Planning for the next chapter

skye_blue

Hi guys

weekend again yeah!

managed to find an extra £115 so a good month of over payments for me, happy with this

think that will be all i can managed till after pay day now but you never know

skye_blue

Hi guys

Just had a bit of a boost tonight

Had a letter to say mortgage fix ending in Jan 18 but i could phone and ask for a new deal now so thats what I did and guess what they reduced from my rate from 4.29% to 2.19%. i know that may still seem high for some but as i can't move to a different supplier (as i wouldn't pass all the checks now) in chufffed

It reduces my payment by £126 per month so thats an overpayment every month without even trying, just going to set up a standing order for that amount and carry on paying as much as i can find each month as usual

I get a bit down sometime re my mortgage overpayments but this feels like a real boost

Keep going everyone we'll get there in the end

sleepygirl126

That's fantastic...you're doing really well!!

BISCUIT1

As my Dad would have said, "You can't lose them all!" Nice bit of good luck there on the mortgage-well done and keep going! x

skye_blue

Hi guys

ive received the mortgage payment letter now and its just under a £130 a month less from next month

i sent £100 across today (that was £85 made this month by ebay, surveys etc) that i was holding on to until i received the new payment letter that i rounded to £100 - im happy with making this extra, im amazed how it soon adds up

ive got my mot, service etc on my car in a couple of weeks so finger crossed i don't need much doing and i can make another overpayment

when i set myself this challenge of paying off this interest only mortgage i thought it was impossible, but as the months go by im feeling a bit more optimistic - its surprises me how the small amounts really make me feel more positive about my future

have a good weekend folks

skye_blue

Hi guys

This month £200 has been sent as over payment, ive kept some money back for a second payment once ive had my treatment at the dentist and i had to buy 2 new pairs of glasses as well this week

I always seem to have extra commitments these last few months but hopefully its all done till car/house insurance next year

Ive done most of my xmas shopping, cut down loads of relatives i haven't seen for a couple of years, been meaning to do it before but felt guilty - but not now its my future to take care of

Ive got a few things with bids on ebay ending soon and ive claimed £15 from surveys so that should all go into 2nd mortgage payment im planning

Think i only have a couple more rates payments then its the 2 free months which im going to pay across (£80 x 2) nice extra amount

Keep warm and safe everyone

gallygirl

What great progress you're making, well done :T.

skye_blue

ok so its stupid o'clock and after doing my outgoings for my next wage my head is spinning, hence the time

ive decided i need a new approach to this challenge so my plan is to pay £250 as soon as i get my wage each month and set myself the challenge to keep all the small amounts (surveys, cashback, ebay) etc in a separate account until i reach £500 then pay them across. so thats the challenge is to keep getting to the £500 asap

ive been looking at the big picture (mortgage outstanding) and i was a bit down when my last overpayment only knocked a few pence of my payment now the interest rate has gone to my new lower rate, thats why i need to do something different

what do we reckon guys, i know a lot of people have mentioned that breaking the amounts owed into smaller chunks is less scarey - so here goes, wish me luck

Betterthanever

Its just a case of finding what works for you in terms of motivation - and remembering that we can all get a bit stale at times, so there is nothing wrong with finding a new form of motivation along the way, until that too gets stale etc.


For me, I put all my payments and interest in the snowball calculator (www.whatsthecost.com) - which is a throwback to my old DFW days. I love to look back and see the difference in the amount that was going out in interest, say 12 months ago, to the amount I have just paid. What you think is just a few pence difference now will be a few £££ difference before long, and even more £££££ difference not long after that. Keep going, you're doing brilliantly!

skye_blue

Hi guys

Paid £285 over payment today - prob last for this year

ive paid £3,198 extra this year which im pleased with, its not enough to clear my mortgage off before the end of the term/retirement but its more than i would have done if i hadn't kept this diary

£71,500 to go - im paying extra into my emergency fund going forward with prob just one regular monthly mortgage over payment - emergency fund will hopefully be a mortgage neutral fund in the end just a different way to save - well until i have another change of mind

take care everyone