The Pixi Mortgage Free Diary

The_Pixi

So two years ago we started on our mortgage and the overpaying route and I am really pleased that we have managed to keep to our overpayment target of a flat £2000.00 per month and have recently increased this to £2100

We even manage frequent bonus over payments to the pot as well.

The numbers breakdown like this

Outstanding loan total 05/13 £259,250.00
Outstanding loan total 05/14 £244,336.86 (5.8% down)
Outstanding loan total 05/15 £228,925.41 (6.3% down)

Actual minimum payments to the Mortgage Company 14-15 £15,553.95
Actual interest paid £9,450.56
Actual capital reduction £6,103.39

Loan Sub Total £238,233.47 (2.4% down)

Actual basic overpayment total £8,746.05
Actual bonus overpayment total £606.09

Actual overpayment £9,352.14

Total capital paid £15,455.53

Outstanding loan total 05/14 £228,952.41 (5.8% down)

The aim last year was to get the total to sub £230k which has been achieved,
The aim for next year is to be as close as possible to 210k

The_Pixi

This month we have finally had a quote done for the Garden to be decked out:) this is going to cost £5,000 so we will have to tighten our belts for the next few months!

I really want to get this sorted out though as we have been here 2 years and I want to get the garden sorted out, so i can
A) Put up a green house (Using the deck as the base
Grow some of my own vegetables, potatoes, onions, chilli and peppers
C) Get the outdoor furniture

I really think once that is all done it will be a real assets to the house for a future sale, the main road outside is noisy, but you hardly hear a thing around the back (Though it is London) , it is a nice leafy area with all kinds of wildlife, Tits, Robins, Squirrels, Cats, Frogs, Jays.

Sad thing is though they can’t do it until September

After that its radiator covers and curtains. Two years with no curtains!

The_Pixi

The last month went well, we used £40 of Tesco coupons in Caf! Rouge and got a free bottle of wine coupon from Sainsbury’s, another £5 and some other little bits of change

We had a bonus overpayment of £62.04 making a grand overpayment of £903.83 which is the first time we have breached the £900 barrier and is therefore our highest over payment to date. :T

We had a bit of a leak on the roof, which we have had fixed and that was all paid out of the accumulated bills money pot that we regularly over pay into for emergencies.

I have also managed to stain two of the 5 doors we had replaced. It is really time consuming and with the recent weather has slowed my progress.

Also bought a few new plants to brighten up the front of the house with, and we had success with our creeper plant as it has now flowered.

The_Pixi

Hopefully a busy month for us this month as the Garden deck should be getting built. Seems like a task that has taken a very long time to pull together but will be worth it next summer :beer:

No large bonus payments this month, however we are making steady progress and this December we are exactly half way through our 5 year fix.

Starting to look around at interest rate news and I hope a lid can be kept of any increases so that our repayments don't go up too much and chew away at all the overpaying we have been doing.

7% would bring us back to where we first started at £1350pm which would be O.K.
3.98% or less would be even better news though! `

we should have close to or over 50% LTV (House value swings that one way or another, but definetly in the 60% range)

Anyway, good luck everyone.:T

The_Pixi

We had the deck built out in the garden, better late than never and now we are all set for summer '16, lets hope that we get a good hot one to make the best use of it So that is the last of the large expence items for the time being, Kitchen and Bathroom are still left but I think next year they will sit to the side so we can get the smaller (though still a good sum of money) items of furniture and curtains.

The re-mortgage comes up near the back of 2017 so earlier in that year it would be worth getting the Kitchen and Bathroom fixed up for the valuation.

Mortgage payments have been going according to plan, so far this year we haven't been that good with the 'bonus' overpayment pot - however we did up the main overpayment by £100 at the start of April so we're still on track.

We do have £54 of Tesco coupons and £30 of Nectar points to get through for Christmas so we should be adding £84 to the pot in December.

The_Pixi

December was a good month for extra bonus savings,

We had £35 from Nectar points which we used whilst doing some chirstmas food shopping and we had £30 of Tesco vouchers for Caf! Rouge. :T

We also have £24 of Tesco Vouchers for Pizza Express which we have used, this will go on to the January overpayment. We also got a bonus 400pts from Nectar just for going to a Pizza Express so a double bonus! :beer:

We had the annual mortgage statement yesterday and we accrued £9,000 interest last year, but we have over paid by £9,200 so we have now stopped the compounding interest and have reduced the Mortage by £16,000 this year! :beer: :beer:

We are also planning to increase the mortgage payment in March by another £100pm to a monthly figure of £2200pm! 2016 is off to a flying start:j

Good luck to everyone else.

Luckyinlife

some amazing figures there pixi well done ;]

The_Pixi

Thanks, wish I had your mortgage

The_Pixi

Well it has been a busy year so far. We have had covers made for the radiators which wasn't cheap but they look really good, and have been working on the garden. We built a green house in February, table and 6 chairs and a gas BBQ last weekend!:beer:
I still have some planting to do and the soil arrives for that on Saturday.

I am looking to grow my own vegetables this year and last week sown the seeds for Peppers, Chillis & Tomatoes. They should be hitting the green house in a couple of weeks.

On the Mortgage front we have now started paying £2200 a month up £100 so our overpayment this month is £976, in a couple of months we will be overpaying by £1000pm! untill the re-mortgage.

The_Pixi

The last few months have been busy for us. We have had some cabinets installed in the alcoves which have now given us some much needed storage space!

I have also been out and about int he garden growing Tomatoes, Peppers, Chillies, Carrots and Onions. We haven’t had a 100% success rate but we have got plenty of plants going in the green house so I am looking forward to harvesting our home grown produce.

My Brother is getting married this weekend so I have been saving up on the side for a wedding gift. Hopefully they will put it towards a deposit for their own house:j

Mortgage wise we are doing good, this month we have £29 bonus overpayments

£5 from a Harrods voucher
£24 from Tesco Pizza Express voucher.

Bad news is that Homebase (where we buy a lot of gardening and paint) is stopping Nectar points after December. this has been netting us, along with bits from Sainsbury's £50 per year geeer:(

Next month is going to be a good month for us as we make our last sub £1000 overpayment and start overpaying by £1000+ each month! :beer: