New House, New Mortgage!

jodles16

So as I'm theoretically still employed and safe have done a re-check of current aim to own 5% more of the house by remortgage time. According to workings out (I'm not naturally gifted with money matters so it may be incorrect!) at our current basic OP of £220 we would have a deficit of about £1260 by July 2016, this works out as £88 a month deficit. Hubby has been doing lots of overtime which is likely to continue so we have decided to make regular OP's of £310 that can be changed down whenever we like if its too much! That should mean according to the spreadsheet we will be on target! And it looks like we are knocking £2 off the overall interest every month this way and saving another £10k on interest overall! Obviously this can change if I do end up losing my job but fingers crossed I won't! And hubby's overtime is likely to continue. He has joined me with the NSD challenges and now Tilly Tidies, he has found he was way out of his overdraft this month and saved so is very pleased!

Jodles

Luckyinlife

wow great savings of 10k is amazing definitely helps motivate paying it off sooner dont it

Sounds like your on top of it :]

Cream_Tea

Good luck with your 5%, it's sounds like its in reach £88 extra sounds quite manageable. I renew about October 2016 so I will be hoping that we both get nice low interest rates. I will be so sad if they hike up to as much as 6.4% which was my initial interest when we took our mortgage 2 and a half years ago. I looked at my online banking and before our new deal we were paying £800+ in interest a month and now we pay just over £300. What a difference. I digress, sorry!

CT

jodles16

Thanks luckyinlife! It certainly helps to keep you focused about the long term benefits!

I know Creamtea I worked it out and thought how are we going to OP £478 a month, then remembered that our normal payment with OP is about £170 therefore OP by £310 will mean we make it.

I know what you mean about interest rates, when we bought our first house it was 5.9% and that seemed steep enough! Fingers crossed for us 16's that it stays as it is until we have managed to lock into a better deal! Getting 10% LTV at the moment knocks an extra 1% off so i well worth it!

Also thinking about ways we might be able to improve the value of the house, we have two very big double bedrooms and are considering splitting one into two, which would be good size doubles still, both sides have windows as well so that's handy! My Mum recently split two rooms and it was £2k all in so we can estimate a similar amount and it could add value to the house making it three double bedrooms, we have two bathrooms and a bigish kitchen-dining room and the lounge is really big so the house can take it! The more we live here the more I think about how badly designed it is, it doesn't make good use of space at all, so that's part of the long term goal! Re-configure and make better use of the space!

Jodles

PS Spending far too much time on Pinterest looking at house and garden things, might be a little obsessed!!

BookWorm

Just stopped by to say hello

Best of luck with getting to the LTV level that you want for remortgage time. I'm another one that will remortgage next year although I'm a bit earlier (March)

All the little bits and pieces soon add up and it's quite addictive seeing the positive effects!

Fingers crossed for the job too!


BW

jodles16

Hi Bookworm! It is addictive, end up messing on the mortgage calculator far to much!Thanks for the fingers crossed on the job, really hoping its sorted and then can breathe a sigh of relief!

So with hubby's overtime and permission have upped the payments to £310 a month to ensure we hit our target! Though didn't have time to update it online so normal £220 OP went out and I rang up to add the extra £90 but rounded it to £100, so that's an OP of £320! The spreadsheet I have doesn't quite add up to what the mortgage is saying but its quite close so that's good! This has knocked us down to about 17years 8months to repay the mortgage, not bad considering its at 34years and 6months!

Will pop back on with latest mortgage sum and LTV when N@twest finally update, hopefully tomorrow!

Jodles

jodles16

So the figures are in... We are in the 182's!!! Current balance is £182, 574.90 with a LTV of 93.62%!! Woohoo! This doesn't include extra £100 I paid over the phone yesterday, so it will be £182,474.90 and theoretically next month we should drop into the 181's which is just too exciting!! Will double check the figures closer to the time to make sure we do manage, I'm sure I can scronge a few extra pennies if needed.

It's crazy to think when we were buying this house we thought we would struggle with the standard payment, but then I got my new job (and could still lose it!!) and hubby had some payrises and is getting lots of overtime! He said the other day that it feels like we are getting in control of our lives and making some good headway with weight, mortgage OP's and still going exploring both the UK in May and then Vegas in Nov! Feels good!!

Jodles

Firegirl

Sounds like you have a brilliant balance of overpaying and still enjoying yourself. Brilliant!!

jodles16

Thanks Sque! I have found No Spend Days challenges have been amazing to help me stop wasting the money I allocated myself a month and am really impressed with the outcome of it!

I do find myself wondering about adding more money to the mortgage though, but there has to be a balance! We want to do things to the house as well so hoping to get some quotes soon, this will help qwell the MFW obsession!!

Went to see Skindred and Steel Panther last night, very entertaining and we had seats in the circle which was even better, don't want to get mixed up in a mosh pit by accident, I have never been one for that!heehee.

Jodles

jodles16

We have now bought tickets to see Korn in July and Bill Bailey on our anniversary! Well worth the monies, also thinking about going to see the Rocky Horror this year as its one of our favs and not been to see it for years, always an amazing atmosphere!

£120 paid to carry on being nurse, such a rip! At least had budgeted for it this year and my car needs MOTing at the end of the month, have an eco car so tax is only £25 for the year! Hoping money will stretch well this month as extra payments are budgeted for so far!

Jodles