Had a mortgage too long - it's going, going, gone!

Ali-OK

Ooh didn't know about that site...do now Thanks INOD.

It's mortgage update day and £1k capital went off to the Spanish Bank. Scores on the doors:

Last month £113,990 - now £112,990

OP of £358.63 (subject to interest figure confirmation)

And takes another month off the end date to Feb 27 :j

Split
£19,400 stays as is
£94,590 drops to £93,590

LTV 43.46%, though it's nearer 40% based on sold price of similar house in the close.



Annual figures as that's the December payment:

Dec 14 owed £123,700 - now £112,990 - £10,710 paid off this year, with £3,036.25 being OPs

Split
£24,000 down to £19,400 - £4,600 paid
£99,700 down to £93,590 - £6,110 paid

4 months knocked off this year, compared to 3 in 2014 :T

In 2 years, £20,454 paid off or 15.33% :j

Separate post for interest once that's known for December

Which leaves the phone call to make to them at 9am

Ali-OK

Phone call done and interest figure known, plus useful information for 2016 planning

So, interest this month - £347.45, a reduction of £3.06 on last month and daily reduced by 10 pence to £11.43.

Cumulative interest over 2 years down by £62.89 per month and down by £33.28 this year, vs £29.61 last December.

Split
£19,400 part - stays at £1.96 per day or £59.56 per month
£93,590 part - reduces to £9.47 per day or £287.89 per month

Interest saved over term up at £2,768.01.

* * *

The useful info bit:

I can make more than one payment in a month, as long as it's a minimum £500 each time

Once again, for I/O mortgages with them, they are allowing 20% payment against the year start balance total (and not by separate loan parts)

If I pay off the smaller part, there is no separate redemption fee.

I have 2 years left of the 5 year 3.69% fixed (with 5% ERC :eek:) so thoughts at the moment are:

Aim for neutral on the £19,400 or send £500 here and there as extra to it

Keep my monthly payments/OPs going to the larger part.

2016 will be trickier as car will reduce savings and that will need to be built back up. Ex might stop maintenance when DS hits 16 next autumn so have to factor in that reduction to the budget

Initial thought is to aim to send £900 per month to the large part and save everything else up to September 1st, then see how things look

hiddenshadow

Nice OP! Ability to send multiple OPs in a month sounds useful as well.

Luckyinlife

Hey ali

Do you mind me asking why you dont smash the 19k you ow as in put all you OP money into this one to clear it then use all your money into the 90+k one so youll clear the 19k quicker ?

i Guess they show as sub accounts online for you do they ?

Ali-OK

Don't mind you asking at all... it feels more achievable to save £19,400 and knock the big one down monthly - all psychological. They are shown as 2 sub accounts on the annual paper statement, but as one total online.

Same interest rate too. The only possible issue arises with minimum amount, ie. for a new deal must be £6k or paid off, so I'd need to be sure I could do it all before end of fix in Dec 17 or leave that minimum amount.

For the last 2 years it's been more a 60/40 split in favour of the big one Felt like a change of tactic might help me get some balance to saving and OPing rather than procrastinating for 30 out of 31 days each month

Ali-OK

Finally getting my pension sorted with increased contributions after Prud FA visited :j

Financials:
- £9 from P!necone ready to convert
- £4.13 from £co cashed out
- Qmee up at 37p
- Inbox £s up at £13.40

A NSD, unless I count giving DS this month's pocket money.

Getting closer to Decision Day on the extension planning application - neighbour comments expire today (still none) and site notice expires tomorrow. Council departments responses due in by Friday. Going to be in a financial quandry if it gets the green light though!

Ali-OK

More money for the pot today from interest:

£12.48 from Club Ll0yds
£6.22 from T$B
£4.94 from the account that holds tax and NI to pay HMRC in Jan

£1 spent on milk - must buy more in the weekly shop tonight and pop in freezer.

£3 for DS Christmas lunch, lured more by the pudding of chocolate cake with chocolate sauce than the turkey and cracker :rotfl:

£35 for DS C!neworld voucher, but that'll come back from Mum.

Drove Part 2 of the driving plan from CBT and managed to get 7 miles before any sign of panic arose. Using a particular route I need to conquer which is 13 miles. Part 1 got me 5 miles as planned without issue. Have to drive Part 2 again until no panic symptoms arise. Not so good for using fuel, but sorting the issue is a priority

Money shuffle to T$B and the reg saver takes place tomorrow meaning that will be up at £750.

£1 in 2p's from the change bucket is ready to be banked.

Plodding along nicely so far

hiddenshadow

Well done on getting through half your driving route! I don't drive now (vision issues) but being familiar with a route helped me tons when I used to drive.

Nice amount of interest as well. Love free money.

Ali-OK

Thanks Hidden - sorry to hear about your vision issue, I've still got a problem with vision in my left eye which I think is partly responsible for kicking the panic attacks off 17 months ago. Pleased with today though and I'll keep taking the baby steps and hopefully conquer it.

Food shop done - a rather expensive £40.56. DS came to help and pushed up the bill in the process :rotfl: Few more Christmas bits including the obligatory mayo for turkey sandwiches

debtfreeoneday

Mayo is a staple in our house all year around!