Putting my mortgage on a diet

Slowdown

Hi
I have been reading this forum for a couple of years now, following some of you in envy. I have found many excuses not to join you but the time has come to face the fact that it is time to start over paying that mortgage if I want a better future. So here goes.

I live in a reasonably large house with a mortgage of £136,889.07. I have 7 years and 10 months left on it. However I would like to reduce this as much as I can but I will only be feeding it in dribs and drabs.

I can't write a definitive date to target weight (0 pounds) as I have no idea how large each meal will be but it's a strange diet, as the more I feed it the more it loses. The complete opposite to my own weight loss plan!

I bank online so each time a bit of extra cash finds it's way to my current account, I shall serve it up to my mortgage account and watch it get gobbled up. I plan to use any cash raised on eBay, a bit from our salaries each month and any other income above and beyond my normal wage.

I don't really expect anyone to be remotely interested in my diary but I feel it will be of help to me. If you do happen upon it and have any ideas for over feeding my mortgage then I'd love to hear them.

Off to work one with a packed lunch for my own diet and that of my mortgage!

Kind regards
Slowdown:)

Beckyy

Wishing you all the luck on your diet, I will keep my fingers crossed you lose many pounds!

Slowdown

Thanks for the encouragement Beckyy.
My mortgage diet took a hit today when I had to pay for my two sons rail tickets for the term. Due to rises and the fact that my Ds1 is now 18 it cost £100 pounds more than I was expecting. I was hoping to pay off £100 at the end of the month but I think it will be more the dribs and drabs this month. Still every little helps me thinks.

I am in the lucky position of being employed and so is my husband and we are both in secure jobs so really I should be able to plan ahead. I have a couple of bits on eBay at the mo and even if it's a couple of quid it will be going straight to the mortgage monster.

I shall see if I can make savings on this weeks shopping on Friday and squirrel that bit away too.

I make cushions in my spare time and have a commission from a friend that I should get started on as that will go towards it too.

Found 5p on my desk earlier. Into the pot for the end of the month too.

kind regards
Slowdown:)

Beckyy

Have you looked into a 16-25 railcard if they don't already have one? It gives you a third off all rail fairs and saved me a fortune when I had one.

Slowdown

Thanks Beckyy but he has one already. He has to get a scholars pass for a ticket and they do not accept the railcard on top. He gets a discount on the adult fare of 50% but even so it's over 400! Our nearest school is selective and requires 10 years church attendance and the other alternative was a failing school with a bad drug reputation. We chose to send our kids to an international school which is a state school but it's a long way away. It's his last year so no more fares for him soon.
Kind regards
Slowdown

Slowdown

Well a no spend day today so that's a good thing. Got to put the car in the garage on Thursday and if I can make a saving on that I will put it towards an overpayment at the end of the month.
I really have no idea when the best time to make an overpayment is. At the start of the month, at the end or whether it matters at all.
Perhaps a little research needs to be done.
Going to try and take a comprehensive look at my cupboards and freezer and see if I can make a saving on this weeks shopping bill I will make sure I go armed with a list and try not to veer off the beaten track. I shall be thinking of my own diet as well as that of my mortgage!
Kind regards
Slowdown

greent

Hi Slowdown, and welcome


I make my payments throughout the month as I get them (cashback, ebay etc) - my mortgage interest is calculated daily on the outstanding balance, so this is best for me. If your interest is calculated once a month then your best bet is to get your OPs all in for the day before - so that any extra cash is earning you interest in a savings acct in the meantime and then it's all in the bank for the necessary date. But be careful of payment timescales if you do this. Tbh, unless you have large Ops any interest earned from a savings acct will be minimal, so you could do as I do even if your int is calculated on a once a month balance - I also find that there is no temptation for the money to 'disappear' elsewhere then and get swallowed up in any other spending!

Slowdown

Hi Greent and thanks for the advice.
I will find out how the interest is calculated then see what to do. I didn't realise there were different times of the month etc for it to be calculated.
I think you are right about putting money straight into the mortgage account rather than having it hanging around as I am quite likely to whittle it away on unnecessary extras! I will put it in as soon as I have it, no matter how small so it's out of temptations way.
I collect 20ps in a jar and when I get to 10 pounds I bank it but it will be going on the mortgage now instead, just a bit at a time

Thanks again for taking an interest and giving me some good pointers, it's much appreciated.
Kind regards
Slowdown:)

in_need_of_direction

Like you, I decided that this was the year to tackle the mortgage - I'm afraid of the predicted interest rate increases. The two of us are both in relatively secure jobs so should probably have done this before but gadget and handbag afflictions caused our money to evaporate! We're in a daily interest mortgage so I'm making overpayments as and when and have set my initial target as a one month overpayment every three months. If you aren't sure what to aim for, this may be the way for you to go. So far, I have achieved 4,5% of that with one item listed on ebay that will hopefully boost this. Good luck and I'll be checking in

Slowdown

Thanks for that INOD (hope you don't mind the initials!)

I don't tend to buy loads of stuff, but when I do buy it tends to be expensive!

It's great that you are making an extra months payment over three months and I love that idea but it would mean me overpaying at least £550a month and that would mean nothing else including holidays. Or football matches for hubby:eek:

I am going to aim for 2 months overpayment this year so around 300 a month. This will be difficult but I really want to give it a go.

I have had another no spend day again today but my car is going in tomorrow and I have the optician on Friday for new contact lenses. They are expensive because I have a ridiculously complex prescription but I have worn my glasses for a year to save money but I'm desperate to go back to them. I hate not being able to see to swim, put on make up etc etc and they slip down my face in the gym. I know there are ways around these things but I have budgeted for them so I will indulge. Hoping to save on the food bill this week with a bit of planning.

In fact I'm off to look for cheap eats now so toodle pip until later and many thanks for the support!

Kind regards
Slowdown:)

kaz100jay

Hi Slowdown
Just wanted to drop in and say HI and good luck with your MF journey
Love reading your diary, keep up the good work, like you we can't put alot to the OP pot but every penny counts and believe me I am counting every single one of them.
All the best