Im going to get rid of this mortgage

TheFactory

toerag33 wrote: »

I now resent owing any money to any bank which will have an end result in contributing to any bonus those high up feel they are entitled to. Hence trying to overpay on my mortgage to clear it.

Good luck

I absolutely agree!

So ever since I started getting onto this debt reduction thing I have became OBSESSED with spreadsheets!! Mrs TF says I never stop calculating and checking figures haha! This has culminated in me creating a spreadsheet that looks at my finances as a whole - whats coming in and whats going out, what debts im carrying and what assets I have. The end result is it calculates my net worth which as it stands is +£6000, my LTV on my mortgage is 99% (ish, im at work and can't remember the exact figure) this all get pumped into a graph so that I can track my statistics easily.

With that in mind I have set myself 4 goals for 2013...

Pay off my Loan - already done
Pay off my Credit Card
achieve a net worth of £10,000
Achieve a LTV of 90% on my mortgage.

I think these are achievable targets for 2013! I hope so anyways.

I have this CC in my sights... I have £290 in my payment pot at the moment but that has to stay really until next payday as I don't know if I will need it for repairs/emergencies. I have managed to achieve 6 days of overtime this month so im hoping that that is enough to pay at least 50% of this credit card bill off, its certainly helping not having to pay the £251 a month for the loan. :cool:

bodmil

Well done on clearing the debt, whichever way keeps you motivated is the best way I think (and hopefully that's with the highest interest first) but I paid off my student loan against sensible advice. For me it was just something I had to get rid of as quickly as I could even though I suppose I could have a smaller mortgage and be paying it off now still!

Good luck with your journey, it sounds like you're making very speedy headway.

TheFactory

Thanks Bodmil!

Well I totally forgot my car is due its MoT on the 10th... In this day and age you should get a reminder but there you go so thats £50 out my pocket, it probably needs at least 1 new tyre as well.. It will have to be a part worn...

Insurance is due for renewal next month, I really want to pay it off as a years lump sum to save me £75 pcm, if I havent got the cash is it worth throwing it on the card for 3 months as im expecting to be able to pay that off in 3 months, 2 if I don't put the insurance on it.

Its all money money money at the moment, I can't wait to get on top of my cashflow situation!

In other news its nearly time for a remortgage... I have a high LTV on a CTL deal with halifax which expires on the 30th June, they are offering my a fee free, erp charge free deal at 5.49%. Do you think I could achieve anything better or is it worth taking this and then keep chipping away until I can get a BTL deal?

TheFactory

Well im working this weekend (BTCC Thruxton) which has helped the spending budget - had a total no spend weekend so far but have a nice picnic planned for bank holiday monday if the weather improves! (where has all this "hotter than spain" weather gone!?)

1/3 of the way through the month now until payday, im looking forward to getting rid of a chunk of this CC bill when I get paid as ive only paid the minimum for over 6 months now!

MoT on Tuesday - please wish me luck!

ajmoney

Hi, I have just read your diary for the first time. Well done on paying down your debts so far. I am in the forces and am trying to make the most of my secure wage to pay down as much of our mortgage as possible before I finish my contract which ends in 9 and a half years.

TheFactory

good for you ajmoney, did you take advantage of the LSAP you can get? I did when I was in - an £8500 interest free loan to go towards my deposit was brilliant and one of the only perks left!

In other news it was MOT day today and it failed.... in the end it needed 4 new tyres (and I also got a wheel alignment done) and a new indicator unit for the passenger mirror - costs were £316 for the boots and £34.99 for the lense as well as the £40 MOT - got a pass after I had the work done so thats a great relief off my mind and at the expense of the rest of my savings pot and some of my monthly spending money :-( so now im offically broke, im ok I can live until the end of the month but its going to be a quiet 17 days until payday...

ill see you all then with some more good news hopefully!

ajmoney

TheFactory wrote: »

good for you ajmoney, did you take advantage of the LSAP you can get? I did when I was in - an £8500 interest free loan to go towards my deposit was brilliant and one of the only perks left!

Yes, I thought it was £7k so planned my deposit for that then it was my financial advisor who told me it was £8500 so I used the rest for the fees. Paid it off nearly 2 years ago when we moved to the house with OP proceeds from the sale. Not sure how long it is since you left but there are even less perks now.

TheFactory

ajmoney wrote: »

Yes, I thought it was £7k so planned my deposit for that then it was my financial advisor who told me it was £8500 so I used the rest for the fees. Paid it off nearly 2 years ago when we moved to the house with OP proceeds from the sale. Not sure how long it is since you left but there are even less perks now.

I left in 2010 mate, I saw the future of the militry as dark and uncertain so I bailed. Im not suprised to learn that its worse now.

Well done in paying the LSAP off, I only finished mine last year!

TheFactory

Well My Car insurance is due on the 10th of next month so I started hunting for quotes, it was £650 a year but I managed to get cover for £416 this year so I cancelled my insurance renewal with swift cover which was costing me £75 pcm. With my MOT and insurance due together I have no money in the pot so I have had to put the £416 on the credit card until payday. I'm hoping to pay a chunk of the card off on payday so it won't matter in the grand scheme of things but it was great cancelling the £75 pcm DD.. thats £326 per month im better off now than when I started this diary - looking for finish this card for another £40 and I think work is upgrading our phones from blackberrys to Samsung GS3's so I can cancel my own personal smartphone plan for another £45 pcm when that happens - its actually out of contract at the moment but im using it until I can cancel and that reminds me to look at giff gaff deals for the mean time...

You get a real bug for paying down all this unsecured debt don't you? Im really enjoying it and im looking forward to the fruits off all this hard work! (circa £400 pcm better off once its all finished)

im deffo going to be treating Mrs TF to a nice meal out once the cards paid off as she has been great with it all.

TheFactory

Well an update!

The 24th was payday! yaaay we all love pay day

Unfortunatly my car insurance was due in the middle of the month so I put it on the credit card, it was £416 but I knew I would pay it off as soon as I got paid which I did, clearing £800 off the balance meaning leaving £1956.31 left to clear.

I have also added £500 to an emergency fund and I now have £350 in my SnS ISA ready to start investing next month when I can put some more in it.

So my finances are starting to look a little better, Im hoping to pay at least £1000 off the credit card on the 25th of june leaving one final payment to make in July. Once this is paid off I can actually properly start my journey to mortgage freedom.

Its nearly time for a new mortgage, by the looks of it ill be saving £50 pcm on my new deal so that will all be going straight into overpaying!

My friend is coming to stay for a week this month, I hope I don't go to mad with the plastic...