Starting the mortgage free path

bownyboy

Another monthly overpayment and balance now at £132,800

Overpayment ISA pot now at £2k so a third of the way through my £6k target, so actually my balance is £130,800 almost into the twenties!

bownyboy

Got my building and contents renewal letter from Churchill yesterday £417 which seems a bit steep for 3 bed 1910 semi. A quick search on the comparison sites shows I may be able to get it down to £350 ish.

What are the typical prices others are paying?

gallygirl

Crikey, where do you live? I have a 4 bed detached and pay £120 all in. Are you looking at super-duper accidental damage, legal cover etc? Have you tried going for basic cover then adding bits?

Great progress - really telling comment about more off the balance in 3 months than in 2 years - shocking, isn't it :eek:

Beckyy

Hello! I'm also a fan of just the basic cover, then adding any extra bits that you think you'll need.

Well done on the overpayments, it sounds like you're doing really really well. How about using the annual overpayment pot (or part of) towards work, instead of increasing the mortage?

JimLad

bownyboy wrote: »

Got my building and contents renewal letter from Churchill yesterday £417 which seems a bit steep for 3 bed 1910 semi. A quick search on the comparison sites shows I may be able to get it down to £350 ish.

What are the typical prices others are paying?

Blimey! We live in a 3 bed Detached house and its only £120 for contents and Buildings (£70 if you take into account the £50 top cashback!)

Are you insuring it for way more than its worth?

bownyboy

JimLad wrote: »

Blimey! We live in a 3 bed Detached house and its only £120 for contents and Buildings (£70 if you take into account the £50 top cashback!)

Are you insuring it for way more than its worth?

I think some of it is due to location (we're in Surrey) so rebuild value is higher than other places. But I got a result today using quidco with 75 cashback and managed to get a new policy for £175, so only £100 saving £317!

bownyboy

Another month and Monthly overpayment of £499 to mortgage has gone out along with £500 into the ISA pot. Balance now at £131,900. If I take into account the ISA pot of £2,500 then I'm into the twenties for the first time!

I now have exactly 80 months to go. Seems like a long time!

bownyboy

You may remember in an earlier post I talked about saving vs taking out some extra mortgage to sort out our kitchen and boiler. Well the MFW in me couldnt quite bring myself to take out more debt, so instead me and the GF have decided on a makeover for the kitchen instead.

We're going to buy a new worktop, ceramic sink and 6 shaker doors from wickes and get a carpenter who built our alcoves shelves in dining room to do the work. Lick of paint, new blinds and some oak effect laminate floor should finish everything off and keep us going for another 18-24 months until we have the kitchen we really want. Total cost should be about £500 plus labour.

bownyboy

Another month and another overpayment, now standing at £131,144 or £128,144 if I subtract the ISA savings.

bownyboy

Spent money ordering the kitchen worktop, sink and cupboard only to find out our carptenter is I'll and unlikely to be able to start for another 2-3 weeks.

Expensive month as our garden table and chair fell apart so had to order a new one (was old and beyond repair). Also had to get some electrics done on the kitchen before the refit.

Also looking like we'll need to get the 40 year old boiler replaced before winter, ouch!