Sweetdaisy's aim to be mortgage-free

sweetdaisy

Hope everyone has had a good weekend .

Been quite busy over the weekend and have caught up with all housework and laundry, for now at least. Took the children swimming yesterday, did a food shop and was £21 under budget so DH and myself treated ourselves and went to the Cinema (a very rare occasion of going out without the children!).

£25 mortgage overpayment made, as paid for next week's childcare/nursery using childcare vouchers, so added a further £40 to savings account.

Going to Devon a week tomorrow and started writing a list of what we need to take. We are staying in a caravan and need to take a travel cot for DS2 to sleep in as well as his high chair and pushchair. Not sure we'll have enough room in the car by the time we make room for all our clothes and food!

sweetdaisy

This weekend is so busy, not sure how I am going to have time to fit everything in! Going to Haven Caravan Park in Devon on Monday and will be returning on Friday. I'll be having a week away with no laptop, MFW spreadsheets etc - think I'm going to get withdrawal symptoms :rotfl:. I'll actually get some time in the evenings to read my Kindle.

Mortgage overpayments so far for August is £42 . Not much as I have been buying bits and bobs for going away.

Tilly_MFW_in_6_YRS

Hi SD, hope you all have a fab holiday and good luck with the job applications. Best wishes, Tilly x x x

CathT

Good luck with applications and have a fantastic holiday. If ot's good I might book for next year!

sweetdaisy

Back from our break at Devon Cliffs, children enjoyed and I have been washing and ironing all weekend! I feel that I need another week off so that I can get on top of things.

As we have been on holiday and paid for different activities and trips, as well as buying DS1 new school clothes, gym kit, school coat etc, I have not made any mortgage overpayments. I get paid at the end of next week and I am building up my childcare vouchers again, so may need to cut back on the overpayments for a few weeks.

I am waiting for a £50 payment from a survey site - which should arrive in a few weeks, so once that arrives £25 will be used as an overpayment and £50 will be put into savings.

Mortgage balance is now in the £78,000's and awaiting to see how much interest will be charged at the end of the month, as I have been making regular overpayments, so it should be less. I phoned Natwest a fortnight ago and enquired about our monthly payments. I thought that as the mortgage balance reduces, the monthly payment will eventually decrease, however was told that the monthly mortgage amount stays the same throughout the mortgage term unless the interest changes. I thought that as your mortgage reduces the minimum payments reduce? But maybe it doesn't because we have an offset mortgage?

beachie

sweetdaisy wrote: »

I phoned Natwest a fortnight ago and enquired about our monthly payments. I thought that as the mortgage balance reduces, the monthly payment will eventually decrease, however was told that the monthly mortgage amount stays the same throughout the mortgage term unless the interest changes. I thought that as your mortgage reduces the minimum payments reduce? But maybe it doesn't because we have an offset mortgage?

Hi,

It is probably the term that is decreasing. The amount of interest you pay each month will decrease but the payment will remain the same. This means you will be paying an increased amount off the capital each month.

Hope that helps

sweetdaisy

beachie wrote: »

Hi,

It is probably the term that is decreasing. The amount of interest you pay each month will decrease but the payment will remain the same. This means you will be paying an increased amount off the capital each month.

Hope that helps

Thanks Beachie .

I thought that this may be the case, as I am set to repay the mortgage earlier as it is Offset, so the term is reducing. Was just hoping that the minimum amount would reduce a little over the next few years, but then again, I want to repay the mortgage as quickly as I can (which is still going to take me years!).

Southernman

Devon is lovely, i'm heading to Cornwall with my family at the beginning of September (even if it means being squished in the middle at the back of the car between two 6 foot, space hogging boys for 8 hours grrr). I just hope the weather holds out and shines for us!

CathT

sweetdaisy wrote: »

Back from our break at Devon Cliffs, children enjoyed and I have been washing and ironing all weekend! I feel that I need another week off so that I can get on top of things.

As we have been on holiday and paid for different activities and trips, as well as buying DS1 new school clothes, gym kit, school coat etc, I have not made any mortgage overpayments. I get paid at the end of next week and I am building up my childcare vouchers again, so may need to cut back on the overpayments for a few weeks.

Just think of the OP's we could make without all these nursery costs! It's like having two mortgages at times.

sweetdaisy

Southernman wrote: »

Devon is lovely, i'm heading to Cornwall with my family at the beginning of September (even if it means being squished in the middle at the back of the car between two 6 foot, space hogging boys for 8 hours grrr). I just hope the weather holds out and shines for us!

Wow, you have a long journey to make squished in the middle! Hope that you have lovely weather in Cornwall. Devon was lovely and the boys loved it in the caravan.