms done.

Still sorting out the new energy providers etc, once all settled then it will be time to tackle the new outstanding balance. One question, does anyone know if RBS let you look at your mortgage via online banking, if you don't have a current account with them?

gallygirl · 14 January 2013 at 7:47PM

No idea, but glad move went well :T

Peonie · 15 January 2013 at 12:11AM

Great news. Come on, post that new balance.

mpgsheep · 15 January 2013 at 11:03AM

New balance is £251,500 - made up of 2 sets of borrowing. Approx £146,000 at 1.5% above base rate (so 2%), this ported from, and the balance of approx £105,500 at 5.95%. So will be aiming to overpay what I can (prob £100-£200 a month to start with) off the £105,500. A long road ahead!

mpgsheep · 21 January 2013 at 11:31AM

I turned 29 at the weekend - eager to get the Mortgage down significantly by the time I am 40! (though clearing it by then doesn't seem very realistic, more likely 50).