Tiny little steps to being MF....

jedi82

Hello everyone, I have decided to start my own diary on here after months of procrastinating and umming and ahhing about whether to start one.

Little bit about us. There is me and DH and three LOs, DD1 who is 7, DS who is 6 and DD2 who is 4. I have been a SAHM for the past 7 years but DD2 starts full time school in Sept and so will be looking for a job that I can do while still picking up and dropping off the kids. I have a seasonal evening job at the min and the wage is going directly into savings so that we can have £1000 emergency fund.

We bought this house in Aug 07 (great timing huh :rotfl:) for £211k and have £185k left to pay. DH has a good wage but at the mo he is supporting 5 of us and so when I go back to work, we should be able to put my money away/on to mortgage etc.

DH has agreed to increase our monthly DD from 1177 to £1200 and the first payment went out this month.

Our fixed rate finishes in 2017 and ideally I want to get our LTV as low as we can to get a good deal. We have a bad credit history so I know the rates will be higher but just want to improve our chances as much as possible.

So, on the other hand I also need to ensure we improve the value of our house and so will be saving money to help here.

I have tried setting up a payment of £1 from my bank to the mortgage today and will see if that works and then I plan to put my tilly tidies on here rather than into my savings. As I said, tiny steps......

Okay, will stop waffling, jedi x

misscousinitt

Hi and welcome jedi.

The little payments, really do add up and I wish you the best of luck.

MCI

ixia

Good luck and welcome!!

Crumpets

Good luck with your journey Jedi82 :beer:

Crumpets

Sundaysgirl

Good luck - I've just taken the plunge with my diary too, scary stuff! Will keep popping in to see how you're doing

uropachild

HI there! We have just started this too. Good luck with it all!!

What do you mean you have set up a test payment to the mortgage? What's that all about?

edinburgher

Welcome Jedi (and there was me thinking my wife was the only female SW fan)

jedi82

Good morning,

My £1 payment onto my mortgage is showing on the account today :j. I wasn't 100% sure how to set it up and so only sent a quid to see if it would work and it did, so now I can crack on and send all tilly tidies (love these ) to the mortgage rather than savings. I hope I am allowed to do that? When I spoke to the lady at YBS about increasing our DD she mentioned that we can only pay up to 10% (no chance :rotfl:) but nothing about a minimum payment.

DH is with me on our frugal challenge up to a point. He is happy to increase the monthly payment to a round £1200 but doesn't want to sacrifice our life now by overpaying lots. I can kind of see where he is coming from but also want to try and get this mortgage gone.

Ok, better go do some clearing whilst the kids are at school. Have a good day, jedi x

ps have to be a star wars fan in this house, no getting away from it lol!!!

kirstypark

Hi Jedi, well done on your first overpayment :j

XSpender

Hi Jedi

Good luck on your journey. I too have started a diary and will be making small payments towards my mortgage.

XS

SG27

jedi82 wrote: »

Good morning,

My £1 payment onto my mortgage is showing on the account today :j. I wasn't 100% sure how to set it up and so only sent a quid to see if it would work and it did, so now I can crack on and send all tilly tidies (love these ) to the mortgage rather than savings. I hope I am allowed to do that? When I spoke to the lady at YBS about increasing our DD she mentioned that we can only pay up to 10% (no chance :rotfl:) but nothing about a minimum payment.

DH is with me on our frugal challenge up to a point. He is happy to increase the monthly payment to a round £1200 but doesn't want to sacrifice our life now by overpaying lots. I can kind of see where he is coming from but also want to try and get this mortgage gone.

Ok, better go do some clearing whilst the kids are at school. Have a good day, jedi x

ps have to be a star wars fan in this house, no getting away from it lol!!!

Ybs ate quite good as you can just BACS any random amounts to yute mortage account and they show up a day or two later on the online account.


I did have some confusion when I spoke them recently. The First Lady I spoke to didn't know much and told me that any overpayments will reduce future payments but not the term, but when I called back and spoke to someone else they said that it will reduce the term as long it's a regular OP. ie upping the DD. and that odd BACS payments will reduce future payments at the annual review. But that as we are paying a fixed sum then as the payment is reduced each year it basically means a bigger overpayment. So it basically does the same thing.

It's warmer and our energy bills are about half what they were we are enjoying sending off the difference to the mortgage