I really really want to be........mortgage free!

ourcornercottage

shangaijimmy wrote: »

Where are you with LTV? You could fix for 2-3 years (first direct with no fees, no overpayment limits or redemption charges, you could get 1.99% for 2 or 2.69% for 3). Kind of gives you the best of both worlds, and if your like us allows you to break it up into smaller chunks.

We've opted for2 year option so we can really go hard for 2 years of overpayments and try to take 15k off the balance, then we'll reevaluate. Smaller blocks doesn't seem so daunting then. Within the 2 years well bang all our overpaymen into a regular saver (4.8% after tax) then make lump sum payments off mortgage when the interest is credited.

We have an initial plan of overpayments but the 1.99% fix allows us for lots of flexibility if we have un forceeable expenses. We do have around 1.5k each year to find extra to regular overpayments and hopefully will make that through under spends on weekly shopping and petrol, feb and mar council tax funds etc...

Overall though like everyone on here were over the moon with every overpayment as it'll always put us in a stronger financial position as time goes on, not to mention the phenomenal interest savings. And if we don't hit our small targets we just reevaluate, but we'll always know that we'll be finished earlier than the 30yrs we signed upto!

Discipline is the order of the day!

Totally agree with you on all counts. LTV is about46% although price might now be a bit higher with improvements we are making. We usually get all the mortgages to choose from.

I think I'm going to get the solar done and the few other house bits we are doing (cavity walls, heating and some electrical work) then have a good look and rethink. I've been on a tracker for so long waiting and waiting to fix but I'm getting nervous now. Maybe a few more months of OP's on our tracker for now and rethink.

As I said on my previous message I'm happy with hsbc but want to consider all my options.

Ps I'm terrible with discipline, although this diary is helping it's like weight watchers for mortgage reduction you can't not loose a few pounds (off your mortgage!) every month!

ourcornercottage

Made a small OP today if £10 and a little bit more from Christmas present shopping from Quidco making a total of £437.37 for January.

Have just booked in to have our electrical board thingy upgraded and booked the solar panel fitting so will be using all the savings in the next month. OP's will be limited for the next month or even 2 as it is stretching us a little getting this done now but I have a feeling the FIT will go down again end of March so want to get it done. It's something I've wanted for years and am really proud of myself for saving up for them. With a bit of luck I should be able to catch up later in the year to hit the £5000 OP target for 2015.

I am just less than half way through pay month and have managed to spend only £45 excluding bills but including food! I'm hoping to really keep the spending down to put towards the isolar which I'm adding to the solar system which will heat my water in the summer and hopefully reduce my oil bill.

I'm loving the joys of country living with the beet lorries bright lights and buzzing permanently in the field behind my house. Hopefully they will finish soon.

Tomorrow I'm going to try to motivate myself to list some kids clothes on ebay, I'll try!

ourcornercottage

It's going to be a rubbish Money saving day today as I need to book sons holiday club (£20 or £30 depending a what he picks) I also need to buy a couple of pairs of black jeans tree work to replace my now grey ones.

BF is away on business so was going to take son to Pizza Hut for lunch but we have decided to make our own so will spend a couple of quid at Aldi for cheese and toppings and save about £20.

Have had 2 quotes to get a tree removed one at £250 and one at £795! I know which one I'm going for! That will be my house improvements spends for March.

I'm also going to try and do one thing a month towards reducing our carbon footprint, and also save us money in the long run. this month I've changed 2 bulbs to LED and got the water saving devices for the 2 loos, feb is going to be the solar panels (a biggie) I'm thinking of something for March, maybe more bulbs unless I can get any other ideas here. I have the following planned (some requiring more savings!) but need more ideas and inspiration

Change heating tank and radiators to be more effecient.
Make shredding bricks to burn on woodburner next winter.

ourcornercottage

January is complete

Set a £600 budget for all expenditure excluding household bills. We have recorded every single payment we have made. I would say we realistically used to spend closer to £1000 every month.

£26 over budget for the monthly spends (inc bills exc all other household bills). We have though paid for next months after school and holiday clubs so :-)

As expected groceries went up to £264 but took lunch into work every day, no takeaways and only ate out once. Total buying food out costs were only £30!

Got a return of £4.48 from funding circle. Capital and int.

Sold some stuff on eBay resulting in £33

Saved about £100 in the holiday fund.

Household bills

Got rid of sky sports, phone and broadband. Got bt sports, phone and broadband at half the cost.
Changed house insurance reducing it by 2/3
Started transfer of electricity which should go through soon and will save £10 per month.
Transferred cc balance to a 0% and paid off about £3k
Changed my current account and earning 5% on credit balances.
In the process of opening a m and s regular saver to put money in monthly.
Closed account earning no interest and used it together with tbc, quidco and some other bits and jobs towards overpayments equaling 437.37 for the month :-)

Next month isn't going to be so good as getting solar fitted taking all our reserves but I'm very pleased with January. Off to a good start!

ourcornercottage

Yesterday started the month well with a personal NSD (apart from some business expenses) and BF sold coat for £130 on eBay :-) and they paid straight away :-) this is going towards to solar panels tho not OP.

Cream_Tea

This sounds like a fantastic start to February! Phone much do you need for the solar panels? How far are you off?
CT

ourcornercottage

Solar Panels are 4800 and I currently have 3300 in savings and bf 2500 but we dont want to touch his if possible as this is kind of our emergency fund. I think we can pay for them in feb without touching the 2500 by being careful and going a month without overpaying.

Im paying the deposit tonight of 1200 and they are going to fit them in 2 weeks so if we dont want to touch his savings we are going to have to have a frugal couple of weeks! Plus I need to put some more stuff on ebay (er!) and empty my current account

ourcornercottage

Made an OP and I didnt know it. £2.78 popped in from Quidco and already £1.55 set up for the next quidco payment run!

Just need to do my petrol expenses before I forget (again) for my trip yesterday.

Muser1

I'm enjoying reading and just registered for the dormant bank account thing so thanks for that :money:

ourcornercottage

Muser1 wrote: »

I'm enjoying reading and just registered for the dormant bank account thing so thanks for that :money:

No worries, it's easy to forget things when moving house etc.

Glad I've helped someone :-)