The dream!

Miss_money_penny

Ok so I now have a new plan...

MF in 5 years when I'm 35

Now the details:

We've decided to switch to the 2.49% deal for two years with remaining term being dropped to 7 years. We have somehow managed to get enough money to remortgage with £54000.

We then intend to overpay the 10% each year which should see us MF from today 5 years! :j

Now there are many flaws in this plan as in where do we get the 10% from each year but therein lies the fun in trying! Each year should get easier, so this year with an overpayment of 5400 needed will be the hardest. We also have no savings so will try and put something by for a rainy day.

So excited by my new plan

Roll on sept when it will be 84 payments (max! )

[Deleted User]

Sounds like you are doing brilliantly.


Tomorrow we switch to a new deal with HSBC, 2.49% fixed 2 years no fees from 2.99% no fee. Saves about £35pm Allowed 20% overpayments which we have always done so just save to pay in extra at every re-mortgage. Although only £8500 this time around. Mort was originally 25 years but hopefully clear it in under 10 if not sooner


Cheers

gemstars

Can you tell me which deal you're going on to Miss money penny?

Our first term ends this month. I was planning on going onto a 4% SVR as I didn't think buying a new mortgage would be worth the charges but you seem to have found something better!:T:T

Miss_money_penny

Thanks Jeepjunkie!

An allowance of 20% overpayments is very good. We couldn't make that in the next two years but would be very interested in it once off this deal as hopefully ops will be a lot smaller. A savings of 35 a month is lovely. Money that you're just used to paying. We've reduced our term from 7 years 9 months to 7 years and still saving about 30 a month! We were on 3.99 so nice to know even with shorter term we're saving. Feels like a win win position!

Miss_money_penny

Hi Gemstars,

Our deal is with halifax. It's 2 years at 2.49% no fee. We found a deal at 3.09% for five which we were tempted by. But you could only op by 1000 one lump sum. Which didn't suit us. But not a bad rate for five years. I'd def fix now tho as they say rates are to rise before end of year.
HTH

Miss_money_penny

Just a quick update. Decided not to remortgage with 54 but hold a bit back. Also couldn't overpay unless I went back on to variable rate for a month. So I've just overpayed to get down to 55. Will phone up and set up the new rate for next month.

Miss_money_penny

So has been a while since I posted last.

I eventually got on to my new rate this month after some mistakes by the bank forgetting to change us. But we are now on 2.49 :T
I have yet to reduce term to 7 years but that's on the to do list for this month.

I got my long awaited pay rise last month so up an extra 100 each month :j

I realised it's almost a year since I first posted. I have reduced the mortgage down from just over 68000 to 53000. :T

My goals for the new year will be to post at least once a month and do my best to reach the 10% allowance for the year. Fingers crossed!! :money:

Miss_money_penny

A lovely new year beginning tomorrow!

I don't think I did too bad this year and no point fretting over what I haven't done so on with the new.

Targets for 2015:

1) pay off £5,200 (10% of mortgage)
2) save £10,000 (£3,500 already gathered!)

Good luck with all your aspirations folks and happy new year!

Onwards and downwards! Xx

Miss_money_penny

Just oped another £400, total £600 this year

Has been a difficult few weeks but back on track now. Finding it hard to stretch money despite prices apparently falling?! Looking forward to warmer weather and more daylight. Summer is so much cheaper!

Booked myself a little trip away for summer just the two of us, so lovely to have something to look forward to

Firegirl

Well done on your progress miss money penny!!!!! When did you start your journey?