My Mortgage Free Diary

mpgsheep

June Update
Phoned Direct line and the mortgage is:-£148,021.65

Overpayment Savings
Online ISA - £8,236.64 - so much for my nice round figures..
Total Overpayment Savings = £8,236.64

Mortgage remaining = Mortgage - OP Savings = £139,785.01

Under 140k! which is a nice milestone. Still seems like a long way to go...and we are both getting itchy feet to move (will assess whether possible once baby is born and wife is back at work, next summer).

Double_Trouble

Well done on getting below £140K :T

DTxx

mpgsheep

thanks. It really is a long slow grind. Furthermore, £140k is not even the end of it, we are only in a maisonette, so probably buying something bigger next summer, so be over £200k then

Sepa74

It's frustratingly slow, isn't it! But every bit you pay now will make the move a tiny bit easier.

If you're definitely moving, maybe save up rather than OP so you have plenty of spare cash on hand to fund the move and all the other little expenses you'll have?

gallygirl

Every little helps, well done

mpgsheep

Oh yes it is all being saved in my ISA at the moment, our interest rate is only 2% (base+1.5%) so much better saving, and yes like you say a lot easier come moving time.

mpgsheep

Little mid month update. My wife worked an extra shift for £48 last week, which we rounded up to £100 (good rounding eh?) and added to overpayment. She also did the same again Friday and Sunday, so another £100 (maybe some more rounding...) will be received and added to the pot by the end of the week. All this whilst 7 months pregnant! I also rang up Sky and got 25% off of our movies/sport subscription for 3 months, which saves £14 a month. So we both feeling successful this month so far

Peonie

mpg, that's really good going. Your mortgage dedicated savings is making me jealous. How much time is your DW planning to have off work?

mpgsheep

She had 12 months for our first, but this time she is thinking of just 9 months, as found herself a bit bored the last 3 months before. Plus financially it works out better that way, as the extra 3 months would be unpaid. However then she starts to worry about being unfair to the new baby etc etc. So we will see.

Peonie

This time she'll be looking after 2 so she might want that extra time.

For when you are looking to move, have you phoned any mortgage companies to find out how much you could borrow?