Diary Mortgage Free Road To Change My Life

Luckyinlife

Fire i totally agree with you i tip myself over the edge with these thoughts
being self employed and doing something that verys from 1 month 2 the next makes you think

Nice chilled weekend this week got few things done around house went out for a few hours yesterday

Put a big white board up in the office at home so i can keep track of important stuff IE
car mot tax house bills things i need to do this week ect ect will save me having sticky notes everywhere

Needed a watch so bought myself a fitbit surge which is one of these smart watches that tracks your cals/sleep/heart rate ect ect ect i do like some techy stuff lol

A_Frayed_Knot

Just been catching up wth your diary

Luckyinlife wrote: »

either way weather i keep the normal payments the same or take them payments down i guess i save on the interest can someone just confirm this for me

Bank is up to their old tricks, by reducing your payments, it means your term stays the same therefore although you will save on interest with your o/p's as Fire states, you can leave your payments as lower, therefore the time scale does not reduce but as

SSS states it's not good when you can max out the 10% allowed in o/p (which is my case, as next year my 10% allowance will be quite low) so will have to be careful I don't o/p too much :rotfl:

Have you worked out how much you have to o/p to have 50% LTV at the end of your fixed term? This may have a bearing on what you decide to do, as fire says good to have the option if anything happened, at the same time - you don't want it to hinder your target.

Nice to read your still managing to treat yourself Have you missed that large o/p you made, yet :cool:

Luckyinlife

Ya i know what your saying there AFK

The only reason im not to fussed is the monthly payment will be slightly lower and ill save on interest so more will come off out of the normal money.
Plus planning on paying it off in 9 years so hopefully the term is just a number the bank has in mind wont make any difference either ill ow less or if i cant pay it off my monthly outgoings will be less

i need to ow around 55/58k to be at 50% ltv i value my place around 110/115k i wouldn't sell it for 110 tho but its all about the value the market puts on it i guess

If i can overpay overpay 4k this year and next that be 8k taking me to around low 50s by the end of my 2 year fix so should get the best rate available at the time
But that is if i keep up the OP even if i dont i should be at high 50s so should be around it

I not missing it no i keep looking at my balance of mortgage tho cheers me up no end :]

A_Frayed_Knot

Luckyinlife wrote: »

The only reason im not to fussed is the monthly payment will be slightly lower and ill save on interest so more will come off out of the normal money.

I not missing it no i keep looking at my balance of mortgage tho cheers me up no end :]

i'm confused - i take it you do know you pay interest on the balance owed not because you are paying less monthly that your interest will be lower :doh:
Glad your not missing it and cheers you up looking at your mortgage balance :beer:

Luckyinlife

Ya i knew that haha i mean it dont bother me if the term is lower or the amount i pay monthly you can if you want lower the term when you change mortgages after the fixed 2 year period :]

Ya it defiantly does afk I got it on my white board now keep extra motivated i have so many things on my mind it will keep me focused :]

jodles16

Amazed again at how much you have done since I last popped in! Incredible stuff! Pleased you have moved in and are mostly sorted! Pants about the garage, but pausing it doesnt mean it wont happen, it will be yours! Fab news on the OPs and mortgage amount now!

Jodles

Luckyinlife

Thanks jodles :]

Quick update
Not much been happening really

Won 3 prizes in the school raffle for Easter just gone wooo out of 7 prizes lol :]

House news nothing really been happening i need to get the front drive sorted in the next few weeks but need to get a load of work done over the next few weeks so haven't got time myself grrr

need a good sort out today at some point

Anyone else use one of these fitbit fitness tracker things ? im really liking mine tracks your sleep heart rate steps cals burned ect

EatingTheElephant

Yes I have a Fitbit and love it! More numbers to track lol

Watty1

I loved the idea but suspect it will indicate I am more of a coach potato than I like to believe

selloptape

Just been using the step counter on my phone for now... Might get a Fitbit if I stick to it as you get more data