The impossible dream

savingholmes

You have achieved a lot this year. Remember to look at mortgage options - but also whether moving to a different kind of loan or CC arrangement might give you a better deal. I've moved balances for free for 6 months at a time before now or had 2 year 0% spending cards and been able to pay off higher interest debt elsewhere. There are usually options if you look.

Tahlullah.H

Thanks for the reminder not to rely on mortgage companies only to clear the debt Savings.  I will give it some thought, but I am slightly risk averse and I like being able to access large sums of money in a emergency with no questions asked and at a low interest rate - something you only get with an offset mortgage in my opinion.

So, to date, I have managed to pay off £18,500 of my mortgage in one year, despite having to borrow against it to do works to the house etc.  Really pleased with this result.  Will be good to see what the figures look like at the end of the calendar year, if they are still at this level.  Great inspiration to keep moving forward.

Also, big celebration of reaching £1000 in Make £2022 in 2022.  Sure, I will not meet the challenge of £2022, but I am so shocked that I have been able to make £1k and we are just starting September.  If I continue like this, I will exceed my personal challenge, which was £100 per month.  To be fair, when I started, I didn't even think this was possible.

Anyway, nearly time for my holiday, at which point, everything MSE stops (within reason) and starts going the other way.  Hopefully, I have enough saved to make this holiday enjoyable without having to count every penny, whilst being mindful of the chaos awaiting when I get back home regards bills to be paid.  If I am sensible, I should not need to go near my Credit Card, but I will take it with me as back-up just in case.

savingholmes

You have made fab progress on the mortgage and home improvements this year. 

Enjoy your holiday when it comes. 

Congrats on the 'free' £

savingholmes

Hope you are okay

Tahlullah.H

OK, it's the last month of the year.  And what a year it has been.  If it could go wrong, it has.  But, despite the difficulties which have presented within society, I still prefer to be in this country, dealing with it's problems, than anywhere else.

The mortgage remains my focus and priority.  Everything else around me may be falling apart, but I am keeping my eyes on the prize.  My ability to overpay as much as I can has been hampered by my decision to overspend in other areas of life.  Yes, the fuel bills have increased beyond belief, not being able to afford to eat and the cost of commuting is eye-watering, with no signs of reducing, but that hasn't stopped me living my life.  I don't enjoy austerity, so I am ensuring that during these challenging times, I am taking the time, and money, to enjoy life whilst it happens.  You only live once, this isn't a dress rehearsal!

As of today, I am at £27,400 owing to the mortgage company.  I am planning to start the New Year at £25,900.  I will put some extra money into it just to get me into the £25k grouping.  I know, it's a cheat, but its psychological.  I will have broken the barrier.

Of course, my fixed rate ends in March, and I have been watching to see what they do going forward.  My dilemma is, do I pay x amount to fix for less than 2 years, or do I risk the SVR?  Decisions, decisions.  It's not helpful that they want a large block of money - that could be paying towards reducing the mortgage - just arrange the new fix.  That, coupled with the high interest rate, makes this next 2 years difficult.  But, it is only 2 years!

So, I will come back at the beginning of January, to evaluate where I have come from over the year, and where I plan to be by the end of 2023.  Whatever happens though, I am definitely on the home stretch.  It's been a long time coming!

Mrs_Money_Penny

Your doing so well. The rising prices are scary. Food prices seem to be higher each week. Starting to feel the cold as well. Sat under a fleece blanket but it makes it hard to get up and get moving. Look forward to seeing your new year plans. xx

Moneyfordreams

At least you have "lived" along with it. But you making inroads into the mortgage before now has put you in a good position.  

savingholmes

Sorry you are in heat or eat dilemmas. Hope the wood fire is helping with that. 

I probably wouldn't fix in your scenario. You may even find CCs or loans that work out cheaper than the mortgage. Definitely look at all your options and price them up. 

Tahlullah.H

It's the end of the year, and I am looking back at what I managed to achieve.  It's been a long year and I am hoping that looking back will mean I have achieved some of my targets and can reset the misses for next year.  So, the New Year will have me list the new aims in January.  For now, the old list...

Last year's list - 

• Try to retain employment - not leaving this one until it comes to an end. - Done
• Try to find employment, preferably working from home. - Done
• Find some voluntary work to pique my interest. - Tried but it didn't work out.
• Focus on my physical health again and re-start swimming. - Done 
• Go on holiday abroad and actually hit the snow at least once - winter holiday carried over since 2020. - Done
• Try to use the Campervan once a month for weekend trips. - Not met, but will carry over
• Get the external chimney finished by the/any builder - Done
• Finish getting the bedroom finished so I can get people in over the summer, getting the house to pay for itself. - Not met
• Manage the use of Gas within the house as the cost is sky rocketing - aim for 1 tank fill a year.  It was filled on 30 December 2021. - Done, last filled in May 2022
• Continue to womble wood to supplement the coal used to heat the house. - Done
• Aim to eat out of the freezer - help to reduce the food bill for a few months. - Done
• Finish decorating the house - external - big cost. - Not met - Not finished
• Finish decorating the house - internal - big cost in time and determination. - Not finished
• Start sorting the spare room - currently used as a garage/dumping ground. - Not done
• Aim to pay £18,000 off the mortgage minimum over the year.  - Done, paid off £21,250
• Save £4k into the ISA - £1k per quarter. - Not met, investments have gone down, not up!
• Continue to save money and make money as and when - selling on ebay, make money on surveys, scanning receipts, saving coins etc. - Stopped recording at £1000.

I think overall, it has been a successful year for MSE as I met half of my targets.  Big expenditures I have not met, but considering the economy, that's not a surprise.  The big success was the aim of reaching £27k and actually reaching £25,900 so reducing the mortgage by £21k.

Happy New Year to all and I will see you on the other side.

greent

I think that's amazing progress on your goals for 2022 - congratulations on achieving so much!