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

Luckyinlife

Ali-OK wrote: »

Thanks Lucky, fingers crossed.

Need to do my annual review too, so here goes:

- I paid £10,710 off the mortgage, shaving 4 more months off the end date.

- I became debt free in March and saved £1,200 for DS and continued to grow my savings too

- I finally sorted out moving forward with pension contributions (that took from Feb and isn't quite complete, but near enough).

- The garden renovations were finished and still looks amazing on the dullest and drizzliest of days. Worth the expense but all paid for, with huge thanks to my DIY friends for their labour and talent in return for copious home-made cakes and roast dinners. Oh and a zillion mugs of tea :rotfl:

- We holidayed in the Canaries at Easter for a much needed 10 day break. But cancelled the summer one.

- My health issue was solved as being yet another dodgy disk - this time in the neck, some 15 months after it started. Just sneaking into 2015 was the CBT and driving a bit further. Vision not right still, but improving enough to get by on.

- I succumbed to delusions of grandeur :rotfl: with an architect designing and drawing a first floor side and rear extension, then got planning permission for it

- I gave the office up at it's 1 year anniversary, bringing it back to working from home. It helped in growing the business.

- We sadly lost my Great Aunt at age 95, but she'd partied to the end and had enjoyed her life to the full.

- Mum's condition took a turn for the worse in the Spring and again earlier this month. The upside, we've spent so much more time together as a family

Plans for 2016 - save a bit, OP a bit, spend a bit, live life, enjoy more family time and be well, be happy

Bump this over a page for you :]

great work ali 10k is massive :]

I have savings for DS about 2k atm when it gets to around 3k ill stop and just let the interest take over while i OP :]cant wait to see what you get upto in 2016

hope the family is healthy as can be and safe :]

Its tought but just do your best thats all we can do :]

Brogden

Ali-OK wrote: »

Thanks Lucky, fingers crossed.

Need to do my annual review too, so here goes:

- I paid £10,710 off the mortgage, shaving 4 more months off the end date.

- I became debt free in March and saved £1,200 for DS and continued to grow my savings too

- I finally sorted out moving forward with pension contributions (that took from Feb and isn't quite complete, but near enough).

- The garden renovations were finished and still looks amazing on the dullest and drizzliest of days. Worth the expense but all paid for, with huge thanks to my DIY friends for their labour and talent in return for copious home-made cakes and roast dinners. Oh and a zillion mugs of tea :rotfl:

- We holidayed in the Canaries at Easter for a much needed 10 day break. But cancelled the summer one.

- My health issue was solved as being yet another dodgy disk - this time in the neck, some 15 months after it started. Just sneaking into 2015 was the CBT and driving a bit further. Vision not right still, but improving enough to get by on.

- I succumbed to delusions of grandeur :rotfl: with an architect designing and drawing a first floor side and rear extension, then got planning permission for it

- I gave the office up at it's 1 year anniversary, bringing it back to working from home. It helped in growing the business.

- We sadly lost my Great Aunt at age 95, but she'd partied to the end and had enjoyed her life to the full.

- Mum's condition took a turn for the worse in the Spring and again earlier this month. The upside, we've spent so much more time together as a family

Plans for 2016 - save a bit, OP a bit, spend a bit, live life, enjoy more family time and be well, be happy

Beautiful post Ali. This is what life is all about and written by a lady with true rhythm !!

I am sure I will come back to this post later next year to remind myself how life should be lived and challenges overcome. I am being so 'self-indulgent' as to write this little post so I can then remind myself how it hits me now and where it rings loud bells for me.

A lot of folk witter, moan and achieve nothing....even though they could. There are a lot of folk who wish their lives away by longing for a day when 'Worry X' will be gone, 'Problem Y' will not be there etc......in the meantime they punish themselves by choosing to feel low and as a consequence they achieve nothing.

We will always have problems and cares so let us not waste time pretending that there could ever be a time in the future when we won't have any. We have to live life, be upbeat and achieve things as we go along. Ali 'rhythmically' improves the lot of herself and those around her on a daily basis.

I am sure this modest lady must now and then allow herself the tiniest satisfied smile for all she achieves.....she certainly deserves to.

Happy New Year Ali (when it comes !!)

