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Finally I have a mortgage I can start to pay off!

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  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Hi Everyone,

    Well the wedding caught up with me eventually and we were spending every waking moment getting stuff ready for it, especially the mini, hence the lack of posting on here.

    The mini passed its MOT at 3.30pm on the Thursday two days before the wedding, much to our relief and amazement! :beer: We cut it very fine, but it made it to the wedding which was so important to us!

    The day itself went wonderfully it didn't rain until the evening, everything went according to plan and the photos look great. We had an absolutely brilliant day :D. For our honeymoon we had a week in the Maldives which was fantastic and three nights in Dubai, which was an entirely different (but good!) experience!

    So, back to reality now! Our priorities have changed somewhat as a result of our travelling - although I said before that we wanted to travel in the next few years, this has become more important since we got back. At the moment we don't have any plans to start a family in the near future and so we'd like to be able to spend the next few years seeing something of the world (as so much of the last few years has involved saving like mad for our house deposit) before children come along.

    We will still be overpaying the mortgage though! For the time being our target is to get to 75% LTV before the end of our fix, which gives us about 18 months to pay off 3k extra. This should be doable and will just involve some discipline! We've still not made any overpayments yet - too much to do to the house/buy for the house, but my ebay earnings from earlier in the year are still sat in a savings account waiting for me to pay them in! DH (ooh that sounds good!) has just received a secondment to what will hopefully become a permanent position within his company, which has come with a payrise and the added bonus of him not having to work weekends anymore :T

    In smaller things, I've shopped at Aldi, which seemed to save me pennies, had an Ocado delivery (we get discount) for the branded stuff and today I have switched gas and elec to Scottish Power as recommended by Martin. We also have a rapidly growing pile of 'stuff' for Ebay - roll on the next flw! However, my work is fairly quiet at the moment and will probably stay that way until September now, so I may be back out mystery shopping once the house is relatively unpacked.

    Off to catch up with some other diaries now!

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Hello? *Creeps back in hoping no one will notice the long disappearance*

    Hi Everyone,

    I have a confession to make - we got so distracted with buying things for the house and doing it up that I haven't even been lurking on the mfw boards because I felt so guilty that I wasn't actually doing any 'mfwing'!

    However, in my defence, work has been really busy since the summer and in December we made our first few overpayments - so far only about £100 in total, but it is a start. (And I can see how quickly it could become addictive!). We're still building up our emergency savings at the moment though, so it is small steps. Hopefully, with 'tax money savings' (i.e. my personal allowance saved through the year as part of my 'tax savings') we'll be able to pay off a large lump of our target (about £500) in the next few weeks. Just checking we don't need the money for something else as we've got a couple of expensive weddings to go to this year (the Scillies and Cyprus - although that one is only DH and only if him and a mate can get a cheap deal)

    DH's job is likely to change again soon, still within the company, but we're not sure what impact, if any, that'll have on his income. As I said above, my business has taken off recently and I actually had to pay tax on account for next year for the first time ever! :T Hopefully this means more overpayments in the near future.

    We're still shopping at Aldi, with occasional top-ups from Ocado, but now have a veg box delivered weekly from a local (organic-in-all-but-name) farm. This means we only go to the shops for milk regularly as we tend to stock up for the month at Aldi - it's wonderful not being beholden to the supermarkets!

    Now we've begun to overpay, I'd better get back in the habit of posting here and seeing what everyone's up to!

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • megela
    megela Posts: 755 Forumite
    First Anniversary
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    Hi Vicky,

    Belated congratulation on your wedding,glad it all went well.

    Lovely to 'see' you back.

    Megela
    Re-mortgaged 20/04/12 MTiT-T3 No.7
    Start balance £89611.10 + £22500 = £112111.10/Current balance £85436.53
    Original Mortgage Free Date April 2032
    Target Mortgage Free Date July 2022/Currently August 2029 (based on no offset)
    Total overpayments from 20/04/12: £8152.95
  • blade68
    blade68 Posts: 20 Forumite
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    welcome back vicky, glad the wedding went well :)
    Mortgage oct 2001 £78,000
    Mortgage jan 2013 £61,196.05
  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
    edited 22 January 2013 at 5:28PM
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    Thanks folks - good to know I'm not a pariah for being MIA for so long :D

    Had a glass of wine last night which I'm entirely blaming for the fact that I paid £400 off of the mortgage! It had been sitting there for a few weeks, just waiting for something more interesting to come along... it was going to be £600, but the dishwasher broke
    :cool: ... So this is why I don't drink very often!

    Since doing my accounts for last year, I've implemented a new method of payment to myself, which it has to be said is somewhat challenging! In the past I would have withdrawn any earnings from my business account straight into my current a/c (before sharing the money out into the various savings pots). Now, I'm only paying myself once a month - quite a shock to the system! Hopefully this will make my accounts easier to keep up to date (ahem) and might even help with budgeting, although tbh we're pretty on top of that as far as can be with a varying monthly income.

    Back on the overpayments front I now only have to find another £100 by Easter, so that should be easily doable/surpassable. :T

    'See' you all soon with further good news hopefully!

