bunty109's 109 months to mortgage freedom

bunty109

So I prefer just plain Bunty, but somehow when registering here many moons ago, I had to add a number. I've lurked here for ages, and have been tempted to start a diary on many occasions, but now I'm starting to sort our remortgage it seems like a good time.

December balance was £139,386 with 16 years left to pay. We've been seriously overpaying for a year and have a horrid 4.29% rate fixed until July. As it's free to stay with our lender and the rates are good (First Direct), that's what we'll do. I'm expecting the new rate to allow almost an additional £300 pm overpayment :eek::eek::eek:

What else....we're a family of 5: eldest off to uni in September and 2 younger ones in secondary school. We have a lot of outgoings (more when eldest starts uni) and like nice holidays (plus have parents living abroad), so overpayments work around those, but there's enough for a regular monthly chunk to pay off the mortgage.

By my calculations, overpaying at the current rate plus the better mortgage deal means we can pay things off by December 2024. However, the "stretch target" is 109 months, so February 2023. Not sure if we'll do it, but 2023 sometime is something I have a bee in my bonnet about achieving! Started the 2016 challenge and the new MFi3 challenge to help me on the way....

Mrs_Rachel_Trelfa

Welcome Bunty, I enjoy following your journey for the next 109 months.

Luckyinlife

Good luck on your journey soon as you sort that rate out youll be so much better off :]

bunty109

Thanks for the welcome!

I'm annoyed at our current rate. It's a 5 year fix and I think I would have been better with a 2 or 3 year. Option now is 2 year fix on 1.89% or 5 years for 2.39%, both with no fees. I'm thinking the 5 year is a good idea as I'm reading that rates may rise later this year. Hopefully this means that next time we remortgage we could do a 2 or 3 year fix and have it paid off at the end.

Day has been mixed: great workout at the gym and a nice long walk so lots of steps on the Fitbit, but managed to smash my phone screen badly. Got it replaced but at a whopping £65

bunty109

Got a £15.75 refund on the car tax today as we scrapped our old car before Christmas. It's a little consolation after the need to get a replacement car and I'll round it up to £16 do an overpayment

In other news, I'm not sleeping great although very tired. I'm really careful not to drink caffeine and I'm currently doing Dry January so why am I not sleeping like a log?!

dark^knight

Good luck...will follow your journey with intrigue.

newgirly

Morning bunty, best of luck with the new diary, we have a similar amount owing and the same size family as you so I will enjoy popping in to catch up on your progress.

Ali-OK

Welcome Bunty

Was in a very similar situation to you with a higher rate and have just escaped it but cost me an ERC of over £4k to do so...and go onto a 5 yr fix at 2.59%, so your 5 year option is a great deal there. The interest saving makes for great additional OPs for sure - £120 a month extra for mine.

I'm hoping to pay off by end of 2023 too, so shall be cheering you on and following

Sorry to hear you're not sleeping well, hope it improves soon.

Luckyinlife

5year year fix seems to be a good bet so u can plan a big assault on the ltv :]

hope uv slept better

bunty109

Thanks Ali and luckyinlife. I slept a bit better last night so that's good. Still woke up at 5am, but feel better than I did yesterday!

Just been to the gym and done a step class so feel quite pleased with myself. Now I'm just waiting for the bank to call in order to start get the ball rolling on the mortgage. I considered bailing on the existing mortgage early, but there's a £4K charge and it's just not worth it.

bunty109

So, I somehow missed the mortgage call last night nut have re-booked it for Saturday: not like I am in a rush and the rate is secured!

OH gets paid tomorrow so OP of £236 going in. £200 is regular and the extra is money from a reduction in the gas and electric DD. I'm sure that will go back up at some point as we were without a working boiler for a long while last year so the gas bill plummeted! So I think the reduction is temporary, but may as well put the money to good use.

Glad it's Friday tomorrow: in spite of being tired, the working week seems to have flown by though so that's a bonus!