Slowly slowly catchy mousey

I've wanted to do this for a while but my plans keep changing. I've always repaid more than due each month which has left us in a fortunate position although still paying a mortgage.
I've always been careful with money even at uni I was working in nightclubs instead of paying to get in.
Now with two kids and a husband, I've been able to go part time and still save/over pay on our mortgage. My husband takes nothing to do with money and anything he has in his pocket he spends.
We owe 95,000 on a house valued at double that and have repaid 30k in the past 4 years from monthly over payments. I have lots to learn in terms of investing for greater returns and overpayments have been from living somewhat frugally.
There is much more we could do and I intend to start hence the diary.
Our mortgage is on a tracker at 1.24 above base rate for 63,000 and 2.99 fixed for another 16 months on 32,000. I've been overpaying on the fixed part and saving in regular saver and san123 account.
Still deciding what to do now...
1. Continue overpaying and saving
2. Solely save and build extension to create our forever home.

If we save and go ahead with extension do we do it in stages or just go for it...

So many thoughts. Good putting it down so I can really focus and decide instead of considering going into daydream and never doing anything about it.

Comments

  • lippy1923
    lippy1923 Posts: 1,374
    First Anniversary Combo Breaker First Post
    Forumite
    Hello and welcome :)


    Lots of options for you and plenty of time to choose. Usual rule of thumb, if you can save at a rate higher than your debt then do so. If not, over paying makes good sense.


    I will be looking out for your diary and watching your progress. Good Luck.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • Qtipps4
    Qtipps4 Posts: 33 Forumite
    Thanks lippy. I've changed my plan over past few years and had been saving more into higher interest but now saving rates aren't so good. I'm having a rethink.

    My repayments have been ad hoc after bills and regular savings. I didn't think it was much but when I calculated it was roughly £237 per month. I'm delighted with this and hope by getting food spend down we could get it to £3000 for the year.

    That seems to be the target for the rest of this year while maintaining £500 per month to savings. £750 is half my wages so will be tough and I'll need to be creative with Christmas presents.

    Good thing I like a challenge.
  • Qtipps44
    Qtipps44 Posts: 88
    Mortgage-free Glee! First Anniversary First Post
    Forumite
    So after finding it difficult to log on and misplacing all details I'm back with a slightly different username.

    So just over three years later things are very different. Completed extension to our home adding another bedroom bathroom and utility. Replacing an old conservatory with useable family room and opening up kitchen diner. We love it. So much work and money but worth it. So proud to do it with hard earned savings and only have £2400 on 0% credit card which have have a regular saver set up to pay off next august.

    Redundancies and changes of work and hours have seen our income reduce dramatically since extension was complete but somehow our mortgage is down to 76500. Hopefully into 75ks by Jan first. I always aim for £7k year off mortgage and have almost managed that. Saving have been built up a little newer car will be needed soon and without permenant employment I kind of feel stuck.

    On here to remind myself how far we've come. &#55358;&#56599;
  • You've done a great job. Being able to renovate your home, save for a car, and manage to overpay 7k a year is very impressive. We are similar in that we want to do some major projects while paying off the mortgage, like better closets, add a sunroom and maybe a detached garage or carport. It's just a matter of finding the money, isn't it :p? But yes, it would be a dream to have the house exactly the way we want it by the time we've finished paying for it.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • Qtipps44
    Qtipps44 Posts: 88
    Mortgage-free Glee! First Anniversary First Post
    Forumite
    Thanks. Leigh your project sound exciting. We've still got thing to finish but trying to be patient.

    Yes finding the money is the tricky bit. I think while our kids are still wee, we'll sort of we didn't spend much. We had a year of everything being on hold due to renovations and with work situations not stable at the moment everything has been paused again.

    We have one car, very little/old tech and clothes aren't that important. We don't drink much/I don't really however cycling and our dog is where some fun money goes. That and days out with kids and family.

    I think we've got a good balance but only one income coming in has made me much more careful and more inclined to save.
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