An End Has A Start-HiddenHen's MFW diary

HiddenHen

So having read Tilly's diary from start to finish, I've decided to start my own.

OH and I moved into our house in March 2011 having saved up a deposit ourselves but also with a very generous loan from OH's parents-they leant us £14,000 with no date or urgency to pay it back. So far we have repaid £2000 back to them and have a savings account which we pay £300 into monthly and then pay the in laws back at the end of each year. I will have to find out what the balance is in that account once OH is back from work.

As for the actual mortgage...It stands at £86730.15 and has 22 years and 11 months of the original 25 year term left. As yet we've made no overpayments but I'm keen to rectify this!

Overpayments are likely to be minimal at first as OH is keen to pay his parents back first so it will just be my spare bits and bobs until then. I get paid expenses from work every two weeks so thought I could overpay this as it will give me regular overpayments. In between I'll also be employing Tilly's infamous Tilly tidies!

Right, I'm off to make my first overpayment!

HiddenHen

First overpayment of.....drum roll.....£1.96 made! Expenses get paid on Friday so hopefully another overpayment then.

muddywhitechicken

Hello and welcome to MFW :wave:

Well done on your first OP

Now onto the important stuff... do you have any chickens? :rotfl:

HiddenHen

Hi muddywhitechicken

Thanks for the welcome! My name's probably a bit misleading as I've not got any chickens and it's not poultry related in the slightest. Sorry to disappoint!

HiddenHen

muddywhitechicken

HiddenHen wrote: »

Hi muddywhitechicken

Thanks for the welcome! My name's probably a bit misleading as I've not got any chickens and it's not poultry related in the slightest. Sorry to disappoint!

HiddenHen

Nevermind HH just let me know if you want to "adopt" one :rotfl:

Secret_Saving_Squirrel

Welcome and good luck. I can see why oh wants to pay back his loan first, but also appreciate that you must be keen to start overpaying! You will soon get there.

All the best,

Squirrel

pixnmix_2

Evening HH and congratulations on your first overpayment

HiddenHen

Evening all

Thank you for the welcomes!

I have spoken to OH and he informs me that we have £1364.03 in the account to pay his mum and dad back. Having already repaid them £2000, this leaves us with £10635.97 that we still owe :eek: At the current rate we're paying it back (£300 per month), it's going to take the best part of 3 years. I'm keen to get this down to more like 2 years.

I can see this is going to be a fine balancing act between paying back the loan to OH's parents, overpaying the mortgage and having fun in between all that!

Thanks for reading

fothers365

Good luck with your journey. Can you switch the money to a higher interest account or anything like that whilst it is waiting to be pad back to your in laws?

Tilly_MFW_in_6_YRS

Hi HiddenHen, I can understand why your OH would want to pay off parents first.

How about doing a grocery challenge, clear the loft and eb@y, car boots, surveys, P!nec@ne, Sh@p and Sc@n and use that money to OP the mortgage. Then salary could be used for the parents? It's difficult trying to stretch the money I know.

Good luck with your plans.

Tilly x

HiddenHen

fothers365 wrote: »

Good luck with your journey. Can you switch the money to a higher interest account or anything like that whilst it is waiting to be pad back to your in laws?

Thank you! We definitely need to look into this as I know we aren't getting the best rate for it. It makes sense for the money to work as hard as possible for us whilst it's just sitting there.