Waving goodbye to my mortgage!

beachie

Evening all,

Not checked in for ages but have been sooo busy.

I had a busy month and had a few things go wrong so ended up spending more than I hoped but still just about breakeven.

I am on track this month busy doing the "Eat out of your cupboard" challenge and I am doing pretty good.

Since my mortgage is now down to the figure below I am not overpaying on my mortgage for a few months now but am going to concentrate on getting my payments together for my car service and MOT in November and the credit card which is still massive!

Having credit card debt stresses me out so much that sometimes I feel quite ill about it. Still I am counting down the days when it will all be gone and as long as I stick to my plan I can forget about it most days.

beachie

Evening all,

September was not too bad although I did'nt overpay very much. October is going to be my "I won't spend a penny month" so hoping I can do very well from this.

I have withdrawn £4.07 from topcashback today so have already put that (or the same amount anyway) into a seperate account.

I will only be overpaying my mortgage to round it up to £200 off the total while I start to build up a emergnecy fund and money to pay off the credit card and loan.

Still seems a very long way to go, but in 6 months (sooner if I overpay) I will only have the mortgage to work on!

beachie

Can't believe I have left this 7 months!

The latest totals are in the signature. I have decided that May is a mortgage month know I have the credit cards on a regular payment.

I have overpaid £200 so far this month as hoping to get the mortgage down as much as possible as will soon be looking to move to a larger property with a garden and rooms to rent out as miss having people around.

Hopefully I get to the end of the month with some of the money in my account left so I can make a further overpayment.

I have cashed in a cheque, sent some old phones to sell and more so should have some more coming this way soon.

Aiming for a total overpayment of £400 upping to £600 in a couple of months.

I have £5k saved up ready for moving fees so feeling reasonably good.

I hope everyong is ok.

ammonite

Well done Beachie! You seem to be about the same as me for ability to overpay, I'm aiming for £200 extra a month, amazing how much can be saved! I have old phones sitting here, one of which was worth about £60 and now only worth £20 cos its taken me 2 years to get round to sending them off. Definitely going to do it now...all helps for the OP fund!

Good luck

beachie

I always aim for at least 50% of my pay going towards being less in debt and have mainly been concentrating on the savings at the moment.

My car loan finishes in 2 months but hoping to pay it off next month. After that I will have £600 to overpay a month which is only about 1/3 of my pay so plenty of room for improvement.

My ultimate aim would be to pay off £1000 off the mortgage a month so have £600 to go this month! :eek:

beachie

My original plan was to get the mortgage down a bit, rent this place out and buy another however I have now decided that I would only get £450 a month from this flat while I can rent 2 double rooms out for £350 in the places I am looking at.

Would have to pay a bit of tax (as will be earning more than the rent a room scheme) but it seems like a much easier way to go about it as there is always people wanting rooms at work. I'm not sure I could deal with the hassle of being a landlord of a flat!

Saying that if I could remortgage at a good rate it might be a good investment as in 20 years I would be earning income but not paying mortgage. So much to think about!

beachie

Undertaken a few money saving things today. Was going to get my phone switched across to a different network as have a 6 months of that free £0 t-mobile contract a few months back.

But for now I got talked into a monthly sim only contract from my current provider from next month which is better than I have now (currently £23!) but not sure if its the best deal.

Need to sit down and work out all the options as it might work out better to sell this phone and move into a new contract.

Either way thats £13 a month towards to the mortgage which if I kept up for the next 25 years means a £2,655 saving in interest and 1 yr and 2 months off the mortgage. :eek:

beachie

Even though I live by the sea today is one of those days I want to drive somewhere new to explore. This would be great, however I am trying not to spend any money on petrol unless I really need to and have explored most areas around here.

I think this is my main motivation for wanting a house, so I can have something to keep me busy at the weekends with gardening etc. when the weather is nice.

Feel like I am just waiting now for the month to pass by so I can see how much money I have left at the end to make an additional overpayment!

beachie

Paid off an extra £7.99 just to round up some of the earnings I have made the other day and round down the mortgage.

Paid off £407.99 this month so far with a £207.99 overpayment.

I am really determined not to spend any money in the next few weeks. I will need petrol which will probably come to £100 but thats about it I think.

It would certainly be amazing to pay off another £200 this month and get the mortgage down to 88'000.

beachie

Paid off another £40 today but then remembered my home insurance (£71 with £42.50 cashback) was due to for renewal so this month may be a little tight now!

I do have a £25 cheque from a credit card refund to pay in though and some extra money coming my way at the end of the month so should be ok.

Aiming for a £300 overpayment on the mortgage. Once my car is paid off I will be putting the money saved on that towards the mortgage to round it up to £500 overpayment a month.

This would reduce my mortgage down to just over 10 years (37 years old) and save me £34,374 in interest! Quite exciting the thought of having £100k deposit for a larger place although I am sure I will move before the 10 years is up!