Monstering the Mortgage

Wirenth

So, I hit a milestone on my mortgage today and thought I'd better start a diary, instead of stalking those of other MFWers. I've been stalking some of your diaries for two years...:eek:

I bought my cute little cottage in the woods in Dec 2013 and moved in Jan 2014. My first home.:o

Mortgage Dec 2013: £142,500; LTV 75%
Mortgage Rate: 3.49%
No ERC.

I had intentions of switching to Santander's lifetime offset mortgage (a very long and grumpy story, later) and parking my remaining savings in the offset savings. C'est la vie, computer said no, it was not possible.:mad:

So, I asked to switch to a lifetime tracker and shoved all my savings into a massive overpayment. Wirenth's Mum said, "Sweetheart, I'm not getting very much interest on my savings..." :A Bless her, she gave me a lump sum and I shoved that into an overpayment, too. I'll pay Bank of Wirenth's Mum as though the savings were an Interest Only loan, with a rate comparable to the mortgage. Win, win, as far as Wirenth and Wirenth's Mum are concerned.:cool:

So, Feb 2014, new mortgage: £106009.98; LTV 55.8%
Mortgage Rate: 2.49%
No ERC.

Feb 2014:+£499 charge to switch the mortgage, £543.26 payment, balance £10675.71
Mar 2014:£630.47 overpayment, balance £105278.32
Apr 2014:£585.75 overpayment, balance £104509.74
May 2014:£590 overpayment, balance £103718.04
Jun 2014:£1590 overpayment, balance £101928.60 last year's payrise came through, backdated, yay!
Jul 2014:£590 overpayment, balance £101133.21
Aug 2014:£600 overpayment, balance £100342.78
Sept2014:£643 overpayment, balance £99499.98 under 100K, finally!!!:T:beer:

First, I asked for overpayments to reduce the monthly payment (but increasing my overpayment), now I've asked for overpayments to go against the term. I figure I'll keep switching between the two, reducing the monthly payment I'm obliged to make, followed by reducing the term. *mad, dancing smilie*

About Me: First time homeowner, childfree (woot!),single, with Darling Equine (also known as Horrid Toad when misbehaving).
Please wish us luck!

tylersbabe

Hi and good luck from us well done with your payments so far :cool:

I cannot wait to say my mortgage is under 100k

Pushkin

Wow that is astonishing - over £42k reduction in less than a year!

Look forward to reading more detail on how you achieve the overpayments.

Wirenth

Thanks, tylersbabe and Pushkin. :beer: It's a relief that the mortgage is now under 100K, especially as there is only one wage (mine!) coming in to deal with it. However, easy overpayments are now over and the long, hard slog begins, as the savings pot has been butchered.:o

Original mortgage term was 30 years and I've now got 7 months off it.:cool:

Wirenth

Just finished counting the cost of a veery spendy weekend at Chateau Mum. My initial post on MFW seems to have gone to my head and opened my purse.:mad:

£3.19 battery for Mum's doorbell.
£27.35 Homemade hamburger company lunch (and the second burger was £1, ouch!!!)
£16 Pickles and baklava from the town 'market day' (never go shopping when you are hungry)
£3.1 Parking
£28.04 Staples from the local shop
£123.21 Groceries, clothing, birthday present.
£57 Diesel
£70 Calmer and flyspray for Darling Equine

So, Monday saw the vet allow Darling Equine out of box rest for one miserly 15 minute walk per day. Yay! :T He's been ace about box rest, bless him, and on the walks so far. :ACross fingers. On the other hand, lovely vet bill next month, boo.:(

Now leaving the bank cards at home and taking very little money with me anywhere. :cool:

Further good news - the bank has officially acknowledged the Sept overpayment and I only owe them £99496.41. :money: That extra £3.59 that I don't owe them is most welcome. Oh, and mortgage now has only 28 years and 4 months left to run. :beer:

Wirenth

A quick update for October: £791 overpayment, balance £98,503.26. Seriously considering a switch to Nationwide's 10 year fix. Hmmm.

And mortgage now has 27 years, 11 months left.

jodles16

Wows you are kicking your mortgages butt with amazing overpayments! Incredibly well done!

Jodles

Goldiegirl

Welcome to the board and good luck with your quest


If you read some of the other diaries, you'll find some kindred spirits - there are several equine people here