Diary of our £230,000 mission

jinkster

We bought a house in October and mortgage of £416,000 with 20% deposit. After reading your thread i've just upped our monthly overpayment from £333 to £533! I like round numbers coming out of the account.

Thanks for the inspiration!

chelseablue

Got our buildings and contents insurance sorted today, paid £129 for the year plus went through quidco to get £26 cashback, So technically £103.


Our current supplier wanted £239 to renew with them. It certainly pays to shop around!

chelseablue

All bills have been paid, plus the £300 I overpaid when we got paid at the end of January.

We have £985 in the bank to last until partner gets paid on 24th Feb.

Out of this £985 still need to buy:

Groceries: £70 (£35 a week, I shop in Aldi)
Going for a meal at the weekend: £50 (Valentines treat, wont be buying presents)
Partners spending money: £60 (he gets £30 a week)
Partners tobacco: £20 (wish he'd give up!)
Fuel: £70
Barclaycard: £115 (to pay the full balance off)

That all adds up to £385 so if we stick to those figures (which I'm guessing we wont!) we should have £600 left the day before payday.

Things always seem to crop up, especially where my partner is concerned! So I'll allow a £100 overspend and will be happy if there's £500 to put in the savings account x

atypicalblonde

Isn't Aldi fantastic. I remain amazed at how much cheaper our shopping bill is by going there every week.

When friends and family mention they are go shopping to Mr S or Mr T I outwardly pull a face and wonder how they can afford it - those shops are so pricey in comparison!

Have a good day x

chelseablue

I love Aldi, where we used to live didn't have one so I shopped in Asda.

Now I even find Asda expensive in comparison!

getmore4less

MOving here to avoid furthe hijack.

chelseablue wrote: »

Our current mortgage is £225,078

Rate is 1.49%

33 years to go :eek:

But aim is to clear it by the time I'm 50, which is in 17 years time

getmore4less wrote: »

min £1250pm, £1300pm would be a good target to give a bit of breathing room(0.5% rise), more if pessimistic on rates.

Based on where you were a year ago at the start £231k you are a bit behind schedule(£220k), so have some catching up to do.

chelseablue wrote: »

Thank you, thoroughly depressed now :rotfl:

We didn't overpay much last year at all, we mainly spent money redecorating and buying bits for the house.

This year we aim to OP £500 a month on top of the £720 standard payment.

When our son is in full time school we should be able to OP more to make up for the first year of nothing

Don't underestimate the the cost of not hitting the targets as you have less time to make up.
eg you started with

£231k and a target of 18y that would have been around £1220pm after 12months you would have been at £220k

Now you got to £225k in the first year that was an average of about £780 so about £440pm short

now the payment needed over 17y is £1250pm.

if over the next year you hit £1220pm you will get down to £213,600 with 16y to go that's £1252pm.

find £500 extra from somewhere and your new 16y payment is £1249
or give yourself another year £1186.

chelseablue

getmore4less wrote: »

MOving here to avoid furthe hijack.











Don't underestimate the the cost of not hitting the targets as you have less time to make up.
eg you started with

£231k and a target of 18y that would have been around £1220pm after 12months you would have been at £220k

Now you got to £225k in the first year that was an average of about £780 so about £440pm short

now the payment needed over 17y is £1250pm.

if over the next year you hit £1220pm you will get down to £213,600 with 16y to go that's £1252pm.

find £500 extra from somewhere and your new 16y payment is £1249
or give yourself another year £1186.

Thank you, certainly food for thought!

At the moment I have £11,000 in savings as an emergency fund. When our son goes to school I wont need as much in the bank to cover any job loss so might pay £3,000 off then and leave £8k in the bank

getmore4less

A lot can change over 17y, even with low inflation the debt becomes relatively smaller anyway and a few £k or months won't matter that much if something more important comes up that needs funding

The other side of the targets is the amount needed to go back to the old term goes down.

£225,000 over 33y is £720pm hit your targets this year and
£213,600 over 32y is £700pm

chelseablue

Yesterday we had been in our house one year.

Mortgage balance after 1 year is £225,078

Also.....we are getting married next year :eek: so have to start saving for that

HoplessCase

Congratulations on both accounts chelseablue! Sounds like we're in a similar life stage - been in our flat for 18 months and get married in 4 weeks!! :eek: Mortgage payments had to go on hold for quite a while but knowing we wanted to get back to it has helped curbed the wedding spending... slightly.... :A