Little by Little securing our future

Hi Mortgage Free Wannabees.
I've been following all your lovely diaries for a while now and have been tinkering with the odd overpayment but the time wasn't right for starting my own diary until now as we weren't sure how secure our current position was, whether we wanted to move etc.
To tell you a little about me, I live with DH, DS15, DS13 & DD7. We live in the North in a lovely big house with a large garden thats about 9 years old. Until last month we had just 4 years left to run on our interest only mortgage of just under 210k, there was never any chance that it would be paid off by then, but the Broker we were working with at the time was keen to keep selling us these short term products and keep swapping lender etc for the best deal.
Fast forward to 2013 however and our patchwork income and high LTV meant that re-mortgaging was highly impossible so I spoke to our lender who agreed to extend the IO term to 26 years - phew, now feel I can breathe a sigh of relef and start making inroads.
Before I get shot down, we do have another investment, in the form of another property we rent out, we have some plans to maximse our income with this to help with the overpayments & hopefully at some point in the next 26 years we will be able to sell this property and make a decent lump sum to put towards our IO mortgage on our own home.
If you're still with me - thank you and i'll be back with some proper details later!
Mortgage 31.5.2011 - £212,329
Mortgage now £209,244 :T
Emergency Fund £1000

Replies

  • Best of luck with your plans :)
  • Just got the figures out & can report that our mortgage on 31.5.2011 was £212,329 and it now stands at £209,407.
    Considering that our monthly payment does not pay off any capital, we're doing better than I thought on the overpayment front!
    I don't have any particular plan of attack, except that our contractual payment (interest only :eek:) is £749.51 & we have our direct debit set up for £850.00. I also try and pay off £25 here and there when I can.
    I can do better - there's lots of extra bits that go into my account (quidco, santander cashback etc) that could be overpaid, but we are also in the process of landscaping our huge back garden too at the moment, so its striking a balance.
    Mortgage 31.5.2011 - £212,329
    Mortgage now £209,244 :T
    Emergency Fund £1000
  • edited 28 June 2013 at 7:04AM
    AlwaysOptimisticAlwaysOptimistic Forumite
    10 Posts
    edited 28 June 2013 at 7:04AM
    Managed to list a few things on E*ay last night, the plan is to split the money 3 ways:-
    1. A third as mortgage overpayment
    2. A third to pay back to a family member (currently £800 remaining at 0%)
    3. A third towards fun activities for the six week holidays.

    I have quite a few more bits to list and a load of car boot stuff in the garage, the task there will be to convince DH its worth getting out of bed at 5am, but the weather isn't looking that great for this weekend.
    Mortgage 31.5.2011 - £212,329
    Mortgage now £209,244 :T
    Emergency Fund £1000
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