Welsh Mam on a mortgage free mission

Cariad71

Well husband decided to take a car loan out to buy new car......then decided to keep old car. So I overpaid another lump sum. The loan rate is good so at least by paying the mortgage, the monthly loan amount gets paid to the mortgage if that makes sense.
So nice to see the mortgage coming down.
Tenants in first house say they're moving in 2 years, so we'll probably sell house one, buy a cheaper property to rent out and reduce the mortgage more again.
How's everyone doing? It's so hard to stay focused but worth it!;)

Cariad71

Happy New Year to you all!
Just before Christmas I overpaid £1967. That's it for this financial year....we've hit the 10% threshold. Can't quite believe we did that but it's all good.
I think our tenants are moving out soon......so we shall have to decide whether to keep renting (MR Cariad wants to do this) or sell up and have some money in the bank (Mrs Cariad's preferred option:D).
I've bought stacks in the sales (Body shop, Boots, Yankee candle) for birthdays throughout the year and even next Christmas.......I just need to remember it's all there!
I'm off to plan a budget food shopping list now. Have a good day y'all X

Cariad71

Where did January go? I can't overpay until the new financial year in April but I've managed to pay off the holiday in full from January's spare money. Managed to get a good deal on 'Owner's Direct'. Never had a villa before but daughter has her boyfriend coming on hols with us.
We seem to have had a lot of outgoings recently so need to tighten my belt. Hope you are all staying focused;)

Flower1976

Happy new year Cariad.
Your numbers are reducing lovely!
Where are you going on holiday?
Flower

Cariad71

Sorry Flower, I havent been on here in ages! We went to Menorca.......for anyone interested in MUCH cheaper holidays, I can heartily recommend Owner's Direct.

I haven't been very money saving lately! It's hubbies 50th in January and our Silver Wedding next year, so I've decided to be less strict, then get back on it.

I don't think I've made any over-payments this year yet......but we have redone the attic room and carpeted the whole of the second and third floors.

I think I had a bit of a 'Why am I saving so hard, I could be dead tomorrow' moment. :A I need to find a happy balance between frugal and splurge queen:rotfl:

Cariad71

Well, I never made any over payments last year but we did take lots of holidays and do lots to the house. The good news is that the house we are renting out has gone up from £165000-£200000.
As our mortgage is 138,000 that's equity of 62,000.
I still want to overpay but I'm not anywhere near as obsessed as I was because I only have one mortgage and 2 houses.

I've also decided to take voluntary redundancy as my health is not brilliant. My aim for 2018 is to just pay a little off the mortgage so watch this space.
We remortgage in May and go from 3.29% to 1.44% (fixed for 2 years)...or 2.38% (fixed for 5 years) which will slash the monthly repayments. Any thoughts on a 2 year versus a 5 year fix?

Nurse2047

How's it going Cariad71?

Cariad71

Hi there, we decided to save instead of overpaying. Our mortgage still sits at 138k but the second house is now worth 220k so it’s a good position to be in. We’ve saved £30k but decided to keep it in the bank in case of emergencies. You are doing well!