The Pixi Mortgage Free Diary

edited 28 July 2013 at 9:59AM in Mortgage-Free Wannabe
45 replies 7.3K views
The_PixiThe_Pixi Forumite
299 Posts
edited 28 July 2013 at 9:59AM in Mortgage-Free Wannabe
Hi All,

So in may finally got our house and the subsequent mortgage with it. Having been on MSE for sometime, the idea of overpaying was top of my priority so my partner and I are going to go at it like the clappers and hopefully get it gone as close to 10 years as possible.

Our mortgage is £258,000 at 85%LTV and we currently have a 5 year fix, its my hope that we get to 50% LTV by the end of the 5years. Its my hope that if by then rates have risen, having 50% LTV should get us a rate that hopefully will be similar to our current 3.98%

With this in mind we have budgeted to pay £2k a month on the mortgage and this is about £630 a month overpayment. We have also started an saving account that swallows all the monthly savings. So when we get a £4 off a £30 spend coupon from Sainsbury's the £4 goes into the saving account. Last month we got a £50 cash back on our new fridge so combined we added a £180 bonus to the £2k payment.

I'm going to keep a diary going here with a cumulative overpayment total, if anything keeping it at the front of mind and as a monthly habit will really help.
Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
Monthly payment down £258.82 Overpaid last month £1096.38
End of month 11/2017
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Replies

  • TheFactoryTheFactory Forumite
    110 Posts
    Hi and welcome!

    You have the same idea as me, pay as much off as possible whilst rates are low which should enable you to get a decent deal when they inevitably rise again.

    You say you have 15% loan to value at the mo? Did you mean 85%?
  • edited 28 July 2013 at 10:04AM
    The_PixiThe_Pixi Forumite
    299 Posts
    edited 28 July 2013 at 10:04AM
    Yes, you are right 85% LTV it was a 15% deposit :) Fixed it now.

    I thinks is obvious rates will rise, who really knows when? but if they have risen significantly in five years, I want to be in the best position I can.

    My personal speculation is that 5 year fixes for 85% loans may have risen to 6-7% so hopefully with a 50%LTV I could get a sub 4%.

    Time will tell I suppose.
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • The_PixiThe_Pixi Forumite
    299 Posts
    This month has got off to a good start:

    £10 refund on a new bin, as it was dented
    £4.50 off Sainsbury's coupon used
    £5.00 of additional saving with shopping deals
    £0.51 price match coupon used
    £9.00 saved on train ticket using Network card

    Also got another £4.50 coupon for next week

    I also got a freelance work day so that should eventually add another £200.00 either this month or next.:T
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • The_PixiThe_Pixi Forumite
    299 Posts
    August has been going well so far, went to pizza express and used £40 of Tesco Coupons. Going out for dinner is a regular thing and not one I want to hold back on, but it is good bonus to use £40 of coupons and add that to the pot.

    Also have another £50 of resturant coupons to use at some point by November + this months Tesco coupons total £10, so another £40 off somewhere. Also g ot a 10% off coupon from a wallpaper company im using for my new hallway, should make a saving around £25 off what I thought it would cost.

    Hope everyone else is doing as well

    Tesco Coupon £40
    Tesco store coupons 0.80
    Sainsbury's store coupon 0.50


    August total so far £110 and change.:T
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • The_PixiThe_Pixi Forumite
    299 Posts
    Little bit lower on the extra payment this month, however the plan was always to try to get close to £100 extra each month, above what we are already overpaying, so in that context a great win.

    Having people around the house on Saturday for some drinks plus the decorators are round for two weeks giving the place a nice lick of paint. I have spent most of this month putting up lining paper to save decorating costs so that's pretty good, but the decorators bill will really squeezed the budget this month.

    Money saving in sight at the moment:

    I did get a coupon from the wallpaper company which could save £25 but not sure I can afford the layout for the paper before it expires :(

    I have landed another bit of Freelance work so that should secure another £200 + I am awaiting payment for a a job last month for another £200.

