Gone full time and paid my first overpayment. Go mortgage, go!

Miss_Moneysaver

Hi,

I did another thread a few weeks ago but I have started a new one. I hope to pay the mortgage off next year.

We are a famly of four (me, hubby, a 12 year old boy and a girl, who turns 8 in June). I have worked PT in the NHS for the last 12 years but decided to return FT to go back to my old job (new one moved miles away) and very quickly realised that I could pay the mortgage off PDQ! Hubby works FT. We have a lovely childminder who helps out with the kids as we have no family available.

I have just turned 44 years old. I would love to be mortgage free before I hit 46 :-)

I lost my mum, to cancer, in October 2015 and that was tough. My dad died many years ago but my parents divorced when I was 8 and I didn't see him very often. But, life goes on as they say.

My mortgage payment is £732.67 a month but I managed to OVERPAY £935 this month from my first month of a FT salary. Whoop whoop! I plan on doing this until it is paid. I have a 25 year endowment and money from my mum. My plan is, to combine all of this and see where we are next spring. I hope to have £50-£55K as a lump sum payment.

We have a holiday booked for August, 2 weeks in Lake Garda. Can't wait as I haven't been to Italy before.

I am looking forward to keeping a diary of my overpayments and a shiny spreadsheet :-)

Sagz_2

That's a massive over payment, well done!

I've just made my 6th over payment, not on your grand scale, but I hope to shorten my mortgage by a year :-)

Miss_Moneysaver

SOA:

Take home monthly pay (me) £2200, set to rise to £2500-£2600 in a couple of months
Take home pay (hubby) £1600-£1700 but 13 times a year as he is paid every 4 weeks
Child benefit approx. £136 (don't factor this in as I use it for school bus fare for eldest child and school dinners for the 2 of them)

Income: £3800 now, £4100 in a couple of months

SOA(monthly)

732.67 mortgage
935.00 extra mortgage (1st)
5 College fund (1st)
59 Endowment (1st)
12.12 TV licence (1st)
15 Child Trust Fund (1st)
15 Child Trust Fund (1st)
10 Lottery Syndicate at work (1st)
15 Tesco mobile (1st) for mine and DS mobile
35.9 British Gas Service (7th)
27.06 House Insurance (15th)
44.78 Water (15th)
21.22 Aviva (15th)
158 Council Tax (15th)
95 EDF (15th)
54.00 Sky (26th)
18.56 RMT Union (27th)
£350.00 Food (£75 per week)
£100 fuel car 1
£100 fuel car 2
£200 pocket money hubby (£50 every week)
£200 pocket money me (£50 every week)
£120 entertainment purse (for kids activities etc.)

£3323.31 TOTAL OUTGOING

Council tax and water are over 10 months so we have 'free' months in Feb and March.
Hubby is paid 13 times a year and we organise the bills so that the 13th pay that is 'free' and not needed comes in time for the summer school holidays :-)
Any money that we don't spend (pocket money, entertainment purse or any left from income) goes into a pot for house/car maintenance and holidays (not that we have many)!
We have an offset mortgage (1.25%) with the Woolwich/Barclays and we know that this a great deal. We moved to this mortgage a few years ago.
We have a 4 bed detached house (really could do with a 3 bed as we don't use the 4th bedroom at all)!

Miss_Moneysaver

Dates in brackets are the day of the month they come out :-)

Miss_Moneysaver

I increase the money put into the entertainment purse if it is a school holiday week (usually, up t0 £100 a week but depends if we are working).

Miss_Moneysaver

Childcare has dropped since September as eldest at secondary and gets home 4.30pm. Hubby home most of the time at 4.30 but my new job is closer and we have a lot of 4pm finishes so it has worked well. Any childcare we do pay has already come out of salary as a salary sacrifice. It is usually around £50-£70 a month now compared to £800 a month I was paying in the pre-school years!
I think I am so used to paying huge childcare bills that having extra money around is unusual so I thought that I may as well pay it against the mortgage.
I hadn't planned to return full time but hated the other job I had and the commute was awful. Plus, shifts were fixed and nightmare. I returned to where I used to work before (for over ten years) and have settled back very well :-)

beanielou

Great start
All sounding good!

Miss_Moneysaver

I am working today and tomorrow. I couldn't take the whole week off so settled for Mon, Tues and Fri. Not working weekends at the moment so it will be nice to have a bit of time off.

Miss_Moneysaver

Hi,

Well, big spends this week as the kids are off school. But, I have still kept within budget. I have been off a few days this week but made the most of National Trust and Historic Houses membership. I LOVE getting into lovely places for free :-)
I usually take a flask of tea and a few sandwiches but, as a treat, we like to go into the lovely tea rooms too. They do smashing cakes!
I have decided to keep our pocket money (DH and I) to £50 a week but increase the money in the 'entertainment' purse to £50 a week in term time and £100 a week in school holidays. Any left will go back into savings. This is because we like to have treats in the school holidays - hey, we work hard enough :-)
I had £40 left from this week so I have put a glass jar in the cupboard and it has gone in that. I will see how much I have at the end of each month and use it as an overpayment to the mortgage or save for holidays.
I am soooo desperate to pay off the mortgage!

Lovely weather today. Went for a long walk around a beautiful lake, at a local HHA property (free, of course, with my card) with my Scottish Terrier. Bliss as kids have gone on a boat trip with their dad.