our forever patch challenge

sammy70

just realised, we need to pay exactly £10,000 between now and xmas eve to meet this years challenge of £135,000 balance by then! best get those overpayments worked on!

South_coast

Sounds like an excellent challenge, you're doing SO well - £100k paid off, woo 😀😀😀!!!

sammy70

interest for July- £357.05
Daily £11.51
Mortgage balance 1st August - £145,357.05

I renewed our mortgage deal yesterday as you can do it 6 months before the current fix ends, so our new 5 year fix starts 1st February 2024.. the plan is to have paid off the mortgage by the time this deal ends, so hopefully this will be our last ever mortgage deal!!!

Had a £1000 p.bond win today, excellent unexpected boost to Augusts financial targets!

Had more vet bills in July, so August is our month to rebuild savings, including winter savings to cover my lower income through the winter months.

Heres to a frugal saving August, heavy rain today so my little cafe is closed, so fingers crossed for better weather after today .

try_harder

Wow thats an amazing win , you are doing so well as always 

South_coast

Fantastic win, I know you will put that to good use 😀😀😀!

sammy70

feel glad i renewed the mortgage deal already with yet another interest rise..

Had a busy day at work,which was needed after yesterdays washout weather! what a summer we are having!!

knowing we are potentially looking at 5.5 years left to get rid of this mortgage is inspiring me to try harder with budgeting/savings. its going to be a challenge with fluctuating income, theres loads to do yet on our house. But my thinking is just live with it as it is, get mortgage free then start with projects.. i know that wouldnt suit everyone, but the countryside we live in is so beautiful, living in a dated but dry and sound house is not a problem to us ..

South_coast

That's what I did, focus on the mortgage initially then switch to saving up to do it up. My thinking was about the overall cost, so hitting the mortgage hard to start with and not getting into debt making improvements was the better option in the long run for me 👍

Hettyhound

That's what I'm doing too.  So much "needs" to be done in the house but in reality its a want not a need.  My interest rate is now a tracker but in effect every time there is a rate rise I get a mini re-mortgage so with my over payments my mortgage payment is staying static rather than rising.  Maybe one day it will fall!!

sammy70

sounds like im in good company with my mindset then, thank you southcoast and Hetty! 

Tomorows weather looks horrendous with stormy winds and heavy constant rain, so cafe will be closed again..

i will catch up on other jobs and keep busy though, and sunday looks ok, so i will start earlier and work later if enough custom to catch up on earnings..

sammy70

made good use of my rained off saturday, bought another 15 chickens to add to the flock! they are young and very amusing to watch.. they will be released friday to free range, we keep them in for first few days to allow them to be wormed and treated for mites etc, and get to know that the coop is their home, then its freedom!!

its a lovely day today, a little taste of proper summer.. hopefully another busy day in my little cafe, all/any profits going to cover winter wages so i need a good few weeks..

our new mortgage offer has come through, which starts february 2024, so just need to concentrate on keeping up the overpayments so the monthly payment reduces for then..i intend ringing and asking for any overpayments to reduce the term not payment once we start what i hope is our last 5 year fix.