    Also, good news, as my partner got a nice little mid term payrise which should bring in an extra £130 or so a month after tax:)

    Plus we have several coupons to use this month at Sainsbury's £1:10 brand match to use at the weekend.

    Roll on September.
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • A bit quiet this last. Month on savings :( only manged £65 extra ontop of the usual overpayment)

    Good nes is that the decorators have finished, so there is now the hope of getting access to all the rooms in the house by Christmas. Carpets are the main thing holding back the rooms. I don't see the point of unpacking or storing heavy furniture in those rooms to have to move it out for carpets.

    I saved a bit of money by painting the dining room myself, quiet well actually so confident I can do the hall way.

    Sainsbury's have slacked on the money off coupons of late? But building the nectar points to hopefully have £50 to spend in December so can add that win to the pot.

    There is a freelance gig to pay out £200 so hopefully end of October will have a nice additional overpayment bonus.

    Also booked a weekend away in Bruges, missed out on summer holiday with this house buying lark :rotfl: so looking forward to getting away.

    Good luck everyone else.
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • The_PixiThe_Pixi Forumite
    299 Posts
    This month is tootling along O.K, so far the total in Bonus saving is £37.33 to go on top of the usual £600 odd overpayment.

    Just been in to Sainsbury's and they were doing the reductions on meat. I don't normally go there in time for them putting it all out, so usually when I go past the reductions shelf its empty wasteland with some miscellaneous grey coloured meat hanging about.

    I got a Duck Crown for £2.99 down from £5.62 and a Pork Joint for £2.99 down from £6.00!

    I had said the other week we hadn't had duck for a while so nice bonus that it was just sitting there :)

    We also got another joint on reduction the other week, so that will be 3 meals waiting for the poor end of the month.

    Another good bit of news is that I have built up £20 of Tesco clubcard Vouchers that I can turn into £80 off a meal out, and with family visits in November they can be used there and I'll pocket the £80 for the Mortgage account :T

    One little slip has been the freelance job I got paid for, I decided to use the £200 as money for the holiday (and its my birthday soon as well) so technically some money earmarked has been lost, but oh well.

    Hope everyone else is doing well.
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • edited 28 October 2013 at 3:38PM
    The_PixiThe_Pixi Forumite
    299 Posts
    edited 28 October 2013 at 3:38PM
    [FONT=&quot]So, got to the end of the month and managed £95.00 as an additional bonus overpayment so that's £743.59 over the top.

    Bad news this morning as part of the back garden fence had blown over during the wind. I was expecting the flimsy almost fallen over fence on the other side of the garden to blow over but, nope, that one is still up at is 45°... I just can't fathom that.

    I did a bit of maths earlier and so far we have managed £460 in savings through store coupons, Tesco vouchers and cashback, amazing how it adds up.

    [/FONT]
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • So after looking at the budget this month I decided (reluctantly) that the wallpaper choices I had made for the two large bedrooms needed to be cut from £49pr to under £30pr

    So I ordered a whole new bunch of samples and to my delight I actually found some of these cheaper ones felt much better quality :)

    So I managed to do one room for £24.99pr (49% Saving) and the other for £29.00pr (41% Saving) :T I then got to use a 10% off coupon I had so saved another £20odd Win Win.
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
  • This month has gone well.

    Saved about £20 on wallpaper with a10% off coupon.
    Using £50 of Tesco restaurant vouchers next week.
    Also doubling my Nectar points to £40 this weekend.

    Plus some additional coupon savings and this months bonus overpayment pot is £130! The second highest bonus overpayment since we started.

    I don't see December being that generous, but it is Christmas.

    Also the work on the house is grinding on, I stripped all the paint under the carpet on the stairs, I really want the carpet down the centre of the steps and have carpet rods, a lot of heat torch, sanding and staing has gone on, worth it though as the stairs are shaping up lovely. :)
    Mortgage Balance £182,789.00 of £259,250.00 Overpayment Total £48,847.13
    Monthly payment down £258.82 Overpaid last month £1096.38
    End of month 11/2017
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