Mortgage Free by 55

VDOT47

Last couple of weeks have been ok spending wise. On budget for our standard weekly expenses, and the cost of an electrician to come in and fit the new lights and switches that we bought when we had the decorating done a couple of months ago only charged £70 when I had budgeted for £100.


There are a couple of other spends on the horizon though - £120 to a gardener to cut back a huge amount of ivy that is growing right across our garage and over into next door's garden too (too big a job for me to attempt, especially as I don't have any kind of chainsaw or ladders that go high enough) and also probably about £200 to replace some damaged fence panels.


We also went shopping for a new single bed for DD at the weekend - saw one for £180, but we will need to buy a mattress too (£65 from Ikea), so that will probably be an expense that we will try and defer until May!


I'm not expecting much of an overpayment in April again (perhaps £100ish again) and this will probably be the new normal for the next year or so while we build up savings (as per the post above). Every little helps though!

Mortgage_Minimiser

You are doing great!

Im impressed that you are looking to get 12 months worth of expenses. I only have 5....

We also have just got back from Centre Parcs. Wasn't too bad - I took some food, snacks and drink so I didn't buy too much food there. we did eat out twice with friends in the evening.


Your mortgage isn't too dissimilar from mine. I ow have a new challenge - to try and catch you up! :rotfl:

Keep going

MM
x

VDOT47

12 months is only what I think is necessary due to the fact that I am moving jobs shortly and of course with that the risk of redundancy does increase (last in, first out) should a no-deal Brexit cause an economic disaster. If I wasn't moving jobs then I would probably think 6 months was a sufficient emergency fund!


I expect you will catch me up pretty soon, as my short-term use of funds is going to be skewed towards saving rather than overpaying for the foreseeable future so I can't see the mortgage balance dropping considerably for some time.

VDOT47

Getting into that phase on the month that I call 'the hanging on' phase! ie. when you are a few days from the end of the month and are trying to stretch things out in order to keep as much within budget as possible!


On the plus side, we got the bed and mattress cheaper elsewhere and DD loves her new bed!


Have a good Easter break everyone!

VDOT47

£150 overpayment achieved in April. Hoping for similar or a smidge more in May.

Been busy moving jobs and also rebuilding the fence between our garden and the neighbours. We have spent a combined £400 on materials and it has taken us 4 or 5 working days over the last month but it looks good now and was very money saving compared to the builders’ quotes of £1500-1800!

VDOT47

Overpaid £250 in May - best month since January.

VDOT47

I will update my signature once I get the letter from lender confirming the exact figure but I think it should be around £232250. Hopefully only a couple of months to get into the £220ks! Slowly, slowly ....

VDOT47

Statement arrived today - £232,238

VDOT47

Well, it’s getting towards that time of the month where accounts get reviewed and I decide how much overpayment can be made.

We’ve been pretty good this month (aside from an unexpected garage bill of £288 for 4 new tyres) and I think it will be another £250 overpayment later this week for the month.

That would bring our annual overpayments to £1285.36 which is less than I’d hoped but we did have a ridiculously expensive first quarter to the year. Hoping to play catch up in the second half of the year.

Overall balance should come down to about £231,500.

VDOT47

Actual balance as of the end of June = £231,212

Would need an overpayment in July of £450 to get below £230k - tempting ....