Baby steps towards mortgage freedom

Moominmamma89

Hello Everyone :j

After lurking for around the last two years and being inspired by so many other diaries I thought it was about time to start my own.

Me and DH are both 27 and this is the fourth house we have lived in - in fact it was the only one we ever had to re-mortgage as we managed to stay put until the initial fix came to an end! We currently have a little boy (5 yrs) and a little girl who arrived 10 weeks ago.

Our house is a three bed Victorian terrace which we brought for £170k in 2014 on a 95% mortgage. We re-mortgaged in June this year at 80% with a 2.99% interest rate and fixed for 5 years - the house was revalued at £192k as we had put the original third bedroom back by taking out an en-suite.

Our long term aim is to be mortgage free by the time we are 40 and if we stay in this house I think it will be just about possible, however it sometimes feels a little small and we would like another baby in the future so I doubt this will be our forever home. So in the short term we are aiming to have the mortgage down to 60% LTV for when the current fix ends in June 2021 which is around £115,200.

To reach our target I have worked out that we need to be making over payments of around £250 a month which so far we have managed but I think this may become trickier once my maternity pay tails off.

I am hoping having a diary and de-lurking will help keep me motivated.

zcrat41

Hi, welcome and congratulations on your little one!! To be even contemplating another baby when you have a 10 week old is amazing!

Good luck on your journey.

Moominmamma89

Thanks zcart41 - I think most people we have mentioned it to call it madness :rotfl:

We are off to a good start, DH took aload of our unwanted stuff to a carboot this morning and managed to come back with £77.40 and we still have enough stuff to do another one later in the month. This means I can make an overpayment of £627.79 this month. I tend to make the overpayment at the same time as our usual payment comes out mid month.

I have also done my shopping for the month which came to just over £150 so am currently in the kitchen cooking away to get the freezer stocked. We usually budget £300 for the month which includes all our food, cleaning stuff, toiletries and now nappies and formula for Button. I reckon if I am careful I could get this down as it was nearer £250 last year when we were making previous overpayments but I stopped meal planning and it has gone back up. So next month I am going to do some more veggie meals as we do eat too much meat and try and have a few cheaper meals like baked spuds and beans on toast. Aim this month is to try and have at least £10 left over.

I am also waiting on a payment from a website (not sure if I can name which one?) as I traded in some books and DVDs so I already have £56 towards next months overpayment. My mum has also been passing me her unwanted books (of which there are hundreds!) and has told me I can keep whatever I get offered for them. Planning on trying to finish loading them up tonight.

Right best get back to cooking otherwise I wont be getting out of the kitchen today!!!

Moominmamma89

Sorry zcrat41 I should check before posting my spellings are correct!

Moominmamma89

Well little Munchkin went off to school this morning all excited about starting year 1. Still not sure where the time has gone since he was the baby.

It is starting to feel like autumn here and with the start of the new school year I always feel positive and excited - a bit like New Year’s Day without the food and drink hangover!!

On the mortgage front I called the bank this morning to arrange the September overpayment which will be applied against the account in the next few days. Unfortunately we don't have the ability to make overpayments online but I can check the account balance online which is good.

I also finished loading up the last of my Mum’s books and have been offered £141.97 for them so I have to just get them boxed up and arrange for them to be collected this week. So along with the boxes I sent last week once I have been paid I will have £198.08 towards October’s overpayment. :j

Today’s plan is to sort through some stuff for Ebay which I have been putting off until Munchkin went back to school as I plan to do it throughout the day when Button is napping.

Hope everyone has a good Monday

Moominmamma89

Well things have not gone to plan this week. I caught DH’s cold and have been ill for the last couple of days so nothing collected together for eBay. Will do that over the weekend and start loading up on Monday. But my first payment for my books came this week so £56.08 for the October overpayment and will arrange for the books my mum gave me to be collected Monday.

Button is 11 weeks today and I cannot believe how quick time seems to be going. I seem to spend alot of my day just cuddling her and watching her smile. Munchkin has been enjoying his first week at school and has already managed to come home with someone else's shirt. Not sure how he managed this as he has a short sleeved one and the one he brought home had long sleeves :rotfl:

My September overpayment has come off the outstanding balance so here are my latest figures:

* Mortgage Balance: 149,312.20

* October Overpayment: 56.08/250.00

* 2016 Overpayments: 1,331.60/1,500.00

Pretty pleased with those and I am glad the mortgage is under £150,000 as that was one of my little milestones.

Hope everyone has a lovely weekend

cat683

Hi Moominmamma


Welcome to your diary and well done on your first milestone!!


Our mortgage is very similar to yours (£150.000 started in July 16), so it will be interesting to see whether we can both keep up with our overpayments


I wish you good luck on your journey!

Moominmamma89

Hi cat683 :hello: - good luck to you too. Have you got a diary?

I have managed to pull together some stuff for ebay so now need to motivate myself to get it listed. I have also received a tax refund from the DVLA as had to change cars last month when the breaks on mine went, so that will be added to the October overpayment.

I wasn't planning on going to the shop today but DH is away in London for a few days on a course for work so may pop down for a sneaky bar of chocolate to enjoy once the monkeys are tucked up in bed tonight

cat683

No, I have not got a diary as of yet I will have to make plans and find out all the finances first
We still have not had anything from the Energy Company that the developer signs everybody up with, so have had no bills from them or any information on the tariff. Will wait and see


I never seem to have motivation to put anything on ebay anymore. I must somehow get back to it

Moominmamma89

cat683 - It’s hard isn’t it? I find the loading up the worst part, once I get over that I quite enjoy the whole thing.

Have spent tonight reconciling the joint account and we had £37 left over from last month which will be added to the October’s overpayment. Also took a trip to town and banked the cheque from the DVLA and got a few more books off my mum to sell so hopefully next overpayment will be a good one.

DH is still in London so Munchkin got to stay up a little later than normal as a treat and is in the big bed with me tonight - tonight’s story was Jack and the Beanstalk.

cat683

oh absolutely Moominmamma89. Takes too much time that I don't seem to have and then things sometimes don't sell either.
well done on finding £37 pounds all the little things help


oh I am sure the little one was thrilled with that