Waving goodbye to my mortgage!

beachie

I know. Im really focused but have to be careful I don't leave myself short. I guess if it came to the worst I have my emergency fund and will pay less the next month.

I'm quite excited about seeing it come down. Hopefully I can earn some bits and pieces through the month to add more overpayments.

beachie

Just did an excting calculation!

Looking at my budget from next month I will be able to overpay by £800 a month! :eek:

This means I could potentially reduce my mortgage from 25 years down to 6 years

I know that I want to move home before then though so expect my mortgage will go up before then however it is an exciting thought!

beachie

Just paid off a few more quid.

I was in a shop today and was about to buy some cider, then thought heck this is 3 quid and if I don't buy this I could pay £3 off the mortgage and save £5 in Interest so I put it back. I will cope with some squash

Seem to be doing OK again this month. My mini target to get to 86k by the end of next month is going to be tough but maybe viable. I'm not actually going to pay anymore off the mortgage for a while but save it in a seperate account to save up some more.

When I look at where I have come from I am quite impressed with myself but it still doesn't really feel like I have much of a difference. For every 1k I pay off though my LTV is 1% more and that is quite encouraging.

I need to pay down the mortgage as it still stands at about 90% LTV or worse if pricces have dropped and that really scares me.

VoucherMan

I've just subscribed to your thread after finding out you're another single MFW. Nice to see how others in similar situations get on.

I'd just like to say I'm impressed with your progress. I think you're on similar pay to me and there's no way I could keep up the level of payments you're planning.

You may have a bigger mortgage than me but you look set to pay it off sooner.

Good luck.

beachie

Thanks Voucherman.

It certainly can be hard but the threat of having a high LTV when rates rise is enough to scare me enough to pay as much as possible. Ideally 75% LTV is my target but that is still £15k away from where I am now.

I do have some savings so if I include those I would be about 10k short of the 75k mark. With that I could hopefully hit this in about a years time.

beachie

Not been up to much really. Just waiting it would seem until payday again.

Had some time off the other week so spent a bit having a few meals out and such like but had a good time.

Went to the local shop today and had a pasty and cake for lunch. They are all homemade and all very nice and cheap to.

I don't have my car payments anymore so that is £193 I save each month from that. This will obviously be going into my saving account.

I have decided from this moment forward instead of measuring my mortgage level I will measure my net worth. I won't include assets such as my car in this but just money in the bank.

This is because I am going to start saving money in my ISA rather than overpaying.

My net worth at the moment is (-£86'495 + -£2'026 credit card) - £5'000 savings = -£83'521

skint_spice

Hi beachie, just popped by just a wee suggestion but include your property value in your net worth as it's more accurate - and will give you a much nicer number

beachie

skint_spice wrote: »

Hi beachie, just popped by just a wee suggestion but include your property value in your net worth as it's more accurate - and will give you a much nicer number

Hi, Thans for your suggestion.

I thought about that and obviously in reality I would add all my assests but unless I knew how much it was worth then it is impossible to add because the EA's have said anywhere between £85k and 99k.

If I added at the lowest number and added my car and my possessions I reckon I have a net worth of about +£8k at the moment.

If I just include my mortgage/cc and savings it is easy to see how far I have to to pay off the mortgage. I guess I should refer to it as offsetting instead.

Lois_E

cha_michelle used to have a number she called "everything I owe the world" or something like that, which was (mortgage + other borrowing - savings and ISA etc.).

beachie

Just realised in 19 months I have paid off £19k in credit card, loans and mortgage! :eek:

Was so tempted to get a takeaway tonight, then thought I would buy something nice at Tesco, then drove straight past it and carried on home.

Managed to create a lovely fried breakfast for dinner.

For some reason the company I have my domain with was charging me £8 a week renewing it for one more year each week! I complained and they are going to reimburse me with 6 invoices so that will be £48 back.

Going to be tight this month as don't have much money left but have saved and overpaid rather alot this month!