Our MFW journey part 1

Alchemilla

Hello! Congratulations on your lovely news.

Muser1

Lovely news! Read Earth girls diary for good baby tips. X

Lotti1982

Thanks tootallulah, alchemilla and muser1 we didn't hear anything from the bank about whether the remortgage had gone through or anything but logged on to internet banking today and it has, so we're now on 3.99 for the next 4 years which means when paying our usual payment we are over paying by £334.70, hopefully we'll keep this up for a little while, luckily we've kept everything from our little boy, only need to replace the pram as we've downsized the car. All I need to do now is jiggle finances for when I drop to maternity pay.

Lotti1982

Took a little while to see that even though our payment is down as being 750 they have only been taking the minimum payment so now three months behind but we have built a little nest egg in our joint account which will help when baby comes and I'm on maternity leave. Still looking to be mortgage free in 12 years at the age of 44.

Lotti1982

Just made an extra overpayment of 296.16 to go part way to making up for the last few overpayments missed, as of the random amount call it a large Tilly tidy ;-) hopefully usual regular over payment should come out on the 7th so will have reduced balance by about £700 once interest is taken in to account.

Lotti1982

Regular overpayment of £335 is now set up and just got some good news from our mortgage ppi claim so will be making an extra overpayment this month

Lotti1982

Decided to split the ppi refund between a few different pots but have paid an extra 750 of the mortgage so were now down to £83057.20. Hopefully won't be too long until we get under £80000.

Lotti1982

Have decided to set us a target to get under £70000 before dec 2016 this should keep us on track to get under £60000 by the end of our fix in July 2018 which is the best LTV we can aim for before remortgaging again if we need to.

Lotti1982

Well I'm not sure where the last 18 months went but having 2 children in full time childcare hasn't helped the budget so very few overpayments have been made. No hope of being debt free or mortgage free any time soon. Have just started up a £50 monthly overpayment so when the monthly payment goes out tomorrow our mortgage will be below £79000.

Lotti1982

Once we make it to the end of the academic year I'll be saving £90 per school week in child care as my eldest starts school in September so only after school club will be needed. So as well as stopping further debt we should be able to increase the op to approximately 200 per month. This should continue until April 2018 when childcare will drop by another £40 per week and we can over pay approx £350 per month. Once July 2019 arrives we could probably op approx £700 per month or as much as the mortgage company let us.