Overpayment Addict
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Great diary .Hope the new job is going well you sound very busy0
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Wowsers!! It's nearly been a year since I've been on here!!! I feel like I'm wobbling a bit again after a really good few months. So the main reason I've not been on here was working full time again whilst being a single mum. 39 hours in work and then dinner bath reading homework etc and then I'm in bed!!
But lots of good things have happened in between. We now own one lovely three bed house with a garden AND a two bed flat (which is where we used to live but now switched to BTL)
So where I was nearly nearly mortgage free I've now moved the goalposts further on and have taken on two BIG mortgages. Whether this is a good idea or not I have no idea but hey it's done now...
I will be posting (or trying to post) on a weekly basis again as I need that push again to save save save and try and be as close to mortgage free as possible.
Will post more details later but in summary
Sept 2017 started new Job. 39 hours full time (previously part time 21) plus daughter started school so the massive nursery bill turned into a smaller after school club bill.
January 2018 pay rise yay!!
March 2018 started looking for a house.
April 2018 put offer on a house
June 2018 another pay rise!!
July 2018 BTL mortgage for flat switched. And residential mortgage for the house completed.
August 2018 chaotic but end of August tenants moved into the flat.
September 2018 I now feel like my finances are all over the place so need to get back on track!!
Happy to be back
Balance at start of mortgage Dec 2011 £87500
1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £57751 -
Two key bits of info
1. BTL mortgage was taken out July 2018 for £95,500 at 3.52% for 35 years and is interest free.
2. Residential mortgage was taken out July 2018 for £160,995 at 2.68% also a 35 year mortgage and is a repayment mortgage.
Not made any sort of over payments yet or even know where my finances are currently but the plan is to get myself back into a position by January 2019 where I've got pots of money for certain things and an overpayment target. I definitely don't want to be paying either mortgage in 35 years time but applying for the longest time gave me more of a chance of securing both mortgages and then flexibility to overpay when I need to.
I definitely know that I Will have some money left over from paying bills but at the moment I don't know what the best thing to do with that money is...
I have also over estimated bills as I'm not sure what my bills will be for this property.Balance at start of mortgage Dec 2011 £87500
1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £57750 -
Do you mean interest only rather than interest free?!
Congrats on the new job0 -
Oops.. yep interest only.. maybe posting at 10.45pm wasn't the best idea...
Had a council tax refund from the old property and also due an electric refund too so that'll help with starting to save money for overpaying again!Balance at start of mortgage Dec 2011 £87500
1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £57750
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