My Single-interest only-mortgage journey

ourcornercottage

We OP and I don't think miniOCC misses out on anything at all. In fact does far more than a lot of his friends. I'm just a bit more proactive looking for things to do.

Make an OP where you can, if you want to. my parents just lost £7000 on one of their BTL properties, it wasn't a bad buy but prices can go down too due to circumstances beyond your control.

I think the idea of the OP holiday is a good idea too. (OP 10 months in 12)

I OP my TCB and quidco payments and any other money I get for nothing. That'd be a good start.

Monkeychops16

sarahevie1 wrote: »

I do understand your friends logic, its just too risky for me. It depends too much on house prices increasing. What if you don't want to go as small as a flat, downgrade area? Etc.

I think the key is balance. My parents were/are very frugal.
I went to Durham where a lot of students came from money, parents paid their rent, gave them an allowance, my parents could never afford it, but dad retired at 48, bought 4 houses outright by selling some farmland he owned, hes been lucky due to house price increases. So frugality and a bit of luck can give you options.

Does mum think they did the right thing? No, she says we had a wasted childhood as we never spent a penny. Mum is always telling me to enjoy it now, live for today not tomorrow. It's a tough one?

Wow retiring at 48! That would be good hey. That's interesting that your parents have different thoughts about it now. I've been reading a bit about China and that now surely is going to affect us... eeek so as you said I don't want to take risks :cool:

Monkeychops16

ourcornercottage wrote: »

We OP and I don't think miniOCC misses out on anything at all. In fact does far more than a lot of his friends. I'm just a bit more proactive looking for things to do.

Make an OP where you can, if you want to. my parents just lost £7000 on one of their BTL properties, it wasn't a bad buy but prices can go down too due to circumstances beyond your control.

I think the idea of the OP holiday is a good idea too. (OP 10 months in 12)

I OP my TCB and quidco payments and any other money I get for nothing. That'd be a good start.

OOO what frugal things to you do with your mini? I will definitely look into the cashback sites as I have never used them. I guess next few months will be good for buying presents.

WineOClock_2

Hi,


Have you recently signed up to any mortgage deals, if not and you are not in a tie in period you may be able to remortgage with the company you are currently with to get a better rate. You could also swap over to a repayment mortgage and you would then have piece of mind knowing that your mortgage is being paid off. If there is a product with a better interest rate the difference monthly might not be huge. Some lenders also allow you to make overpayments up to a certain amount per year so you could still pay off the odd £50 here and there when you had it.

Monkeychops16

WineOClock wrote: »

Hi,


Have you recently signed up to any mortgage deals, if not and you are not in a tie in period you may be able to remortgage with the company you are currently with to get a better rate. You could also swap over to a repayment mortgage and you would then have piece of mind knowing that your mortgage is being paid off. If there is a product with a better interest rate the difference monthly might not be huge. Some lenders also allow you to make overpayments up to a certain amount per year so you could still pay off the odd £50 here and there when you had it.

HI, as I don't have a repayment vehicle yet, earn less than before and have 2 dependents I won't be able to move rates. I looked into it last year. I do not get penalised for overpayments now i'm out of my promo rate so i will continue to do small overpayments thank you. I need a miracle ha

WineOClock_2

reading these diaries it is amazing what small overpayments achieve, so its not a bad action plan at all

A_Frayed_Knot

Monkeychops16 wrote: »

Today I pulled out my original mortgage documents out and I have got my figures slightly wrong. I have borrowed £103700 so slightly more than I had written down here. On Friday I made a £50 over-payment to the mortgage.

SO that is a total of £155.14 since i started on 30th July. i'm sure I have overpaid £10.00 once years ago but the website only shows last 12 months so I will have to use the current figures now.

So amount borrowed £103,700-£155.14 gives new balance of £103, 544.86.

I'm off to read some more inspiring diaries to keep me motivated!

Well done so far,:T but I'm being naughty here:p Is there any chance you can pay off the £4.86 by next Friday ?? or if your feeling flush then the £44.86
this is the sort of game I play with my mortgage figures, once monthly mortgage amount is paid,
I see what the odds are and pay that.:D
If not, you've still done very well:T, its just a game I play with the figures:rotfl:.

Monkeychops16

A_Frayed_Knot wrote: »

Well done so far,:T but I'm being naughty here:p Is there any chance you can pay off the £4.86 by next Friday ?? or if your feeling flush then the £44.86
this is the sort of game I play with my mortgage figures, once monthly mortgage amount is paid,
I see what the odds are and pay that.:D
If not, you've still done very well:T, its just a game I play with the figures:rotfl:.

Good game, good game. Just paid the £4.86 as you have suggested thanks! I will try and do that again :beer:

ourcornercottage

Monkeychops16 wrote: »

OOO what frugal things to you do with your mini? I will definitely look into the cashback sites as I have never used them. I guess next few months will be good for buying presents.

You defiantly need to join the cashback sites. I could PM you a referral link if you want.

In terms of frugal fun stuff to do this holidays we have had.

Bowling for 4 on a groupon £10
Local museum family pass - won in a competition.
1 week football training at norwich City £50
1 pre season friendly at norwich City - free
1 trip to pizza express for 4. - free with nectar points. Drinks only to pay.
3 days cookery school at tesco - free.
2 camping trips (3 nights in total) total £40 spends inc food.
Forraging, beach, park days - free
Cinema trip £7 ish on meerkat movie.

We also always buy a season pass for one local attraction which he has been to about 4 times during school hols.

Last Friday was the first day of the holidays he didn't have anything planned!

A_Frayed_Knot

Monkeychops16 wrote: »

Good game, good game. Just paid the £4.86 as you have suggested thanks! I will try and do that again :beer:

Well played, Score now; Monkeychops 1 - BS 0

Next step is - when you find your mortgage figure at say £103,004.86 then I would pay £4.87 then you would be at £102,999.99