My Mortgage Free Diary

mpgsheep

Hi Peonie,

Thanks for the reply, however credit goes to Uzubairu whose idea I shamelessly stole! Unfortunately it looks as if I will have to use some of the mortgage designated savings to pay for balance on holiday, which is due in September. My plan was to put it on another 0% card, however checked yesterday and Virgin holidays charge %2 for using a credit card, so will have to pay this in cash. Plan is to use the cash from the regular saver (earmarked for Tesco credit card) to cover this, and then start saving again for the credit card, with intention of paying as much of this before expiry, to minimise the amount taken out of mortgage savings. Bit irritating, but the bulk of the mortgage savings (the ISA stuff) was already earmarked for the holiday and tesco credit card, just thought we would "save again" for it.

mpgsheep

July Update
Phoned Direct line and the mortgage is:-£152210.45

Reg Savers
First Direct = £1200
N+P = £750
N+P = £500

Total Overpayment Savings = £2450

Mortgage remaining = Mortgage - OP Savings = £150,129.27

I have taken the ISA savings out of the equation, as too complicated working out how much will go to holiday and credit card etc. Rest assured these are being saved for as well, and any excess will be allocated to the Mortgage once the dust settles at the end of the year. We definitely won't be doing the 0% card once the Tesco + M&S card are paid off, neither of us enjoy looking at ££££ stacking up even though we saving alongside them.

gallygirl

Ooohh, a diary I've missed! Loving the user name :rotfl:.

Loving all the accounts & complicated sums, the most important one is the net balance which is v close to starting with a 14 :j. You're doing great with the mortgage/lifestyle balance, bet you can't wait for the Caribbean

mpgsheep

Hi gally girl. I am glad someone likes the complicated sums, my OH is only interested in the outstanding balance! Problem is the sums keep changing because we decide to do something different or things come up (ie Olympic tickets this month). However there is progress on the mortgage front, which is the important thing!

Peonie

We finally have moved into our new house and now have a mortgage, and I wanted to check how far ahead of me you are. What's your outstanding mortgage balance and what's your original MF date? We took out a mortgage over 25 years.

mpgsheep

Hi Peonie,

We took our Mortgage out in Sept 2008, and was for 30 years, so due to end Aug 2038. Our mortgage was originally for £159,600 (plus some fees added on, but don't have details here). As of 05/07/11 balance was 152,210.45, with £2450 saved for overpaying when rates go up, so effective outstanding is £150,129.27. Have you started a diary?

gallygirl

mpgsheep wrote: »

so effective outstanding is £150,129.27.

Come on mpg, surely you can find £129.28 from somewhere :rotfl:

beachie

gallygirl wrote: »

Come on mpg, surely you can find £129.28 from somewhere :rotfl:

I have the same issue! I am a £400 away from moving from the 90's to the 80's.... I can't wait for payday! Will have to pay an extra £100 next month to get it down after my regular payments and regular overpayments have gone out.

mpgsheep

Haha well we could, but atm all excess money (above £800 pcm overpayment), is going towards holiday fund, so that we don't have to crack money that was for holiday in the ISA (ie saving for it a second time). Once that is done, then will be trying to save extra for credit cards (all 0% and budgeted for).

Peonie

mpgsheep wrote: »

Haha well we could, but atm all excess money (above £800 pcm overpayment).

:eek: Are you overpaying by £800 a month?!?!

Yes I do have a diary, it's floating around somewhere. We decided not to take our serious illness insurance cover so at the moment we're focussing on saving for a rainy day rather than overpaying the mortgage as our provider does not allow the money to be taken out again. On the savings front I thought we were doing quite well but I may need to dip into this years rainy day money (it's not in the ISA yet) to pay for some building work and essentials like a hob. So it may be a while until we attempt to catch up to your balance.

Even though I said we are not overpaying, we have made a one-off overpayment of £700 as the first mortgage payment will be taken in August and not July as we expected, so it made sense to pay the same amount as we had budgeted for it. Subject to the BofE base rate change our monthly repayments will be £690 a month.