Paying it slowly

gettingridofthemortgage

Hi all,

I've been reading a lot of these threads over the last few weeks and feel motivated to start my own.

So here is the background - I currently have a mortgage with my dad. He has nothing to do with it but kindly said he would be on the mortgage so I could borrow enough for a decent property. Over the last few years I've saved for double glazing and installing central heating.

My next goal is to reduce the mortgage enough to take my dad off. I've worked out that I will need to reduce this by approximately £10,000.

Annoyingly earlier this year I had to take out a bank loan for a new car which isn't going to help the affordability of a new mortgage.

The mortgage is on Interest Only and currently on 2.5% SVR. I have just under £112,500 remaining which works out at £241.

I've just done the expenditure tool on one of the other sections of this site. I am left with around £400. I plan to overpay by a minimum of £200 every month.

I also like to keep my bank account nice and tidy (eg if my balance is £343.56 I will make a mortgage payment of £3.56). Only small amounts but it's still nice to see the mortgage balance reducing when I log on to online banking!

With the goal of paying off £10,000 by the end of December 2015 there will be a lot of scrimping and saving - plus finding a way to bring in some extra pennies to reach my goal!

So anyway....here we go!

Newme2014

Good luck, I'm still waiting for exchange on my property but love reading other people's journeys

ourcornercottage

I do that with my bank accounts too! How strange!

NWclan

Wish you the best. After a money making over my DW and I are trying to get our mortgage down as quick as possible.

gettingridofthemortgage

Just got back from home from a bit of Christmas shopping. I was a bit naughty and bought a bacon and sausage bap....but it was good!

Just checked my online banking and to keep my balance at a nice equal number I've made an overpayment on the mortgage of £4.52!

gettingridofthemortgage

Had a Christmas party last night and was offered a lift home instead of getting a taxi. £8.05 overpayment made to the mortgage instead!

gettingridofthemortgage

Christmas has been and gone and luckily not much spent - mainly due to severe man flu which kept my away from spending too much on alcohol and food!
A £300 overpayment has helped to make a very small dent into the mortgage. Hoping to avoid spending in January so I can potentially make another £200 OP before payday.

Penniesdontmakeyourich

I have subscribed this board is highly motivating! I might start my own diary. Good luck with your goal for next year, you sound like you're making a great start by putting money you were going to spend but didn't towards your mortgage. Might use the same tactic when we start overpaying in the new year!

edinburgher

So what's your plan to actually pay for the house (interest aside for a moment?)