Snood's Mortgage Reduction Diary

Snood

OK been a lurker for a while now but as I'm joining the MFiT-T3 Challenge it seemed a good time to get a diary up and running as well.

Bought our house two years ago with a mortgage of £160K and have been overpaying since then. Just myself and husband at the moment, but we would like to start a family in the not too distant future which may affect the overpayments and plan to use this diary and the challenge to keep us on track even if our income drops.

Right, best get registered for the MFiT-T3.

Snood.

Mortgage_Reduction_Novice

Hi and welcome! I'm looking forward to reading about your 'mortgage reduction' (words close to my heart!) adventures!

Snood

Ooops sorry for the title hijack MRN.... it didn't even occur to me while I was starting the thread.

Looks like next year will start off expensively for us. Mr Snood's car has just been serviced with some expected maintenance needed, new tyres and brakes (essentials really), and will need some welding to pass the MOT in Feb. We were looking to replace next year (it is 15 or so years old) but not until March after the new regs were issued, in the hope of good deal on a traded in car, so this might bring it forward a month or two.

Need to find the balance between paying for the welding and getting the 'new' car cheaper by waiting or not getting the welding done and potentially spending more on the car (and sooner).

Mr S is definitely looking forward to the mod con of power steering.... :j

Next task for this evening is to get a signature sorted out.

Secret_Saving_Squirrel

Very good luck on your quest. You are very sensible to overpay before having a family so that things won't be too tight later, but do have lots of fun too!

Squirrel

Snood

Well 2013 was quite eventful as we became a family of three in early September with arrival of DS.


We managed to keep the year fairly MSE, Mr S's car did fail MOT and a new family one was purchased (fortunately had savings to cover this). We've been fortunate to receive lots of 2nd hand items for the baby from family and friends, with the promise of more as he gets older. And finally we remained on track with the MFiT-T3 challenge.
There was chance for a bit of fun during the year seeing friends and family and a relaxing holiday to the Northumbrian coast.

Plan for the first part of the year:

• start ebaying for extra cash and to clear unwanted items from the house, got a feeling that there will be lot more storage needed for DS's toys and clothes as he gets bigger.
• get better at meal planning and shopping more frugally. We've got an ace farm shop nearby and I should really look to use the butchers for economy cuts and to source veggies.
• keep fit through walks with the baby, on the royal mail survey so plenty of trips to the post box/office in the next few months.

Think that's enough to be starting the year with. Next time to reassess these will be around April/May time when I'll be going back to work (3 days). Mr S keeps saying that's when everything becomes difficult as the tiredness/time constraints kick in. I'm just hoping that he's wrong!

x

greent

Good luck! x

Snood

Only a few weeks before heading back to work. :eek: Will be three days so still more time with DS than at the office.

We've managed to continue with good progress on overpaying whilst I've been at home although the savings have been diminished which I guess was the point in the saving beforehand.
After reaching the next LTV limit we reduced the interest on the mortgage with our provider with only a small arrangement fee which has knocked our standard payment down. Decided not to reduce the term as you never know what is around the next corner, but we are continuing to overpay to achieve the same monthly total payment.

On the three targets for the first part of the year. I've made some progress.

• Items have been sold via auction site with some more waiting for me to take pics and write descriptions.
• Meal planning has had some success, finding it a bit harder now DS has started on solids although we do seem to be eating more veg and more healthily. Have made it to the local farm shop a couple of times so need to try harder on this one
• Not sure about the keeping fit, but have managed to lose weight. Probably all that crawling around on the floor and walking the baby around the house to settle him down. And have an increasing pile of stamps, should see us through next Xmas at least.

What next?

• Need to consider what to do about pension payments that I reduced whilst on mat leave. If the sums show we can afford it, do I raid some more savings to pay in a lump sum to compensate, increase to 3/5ths of previous payment or try and return to the payments I was making before? Will be down by around £1200.
• Need to sort out a new energy fix ours expires in April. We're with EDF not sure whether to go with 1yr or 3yr fix or to change supplier.