Plans for a Sea View

Sugarplump

NSD today, made lunch to bring to work and have no plans for any spending after work.
Hoping for a NSD tomorrow and Thursday too. Bank account still looks healthy so will hopefully have money to move into a mortgage overpayment account until I find out how to make the overpayment to them.

Sugarplump

Wahoo £10 win on the postcode lottery! Keeping everything crossed for a winning streak as got a Euromillions ticket.

Sugarplump

Not been on here for ages. I really am rubbish at keeping up to date with this diary lark.:(

Finally managed to get on line access to our mortgage and our current balance is £56809, even more exciting is that our mortgage company value our house at £92000 so should be able to get a really good rate when we come to the end of our fix.

Is it sad that I am wishing the time away until we can lock in a new rate???? Our current fix ends on the 31st July so I am hopeful I can get a new rate sorted and locked in place at the end of this month. Hubby thinks we should borrow more :eek: and extend! I am soon going to talk him out of that crazy idea as the aim is to pay off the mortgage quicker not take on more. Sure he'll thank me in the end when he has more free money for golf things.

Right back to wishing the days would go faster and this rain would !!!!!! off.

Sugarplump

Finally made it to the beginning of May, seems like it has taken forever to get here.

So I excitedly log onto the Bank Of Ireland website to check out the new rate I can switch to and the website isn't working and I can't view any rates.:mad::mad:

Ring them up expecting it to be something really simple only to be told they aren't sure why I can't view the rates but they can read them out over the phone. I explained that i wanted to go through it with my husband so would be easier to see online so was given a new website to try and all the rates are in Euros. :mad:

Why is everything so hard?????

On a brighter note at least its stopped raining, well for now anyway.

gallygirl

Sugarplump wrote: »

Why is everything so hard?????

It's almost as if they don't want you to get a better rate , Don't give in, show them who's boss .

Sugarplump

Wahoo, finally managed to be able to see my rates online. Have agreed with the hubby, well I say agreed he didn't really bring much to the discussion, just told me to do what I thought was best, have gone for another fix but this time for 5yrs. I wasn't sure at first over the 2yr or 5yr but in payments were hardly any different and I like the idea of knowing the set payments.

The rate we are going to will see our payments drop by £60 per month but I am going to be moving this into a OP savings account and then paying it over to the mortgage company any time this account reaches £500+. As I think that is how best to deal with Bank of Ireland overpayments but if anyone else has a mortgage them and goes about overpayments in a different way could they let me know.

That's all for now. Off to read the mortgage offer and see if I can make any more sense of overpayments.

Sugarplump

Hi all MFW's

I have secured a new fixed rate for the next 5yrs which will start at the end of July and will cut our payments down by roughly £60, not sure of the exact figure as left all the paperwork in my car. My aim is still to add this into a savings account and pay it over to the mortgage when it hits £500.
Also as hubby has finished paying off his car he has suggested he puts some of this towards the OP as well so that should be another £100 per month.

Our mortgage is due to end in 2031 but I like the idea of it being paid off by the time our eldest is 18 (stole this off someone else on this site, you lot have such good ideas) so i have 9yrs. Looking on some calculators this could be achieved by an OP of £200 per month. I think this is definitely achievable as I have currently been saving £300 per month to get us a good emergency fund and that is nearly at the amount I'd be happy with so i can throw more at the mortgage.

greent

I love a target that's a bit stretching And a fixed date to aim for is always good :)x

Sugarplump

Finally crunched lots of numbers and have calculated that to get the mortgage shifted by the time our eldest is 18 we would need to be making an overpayment of £210 per month.

I feel this is an achievable figure, maybe not this month as its going to be quite spendy, its our wedding anniversary on Saturday 6yrs as husband and wife. The gift for 6yrs seems to be sugar - not sure whether to just get him a bag of sugar??? :rotfl:

Bonus figures for the first half of the year have been announced so that should be one of the £210 payments made. I need to make 100 payments of £210 to get this mortgage clear by Dec 2026, god that seems ages away. Plan is to put this figure up somewhere noticeable in the house and then keep updating it as we make overpayments. So today 1 will have a sign saying 0/100 and look forward to updating it as we go along.

The figure of 100 payments is worked out on the fact that when our fix ends in 5yrs we will fall onto the SVR which I have had to set as 4.49% as that is what it is at now so in theory we should be on a much lower rate come that time and it will be much less needed to pay off.

Along side this I am also trying to keep drip feeding into my S&S ISA so could be mortgage neutral much sooner which would be lovely.

That's enough rambling for today.

Sugarplump

Wow I've not had much to say on this thread as waiting for the overpayments to build in my savings before making a lump sum to the mortgage.


Today I have finally made my first overpayment!! A full £900 paid off the mortgage today!


I'm desperate for it to update online so I can see my balance reduce.


Looking forward to the next overpayment.