My Single-interest only-mortgage journey

Dalradian

Well done so far, and well done for tackling now what so many people leave until right before the mortgage is due to finish. And as a parent as well - bravo

Since it sounds like you can't convert to repayment mortgage just now, any money you can pay towards the mortgage, even £1, will help you down the line. But worth keeping in mind your ltv to see if you can realistically move across.

I know doing that on my old flat was a great mental relief - plus i ended up overpaying more as i felt it had an effect. Then, of course i moved and got a new mortgage.....

Will be joining in to hear about your journey

Monkeychops16

Dalradian wrote: »

Well done so far, and well done for tackling now what so many people leave until right before the mortgage is due to finish. And as a parent as well - bravo

Since it sounds like you can't convert to repayment mortgage just now, any money you can pay towards the mortgage, even £1, will help you down the line. But worth keeping in mind your ltv to see if you can realistically move across.

I know doing that on my old flat was a great mental relief - plus i ended up overpaying more as i felt it had an effect. Then, of course i moved and got a new mortgage.....

Will be joining in to hear about your journey

Thanks so much for your support. It really boosts my confidence :beer:

Monkeychops16

As it's the last day of the month I have managed to squeeze in a last minute payment of £40 to get my figure rounded down.

So my new balance is now £103,500.
Total o/p is £200

My new fridge freezer came the other day so I now need to get on to batch cooking and freezing. I am actually excited to do this!

I bumped into my mum at a party on sat night and she basically said I looked scruffy as I had an old dress on! She made me feel bad but I'll be the one laughing when I have sorted this mortgage :-)

selloptape

Thanks for posting your journey!

Another single parent with a mortgage here - I'm so glad to know there are other single parents who want to OP too, most friends think I'm mad

Good luck!

Monkeychops16

selloptape wrote: »

Thanks for posting your journey!

Another single parent with a mortgage here - I'm so glad to know there are other single parents who want to OP too, most friends think I'm mad

Good luck!

Oh I know we are a rare breed! Do you have a diary I can follow too?

selloptape

Not yet, need to take the plunge and start one, think it will be really motivating

Monkeychops16

Definitely :-)

A_Frayed_Knot

Monkeychops16 wrote: »

As it's the last day of the month I have managed to squeeze in a last minute payment of £40 to get my figure rounded down.

So my new balance is now £103,500.
Total o/p is £200

Good game, good game!!! - How good does that make you feel ??:j:j:j

My new fridge freezer came the other day so I now need to get on to batch cooking and freezing. I am actually excited to do this!

I bumped into my mum at a party on sat night and she basically said I looked scruffy as I had an old dress on! She made me feel bad but I'll be the one laughing when I have sorted this mortgage :-)
Don't feel bad, I'll bet the o/p:j gave you a better buzz than a new dress would? - and just think, how many of us can still "fit" into an old dress :D??[/QUOTE]


I, too evened off my mortgage - but not showing up on statement - yet. Have you managed to get to grips with the workings out of calculating the interest now you have o/p?

Monkeychops16

[QUOTE=A Frayed Knot


I, too evened off my mortgage - but not showing up on statement - yet. Have you managed to get to grips with the workings out of calculating the interest now you have o/p?[/QUOTE]

Well done, it' such a good feeling isn't it.

No, I am lost with the calculations!! Do you understand the impact?

My mortgage statement online is £437.05 less than the balance I thought it was?!! I thought my balance was £103,500 as I have paid £200 o/p. The interest went on on the 31st and my normal payment DD went in yesterday. It says my new balance is £103,062.95???

I am rubbish with maths though!

jodles16

Hello just had a nosy of your diary and wanted to wish you the best!

Maths is not my strong point either, is that after your regular interest only payment has gone in? I would imagine that this may have paid more off as the £200 OP will have decreased amount of interest gained? But I'm pants at maths!!

Also, I would love to still fit into old dresses...I keep growing the wrong way!heehee.

Jodles