Teeny tiny mortgage overpayments?

always29

Another £20 done today until I realised it's not pay day until a week on Tuesday - doh! Must get husband to log on and see the balance over the weekend, I wonder if we've broken another £'000 barrier in the last couple of months?

I also paid a deposit on one of next winter's holidays so that's good - one of the aforementioned expensive hobby that we won't give up unless it dire straits! Must

always29

Not done so much overpaying - this is the first month we've had lower childcare costs but going to crack on with it from this week as I've got the latest mortgage statement.

To add to the challenge, to help out with a family problem looks like we're going to have to extend the mortgage by £60k, good news is we can still get it at the same rate of 1.49%+base but it does mean repayments going up to just over £1,000 a month. I think I need to look at upping my income!

always29

Looked at the statement again this morning - I think I've not done much overpaying but I've actually done £1,565 this year so far (had a bonus from my old job back in Feb so £1,100 was before I started this thread). To get to my £2 a day overpayment target I need to do nearly £300 until Christmas. Good job I don't have car insurance due, for about the same amount, next month! Never ends does it?!

always29

One step forward - temporary extra hours at work which I've just worked out to about £19 ph, probably only a few days but better than nothing.
Two steps back - bike failure this morning on way to work, debating £100 repair (2nd in a year) or new bike for about £300, I work this out to 100 days of commuting so would pay for itself by January and old bike is 20+years old!

lisa110rry

Bad luck always, does your employer do that tax free bike scheme?

http://www.cyclescheme.co.uk/

See above.

ajdj

Do you have an emergency fund?

Not wanting to sound like a kill joy but have you considered how a rise in rates might affect your budget, particularly with an additional £60k of borrowing on a tracker?

Might be worth working out how a 1% rise in rates could affect things and diverting any short term OP's to savings so you have a contingency plan.

always29

lisa110rry wrote: »

Bad luck always, does your employer do that tax free bike scheme?

Unfortunately not - my husband even checked his and they stopped it in August but bike shop have just called and repair not as grim as first thought at £55 so can worry about a new bike a lot later! I might investigate maintenance courses in the meantime!

ajdj wrote: »

Do you have an emergency fund?

Not wanting to sound like a kill joy but have you considered how a rise in rates might affect your budget, particularly with an additional £60k of borrowing on a tracker?

Might be worth working out how a 1% rise in rates could affect things and diverting any short term OP's to savings so you have a contingency plan.

Yes - my emergency fund is the husband! Joking apart I've run a quick calculations and 1% on the whole amount would mean another £85 per month which would be doable with a few tweaks but thank you for reminding me to think of this!

Transferred £20 today as another overpayment covering me til payday so only another £245 til Christmas for my £2 pd target.

always29

Good news - family bail out not immediately needed so back to plan A, just "our" debt to clear!

Have made myself 2 pretty squares chart to colour in -one for each ~£100 paid (when I get the latest balance from husband on online banking) for the entire mortgage and one for my £2 per day! Sad or what?!

always29

Paid £120 off as yesterday was payday, on target for my £2 per day. Printed the squares chart and now can't find the thing - typical.

Anyway, had car insurance renewal through and agreed it as couldn't beat it but today found a massively better quote through a company that wasn't on the price comparison sites which was £65 cheaper plus has tracked £50.40 via Q.co. Now I just need to use the 14 day cooling off cancellation for the original policy as it isn't due to start til next weekend.

Mortgage payment goes out next week so new balance should be £117k - not only that I've convinced Mr Always to start making overpayments too so let's see if he actually does!

Luckyinlife

well done on the OP £120 isn't so tiny hehe :] great job