Drip drip drip feeding the mortgage

tjp70

It's a really busy week for me this week, trying to catch up with my work before we go on holiday to Wales tomorrow.

Not much to report - £205.10 sent to the mortgage account this week though :j

Radish72

Not much to report - just a OP in the hundreds

Have a fab holiday

tjp70

I must be the worst diary updater ever. It's been ages but I've been working away, drip feeding the mortgage.

Things have changed since my last update. On the work front, I now have an assistant and have also managed to delegate some other duties. I make a point of not working outside my usual working hours and I no longer get work emails at home. Most of this has only just happened but already I am noticing the benefits. I am more organised at home for a start. I feel like I'm getting my life back.

I have been sending lots of overpayments to the mortgage, especially because the mortgage rate is better than my savings rate.

This year the two endowments mature, one at the end of July and the other in November. Like a lot of others in my position, the endowments have a large shortfall. However a friend has just had their endowment mature with the same company as ours and they were pleasantly surprised by the payout, as the endowment company topped up the final sum with a mortgage promise. They still had a shortfall but nowhere near as bad as they were expecting. So this fills me with hope....... and sent me running to fiddle with the spreadsheets again.

There is a slim chance that the first endowment will almost wipe out the mortgage if the same mortgage promise is applied. We will have approx £1300 left on the mortgage once the endowment has been applied in July. This means that the second endowment will be ours to keep too.

So I'm on a mission. I'm going to try and overpay as much as possible between now and July. Our regular monthly overpayments total approx £375 so I need to find the £1300 on top of this.

I love a challenge so watch this space.

Keep your fingers crossed that our endowment company also provides a healthy mortgage promise too.

Further updates will follow, I promise.

gallygirl

Exciting times - how are you going to stay patient though :rotfl:.

Thistlewhistle

Hi TJP

Just read your diary from start to finish whilst enjoying a lovely pot of coffee. I so admire your commitment - you've overcome some mega-hurdles haven't you!

I'm a bit like you in that I post on here in fits and starts. But that's ok though.
I'm looking forward to seeing how you go on so I hope you don't mind me tagging along for the ride!!

Best wishes

Thistle

tjp70

gallygirl wrote: »

Exciting times - how are you going to stay patient though :rotfl:.

Hi Gally :hello:

Patience-what's that? It's not a concept I am familiar with :rotfl:

tjp70

Hi Thistlewhistle :hello:

Wow. You read the whole thing :eek:

You are more than welcome to tag along. It's nice to know someone out there is listening to me ramble away.

tjp70

Regular £50 weekly OP yesterday.

Today £4 Tillytidy. £1296 to go!

tjp70

Yesterday was my last day of self employment. As I am now so busy I can only work for my parents companies, rules dictate that I have to go on the payroll. So today is the start of employment, with a regular wage, paid holidays and bank holidays and pension contributions. On the downside I can no longer offset my expenses against my income. I have calculated that I will be slightly worse off but there wasn't a choice, I had to go on the books.

The monthly mortgage payment comes out of our account today, and I made a Tilly Tidy of £2.52.

£1293.48 to go.

tjp70

DH expenses arrived in the account this morning. £15.31 to the mortgage.

£1278.17 to go.