    Vicky

    ETA: Forgot to say that the overpayments so far have taken 3 months off the end of the mortgage.... only lasts till the end of 2035 now:rotfl:Still, baby steps, baby steps...

    ETA again!: Last night's overpayment also takes us to less than £130k - yay!
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Hey Everyone, hope you're all well!

    Since the 'big' overpayment (well it was to me!), I've paid off another £15.91 this month, and that'll be it for January. I've worked out that if we want to hit the 75% ltv rate by this time next year (in time to get our applications for a new deal in) then we need to pay £6.85 off every day or about £200 every month. Am currently working on the basis of £7/day (I like to round), but I have to say I think for me it would be easier to simply pay off the £200 when I pay myself. But we'll see how it goes for now.

    Before anyone worries that hubby is not on board, this is definitely not the case, but he pays the standard mortgage bill and I pay for the other household bills (which come to considerably less, as when we budgeted I wasn't earning anywhere near as much). So it only seems fair that I make most of the overpayments at the moment (especially as business has picked up). He also doesn't have much in the way of savings since we bought the house, so he's building them back up (I had to have a buffer fund for quiet months of self-employment, so I was in a better situation in that respect).

    So this month's overpayments have come to £440.79, meaning that we've acutally paid the £708 off of the capital, as we've paid more than the interest off in overpayments! :j Small steps, but I'm very happy with them!

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Hi All,

    Just a quick update - had diligently been overpaying £7 every day until last week when I accidently paid off £70, so now have 10 days 'off'! Decided that doing it daily meant that I was more involved in actually overpaying, thus keeping my interest up, and also gave the minions at Natwest something to do (I'm sure it's all computerised, but it gives me satisfaction nonetheless!). So, so far we have overpaid another £140 in February.

    Work is now going to be a bit quieter for a while as a few major projects have come to the end. I intend to use this time to get the freezer full of homecooked bread/cakes/soups/dinners so that once work picks up we're not tempted to buy convenience stuff/I don't have to spend my Saturdays in the kitchen preparing for the week.

    Onwards and downwards everyone!

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Hi All,

    Hope everyone is doing well. It's time for the end of month update:

    So I was 'paid' today (am sticking with the monthly pay day theory for the moment) and so shoved some spare cash into the overpayments pot, bringing the monthly overpayment to £347! I have to say when I first found this board, I never ever expected to be overpaying by so much - I really thought it would be a case of a few pence here and there. But it's so addictive and I want to hit my target for the year, so every penny counts!

    This brings total overpayments so far to £880.79, so very nearly at a third of the way through my target for the year!:T

    (Off to round that up to £900 now!)

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    I've decided to resurrect this thread just as we are about to remortgage. Apparently I'm not very good at keeping a diary, especially judging by the fact that I've already apologised several times for neglecting it!

    We overpaid enough last year that we've been able to remortgage on a 70% deal. We were aiming for 75%, so the extra 5% has come from the value of the house going up. Either way, we're pretty pleased. We've got a 2.99% fix with Santander and have reduced the term by 3 years, so now on a 20-year mortgage :)

    This year although I hope we'll still be able to overpay a bit our focus is going to be on saving - with my self-employment, if we want to start a family then we'll need to have a good amount of savings behind us just in case I can't pick up where I left off after I've had my maternity 'leave' (not to mention the fact that MA would only just cover the bills). We're also hoping to have a splurgy holiday early next year as it may be the last for a while.

    Work has been quite quiet lately, so we've had a very frugal month - stores have been used up which has been great and have saved a bit of money! Credit card bill is looking slim this month :) There's a promise of more work on the way though (more than I can handle quite possibly!), so hopefully we'll be able to crack on with our saving plans soon. No figures in mind for the savings target as yet... will need to sit down and discuss that! Hubby's appraisal and pay review coming up, so fingers crossed for that too.

    Still doing maximiles and various surveys (but only the ones that pay well and aren't tedious long and boring), but need inspiration for all the extra ways to make a few more pennies. Have sold loads on ebay lately - the lady in the PO knows me well!

    Will do my best to keep this more up-to-date!

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • themadvix
    themadvix Posts: 8,057 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    Forgot to add yesterday that our family has doubled in size since I was last on here - we now have two very lively rescue kittens, now six months old. One is ginger and white and the other black and white, they are brothers!

    Also forgot to mention I now do one morning a week working for a charity - it helps to ensure I have something to put towards the bills if all else fails! Plenty of opportunity for overtime too - every penny helps.

    I've been reading Habibiboo's diary and like her titles for each post - helps to focus the mind, so I might try that, if she doesn't mind!

    My MF/savings steps today: Did a survey for £1.50 and have 'Tilly-tidied' my current account into savings - a whole 95p! Also, considered having coffee out with a friend but she invited me to hers for a cuppa before going to town - saved both cost and calories (as there would definitely have been cake involved if eating out!)

    MF back-sliding: Hubby now off to US for work most of next week (first time for flying with work!), and I didn't cancel veg box yesterday, so will be inundated with veg and could probably have done without! Will cancel next week's now.... done :)

    Off for a walk in the wind now - couple of errands to run.

    Vicky
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


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