Ali-OK

Thanks Broggers

There's something that the MSE forums give me and others too I'm sure, which is the belief things can be done and the confidence to do it.

I deliberately steer away from big goals as I know I worry for England as it is and don't relax enough (but getting better). I live by To Do lists and those small things definitely add up

The rhythm of life here is the daily dog walks, getting DS up and off to school, making dinner at night and weekend routine housey stuff...beyond that it's whatever is on the To Do list and next month's calendar for birthdays :rotfl:

I am really pleased with the financials this year ----> !!

Ali-OK

Tried to make the monthly mortgage phone call...their systems are down so have to try again later!

I lied last night :rotfl: ..I did a quick check of budget sheet vs. set up payment and had upped payment to £863..so that's what went out of my account at midnight

Scores on the doors for January 2016 then...

Last month - £112,990 is now £112,127

Split:

Part 1 of £19,400 stays as is
Part 2 of £93,590 is now £92,727

An OP of £175.36 on standard payment, or £220.72 based on lower required figure due to OPs.

Months off end date = 7.63 (should hit 8 with March payment)

LTV based on neighbour's house sale in November means I'm at 40.05%, but am leaving it at conservative value so 43.13%. Either way, being well below the 60% borrowed is good.

I'll do interest figures once I've got those from the phone call - they never quite match mine - sure they make alot of money by not applying payments the day they receive them and in turn that means we're all paying more interest than we should :mad: It's a scandal really.

Time for a cuppa to celebrate another chunk biting the dust :j

eco_farmer

how about making the payment a couple of days early if the interest rate your paying is higher than what you are receiving?


eco

Ali-OK

The interest payment is also today, so same day for capital is the earliest it can be done, but as they don't class it as received by them until their computer update the following night, plus they then don't apply it to the account sometimes until up to 3 days later...means I lose out on 4 days of interest.

However, the last 9 months they have applied it 24 hours after I've sent it. And so they should, it goes as a Faster Payment not an S/O or DD.

Interest payment goes from a different current account (same bank as mortgage) which I send @ 21-23rd in readiness for 28th.

Luckyinlife

Some great figures there ALI really nice to see :] cant wait to do mine now once new year is up

i have a sub account 2 as well its at £280 i think but every time i OP a £1 comes out of the over payment to go to that sub account
its was a £300 fee for the mortgage

And an amazing LTV you have :]

Ali-OK

Thanks Lucky Wish my sub account was your figure

LTV is good, but then this is property No.4 and year 29 of having mortgages :eek: I started young on the housing ladder at 18, was tough then but nothing like today's first time buyers for this part of the country (classed as outer south east).

Keep looking at what I could buy with the equity and have no mortgage at all...a 2 bed terrace...currently have a 4 bed detached. It's a good motivator monitoring it for trying to improve on what I could buy outright

Managed to get through to the bank and get the capital payment logged :j

Interest figures time:

Last month - £347.64, daily £11.44
This month - £344.80, daily £11.34
Reduction of £2.84 on the month and 10p per day

Split:

Part 1 £59.56 p/m or £1.96 per day stays as is
Part 2 £288.08 or £9.48 per day reduces to £285.24 or £9.38 per day

Cumulative interest reduction since December 13 is now at £65.54 per month

sarahevie1

Ali-OK wrote: »

LTV is good, but then this is property No.4 and year 29 of having mortgages :eek: I started young on the housing ladder at 18, was tough then but nothing like today's first time buyers for this part of the country (classed as outer south east).

Keep looking at what I could buy with the equity and have no mortgage at all...a 2 bed terrace...currently have a 4 bed detached. It's a good motivator monitoring it for trying to improve on what I could buy outright

I think it's hard whatever age you are when you take the plunge, but agree geographically some areas seem harder than others, but then wages usually compensate to a degree.

I'm so pleased I'm not the only one who sees what they could buy outright with the equity. That was my original plan, til I realised I couldn't get anything suitable for three children, so plod on we shall.

Hope that next year continues to be fruitful. Reading between the lines its been a challenging year but you have done so well financially, emotionally and I hope there's some more memories to be made

beanielou

Have never been able to workout LTV.
So say house value of $150k and loan outstanding 25k.
What is LTV?