Booking myself in for an independent future

145791016

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  • I have looked into staircasing and can afford to borrow enough to buy another 20%, however I am waiting until things are a bit more settled in my job.

    It also depends on what I can get on my current mortgage when my two year fix is up in January, I am quite risk averse and may be able to get a five year fix which is £10 less a month than now or another two year fix that would be £30 a month less.

    I still do not quite earn the minimum household income they asked for to qualify for this flat, I had just scrimped for so long that my deposit made it for it.
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • Today has been a no spend day!!!!!!

    I have been listening to Dave Ramsey’s podcast today. I can not stand him, I find him rude and the religious aspect grating. So no more of that for me

    Any recommendations for a money saving podcasts that will not make me want to cut my ears off?
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • Have just overpaid the remaining money from August pay, mortgage is now £66,200

    I received my annual letter from the student loans company, still another four years until that is due to paid off. Still toying with overpaying that a bit.

    SSE have said they are going to increase my DD from £18 to £23, I have a smart meter and have never paid more than 50p a day. They shall be getting a phone call from me this weekend to get that moved back down
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • End of the month and another little overpayment of £94.46, am now under £66k

    The big news is that I have got a new job, and that it comes with a £10k pay rise, should work out at an extra £400 a month take home.
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • beanielou
    beanielou Posts: 89,348
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    End of the month and another little overpayment of £94.46, am now under £66k

    The big news is that I have got a new job, and that it comes with a £10k pay rise, should work out at an extra £400 a month take home.

    Great news on the new job :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • To celebrate turning 32 I have set up the next fix for my mortgage starting in February 2019, fixed for three years at 1.9%

    Plan is to continue trying to pay £5,000 off a year for the next three years, to get it down to £50,000 owing
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • beanielou
    beanielou Posts: 89,348
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    To celebrate turning 32 I have set up the next fix for my mortgage starting in February 2019, fixed for three years at 1.9%

    Plan is to continue trying to pay £5,000 off a year for the next three years, to get it down to £50,000 owing

    That should be doable?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • I have a very basic overpayment question, that I should know the answer to really. I can overpay by 10% every year but I need a bit of help to work out how much that is.

    So for example I have a £100,000 mortgage, and pay back £250 each much

    10% will be £10,000

    So could I overpay £10k on the first of January and then still pay my usual mortgage rate each month, so that by the end of the year I will owe £87,000

    Or do I need to take into the into account the amount I will pay so can only overpay £7,000 in January?
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • beanielou
    beanielou Posts: 89,348
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    I think it means you can pay 10% of the balance of your mortgage as it is on the anniversary of the date of the mortgage was taken out. This is over & above your normal payment.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • This is not going to be a good month for overpaying. I did my usual £102 overpayment at the beginning of the month but since then I have spent all the money I budget on overpayment on

    - some lovely new boots for winter. They were half price so only £69.99
    - lots of meet up with friends

    Thankfully I am going to meet my target to be down to £65,300 by the end of December. I will kick everything off again in the new year.
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
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